Thursday, October 10, 2019

No. 336: Long-Term Care Insurance—An Update on the Newman Lawsuit Against Metropolitan Life

In No. 253 (February 15, 2018), I wrote about a class action lawsuit filed in March 2016 by Margery Newman, an Illinois resident, against Metropolitan Life Insurance Company relating to long-term care (LTC) insurance. She was 56 when she bought an "LTC Premier" policy in September 2004. The policy included a "reduced-pay at 65 option," which Metropolitan had described as follows in a marketing brochure:
By paying more than the regular annual premium amount you would pay each year up to the Policy Anniversary on or after your 65th birthday, you pay half the amount of your pre-age 65 premiums thereafter.
Before Newman turned 65, the semiannual premium was $3,813.68. In September 2012 the semiannual premium declined by 50 percent, to $1,906.84. In March 2015, Metropolitan increased the semiannual premium by 102 percent, to $3,851.81.

The Complaint
In her March 2016 complaint and June 2016 amended complaint, Newman alleged breach of contract, violation of the Illinois Consumer Fraud and Deceptive Business Practices Act, fraud, and fraudulent concealment. In July 2016 Metropolitan filed a motion to dismiss the complaint for failure to state a claim. In March 2017 U.S. District Court Judge Thomas A. Durkin dismissed the complaint without prejudice. His ruling is in the complimentary package, which is still available, offered at the end of the above-mentioned No. 253.

In April 2017, in accordance with the judge's ruling, Newman filed a motion for leave to file a second amended complaint and attached a proposed second amended complaint. The judge denied the motion and dismissed the case with prejudice. (See Newman v. Metropolitan, U.S. District Court, Northern District of Illinois, Case No. 1:16-cv-3530.)

The Appeal
Newman appealed to the Seventh Circuit, and the case was assigned to a three-judge panel. On February 6, 2018, the panel unanimously reversed the district court's action and sent the case back to the district court for further proceedings. Here is the final paragraph of the panel's ruling (the full ruling is in the complimentary package, which is still available, offered at the end of the above-mentioned No. 253):
Newman asserts that MetLife lured her into a policy by promising a trade of short-term expense for long-term stability. She took the deal and spent nine years investing in a plan, only to have MetLife pull the rug out from under her. Neither MetLife's brochure nor the terms of the policy forecast this possibility. These allegations were enough to entitle her to prevail on the liability phase of her contract claim, and they are enough to permit her to go forward on her other theories. We therefore REVERSE the district court's grant of MetLife's motion to dismiss and REMAND for further proceedings.
On February 20, 2018, Metropolitan petitioned for a rehearing by the full appellate court. On March 7 Newman opposed the petition. On March 22 the panel denied the petition and filed an amended ruling. There were only a few changes from the panel's original ruling. One of the changes was in the next-to-the-last sentence of the final paragraph quoted above. That sentence in the amended ruling reads: "These allegations were enough to state a claim under the theories Newman presented." The amended 17-page appellate ruling is in the complimentary package offered at the end of this post. (See Newman v. Metropolitan, U.S. Court of Appeals for the Seventh Circuit, Case No. 17-1844.)

Recent Developments in the District Court
On April 18, 2018, Metropolitan filed an answer to Newman's complaint. During the next few months several individuals sought to intervene in the case, and three were allowed to do so. During that time, there were also discussions of mediation with the goal of settling the case. In August 2018 the parties held a settlement conference. In November the judge held a telephone conference to discuss settlement issues, but the parties were not able to reach a settlement. In December the judge ordered the parties to submit a proposed discovery plan for class certification.

On January 3, 2019, the parties submitted a proposed discovery plan for class certification. On January 24 the parties said settlement discussions were ongoing. On January 27 the parties said they have agreed to private mediation. On March 5 Newman filed a motion for a stay pending the outcome of the private mediation. On March 12 the judge granted the motion. On April 25 the parties said they are proceeding with private mediation.

On September 24, I emailed an attorney on each side asking whether they think the private mediation eventually will succeed or whether they think the case will go to trial. One acknowledged the email but declined to comment. The other did not acknowledge the email.

General Observations
Newman is an interesting case. However, I will not speculate on whether the private mediation will succeed, or whether the case will go to trial. I plan to report significant further developments in the case.

Available Material
I am offering a complimentary 17-page PDF consisting of the March 22, 2018 appellate panel's amended ruling. Email jmbelth@gmail.com and ask for the October 2019 package relating to Newman v. Metropolitan.

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Thursday, October 3, 2019

No: 335: Executive Compensation in the Insurance Industry in 2018

Beginning in 1975, in many issues of The Insurance Forum, I provided tabulations of executive compensation data in the insurance industry. The final tabulation was in the July 2013 issue, because I ended the Forum with the December 2013 issue. From time to time since then, I have posted some executive compensation data on my blog. The most recent tabulation was in No. 287 (September 24, 2018), which showed data for 2017. Here I show data for 2018.

