Lloyd’s of London’s chief executive Richard Ward and his executive team have received pay rises of up to 20% for 2012.
This is despite making a £516m loss last year after the market was hit by catastrophe claims of £12.9bn. Ward’s basic pay increased to £668,000 from £556,000, but his potential bonus was reduced to 100% of his salary from 150%.
Last year he received £1.4m including his salary and a £752,000 bonus for his work in 2011.
Lloyd’s director of performance management Tom Bolt received the same £450,000 bonus as last year, taking his total pay to just over £1m.Finance director Luke Savage increased his pay by £13,000 to £893,000, including a £338,000 bonus.
Former chairman Lord Levene (left) picked up £538,000 for his non-executive role.
JLT chief executive, meanwhile, pocketed a £1.9m pay packet in 2011, up from £1.8m last year.
Group legal director Vyvienne Wade was the second highest earner with a remuneration of £905m, rising from £871m in 2010.
Insurance Times reported last month that Marsh & McLennan Companies president and chief executive Brian Duperreault took home $13.9m (£8.8m) in total pay last year, according to US Securities & Exchange Commission filings.
Duperreault’s total compensation package increased 3% from $13.5m in 2010, as agreed by the company’s compensation committee in February 2011.
Meanwhile, Willis chairman and chief executive Joe Plumeri’s total pay decreased by more than $500,000 to $11.5m in 2011, from $12.1m a year earlier.
Last month business secretary Vince Cable published a consultation on plans to give shareholders a binding vote on executive pay at 1,200 quoted companies.
Some tips and information from our insurer partners to help you during these unprecedented and uncertain times. Security and general building safety …
7 Apr 2020
No two insurance policies are the same, and without sight of your policy wording we can’t give any specific advice, however these …
3 Apr 2020
Ever taken a gamble on what you’ve purchased on-line is going to fit, or turn up undamaged?
The ease of shopping on-line cant …
26 Mar 2020