Sources of Data
The three sources of data for my tabulations have long been the Securities and Exchange Commission (SEC), the New York State Department of Financial Services (DFS), and the Nebraska Department of Insurance (NDI). In some instances, the figure I show for an individual differs from one of my sources to another. A reason for such occurrences is differing definitions of compensation among the sources.

Chapter 24 of my 2015 book, The Insurance Forum: A Memoir, describes the history of my executive compensation tabulations. It also describes the efforts of the insurance industry and state insurance regulators to prevent access to all or some of the data. Chapter 24 is in the complimentary package offered at the end of this post.

During the final seven years of the Forum, I showed data for individuals who received at least $1 million in the year under study. The final tabulation in the Forum, showing data for 2012, is in the complimentary package offered at the end of this post. In the new tabulation in this post, I show data for individuals who received at least $5 million in 2018. Where two or more individuals in a company are shown, they are listed in descending order of compensation.

SEC Data for 2018
SEC data are filed by shareholder-owned public companies. Each figure I show is the "total" in the 2019 Summary Compensation Table (Table). The components of the "total" are "salary," "bonus," "stock awards," "option awards," "non-equity incentive plan compensation," "change in pension value and non-qualified deferred compensation earnings," and "all other compensation."

The Table for most companies is in the proxy statement filed in advance of the company's 2019 annual meeting of shareholders. For a few companies, the Table is in the 10-K annual report for 2018. For the Canadian companies—Manulife and Sun Life—the Table is in the 6-K annual reports for 2018. The documents referred to here are available to the public without charge on the SEC website at https://sec.gov/edgar/searchedgar/companysearch.html.

SEC Data for 2018
AFLAC Inc
Daniel P Amos
$17,535,398
Frederick J Crawford
7,388,355
Eric M Kirsch
5,043,897
Alleghany Corp
Weston M Hicks
8,129,352
Joseph P Brandon
5,594,449
Allstate Corp
Thomas J Wilson
18,687,246
Steven E Shebik
7,157,835
John E. Dugenske
6,764,401
Glenn T Shapiro
5,316,299
AMBAC Financial Group
Claude LeBlanc
6,203,007
American Financial Group
Carl H Lindner III
10,209,385
S Craig Lindner
10,191,495
American International Group
Brian Duperreault
20,854,669
Peter Zaffino
12,620,459
Douglas A Dachille
9,707,396
Kevin T Hogan
9,121,469
Siddhartha Sankaran
6,598,362
Ameriprise Financial
James M Cracchiolo
25,742,524
Walter S Berman
10,072,622
William F Truscott
7,515,167
Colin Moore
6,532,179
Anthem
Gail K Boudreaux
14,184,276
Brian T Griffin
6,066,160
Peter D Haytaian
5,936,543
Gloria M McCarthy
5,436,787
John E Gallina
5,153,866
Aon
Gregory C Case
16,163,875
Christa Davies
12,318,169
Arch Capital Group
Marc Grandisson
12,884,187
Arthur J Gallagher & Co
Pat Gallagher
8,062,954
Assurant
Alan B Colberg
13,616,946
Richard S Dziadzio
5,702,380
Assured Guaranty
Dominic J Frederico
12,771,902
AXA Equitable Holdings Inc
Mark Pearson
12,138,563
Seth Bernstein
9,084,847
Jeffrey Hurd
5,875,951
Anders Malmström
5,269,624
AXIS Capital Holdings
Albert A Benchimol
7,804,796
Steve K Arora
5,923,087
Berkshire Hathaway Inc
Gregory E Abel
18,013,750
Ajit Jain
18,013,750
Brighthouse Financial Inc
Eric Steigerwalt
15,537,371
Peter Carlson
7,457,356
John Rosenthal
5,123,879
Brunswick Corp
Mark D Schwabero
8,243,580
Centene
Michael F Neidorff
26,122,414
Jeffrey A Schwaneke
9,960,954
Brandy L Burkhalter
7,573,238
Jesse N Hunter
6,164,144
Chubb
Evan G Greenberg
20,357,484
John W Keogh
7,859,298
John J Lupica
6,208,344
Paul J Krump
6,203,320
Philip V Bancroft
5,039,875
Cigna
David M Cordani
18,944,045
Timothy C Wentworth
8,875,346
Alan M Muney MD
5,862,659
Christopher J Hocevar
5,352,336
CNA Financial
Dino E Robusto
10,109,176
D Craig Mense
8,157,197
CNO Financial
Gary C Bhojwani
7,701,334
CVS Health (Acquired Aetna)
Larry J Merlo
21,939,098
Jonathan C Roberts
16,066,968
Derica W Rice
12,806,073
Thomas M Moriarty
10,983,856
Eva C Borrato
6,972,421
David M Denton 
5,564,551
Everest Re
Dominic J Addesso
7,066,735
Fidelity National Financial
Raymond R Quirk
9,078,683
First American Financial
Dennis J Gilmore
8,402,957
Genworth Financial
Thomas J McInerney
9,311,944
Globe Life (Formerly Torchmark)
Gary L Coleman
7,831,616
Larry M Hutchison
7,797,408
Hartford Financial Services
Christopher Swift
13,883,615
Douglas Elliot
8,999,113
Heritage Ins Holdings Inc
Bruce Lucas
8,735,043
Humana Group
Bruce D Broussard
16,312,517
Brian A Kane
5,005,025
Kemper Corp
Joseph P Lacher Jr
6,905,879
Lincoln National
Dennis R Glass
14,422,495
Loews
James S Tisch
5,714,569
David B Edelson
5,525,784
Kenneth I Siegel
5,229,566
Magellan Health Inc
Barry M Smith
10,162,716
Manulife (U.S. Dollars)
Roy Gori
10,087,189
Warren Thomson
5,634,846
Marsh & McLennan
Daniel S Glaser
17,281,919
John Q Doyle
7,023,080
Julio A Portalatin
5,983,531
Peter C Hearn
5,071,744
MBIA Inc
William C Fallon
13,855,479
Anthony McKiernan
7,085,400
Adam T Bergonzi
6,772,350
MetLife Inc
Steven A Kandarian
17,426,745
Michel A Khalaf
10,807,500
Martin J Lippert
7,881,101
Steven J Goulart
6,726,883
MGIC Investment
Patrick Sinks
7,971,526
Molina Healthcare
Joseph M Zubretsky
15,219,770
Mr Cooper Group Inc
Jay Bray
25,119,076
Anthony L Ebers
11,254,213
National General Holdings Corp
Barry Karfunkel
5,892,270
Robert Karfunkel
5,288,240
NMI Holdings Inc
Bradley M Shuster
6,706,568
Primerica Inc
Glenn J Williams
5,145,317
Principal Financial
Daniel J Houston
12,227,017
James P McCaughan
8,168,029
Progressive
Susan Patricia Griffith
14,172,925
John P Sauerland
7,134,820
Protective Life
John D Johns
11,201,101
Richard J Bielen
6,614,845
Prudential Financial
John R Strangfeld
26,696,966
Stephen Pelletier
18,525,767
Mark B Grier
15,216,589
Charles F Lowrey
10,357,459
Robert M Falzon
8,110,321
Scott G Sleyster
5,215,867
Radian
Richard G Thornberry
9,533,691
Reinsurance of America
Anna Manning
6,700,422
RenaissanceRe Holdings
Kevin J O'Donnell
10,819,363
State Auto Financial Corp
Michael E LaRocco
6,191,934
Sun Life Canada (U.S. Dollars)
Dean A Connor
7,500,277
Jacques Goulet
6,144,072
Travelers
Alan D Schnitzer
14,648,213
William H Heyman
6,621,541
Avrohom J Kess
6,009,603
Jay S Benet
5,896,441
UnitedHealth
Andrew P Witty
21,232,550
David S Wichmann
18,107,356
Stephen J Hemsley
11,352,513
Steven H Nelson
9,763,024
John F Rex
8,587,912
Universal Ins Holdings
Sean P Downes
17,923,379
Jon W Springer
7,213,248
Unum
Richard P McKenney
9,896,861
Voya Financial
Rodney O Martin Jr
11,337,911
Christine Hurtsellers
5,649,873
W R Berkley
William R Berkley
12,325,841
W Robert Berkley Jr
11,852,862
WellCare Health Plans
Kenneth A Burdick
12,675,372
White Mountains
G Manning Rountree
6,247,593

DFS Data for 2018
DFS data are filed by life insurance companies doing business in New York State, and by health insurance companies doing business there. The data are from the 2019 "Schedule G" (Schedule), which is in the New York Supplement to the statutory annual statement. I obtained the Schedules through a request pursuant to the New York State Freedom of Information Law. The Life Bureau of DFS sent the Schedules for life insurance companies, and the Health Bureau of DFS sent the Schedules for health insurance companies. Both bureaus provided the Schedules by email without charge. The Schedule for life insurance companies differs significantly from the Schedule for health insurance companies.

The Schedule for life insurance companies shows one figure for each individual. It is "the aggregate amount (any and all remuneration, including all wages, salaries, commissions, stock grants, gains from the exercise of stock options and other emoluments) received by the payee attributable to services performed for, or on behalf of, the reporting insurer, regardless of whether the payee is employed and paid by the insurer or a related or affiliated company." For life insurance companies that are part of a group of companies, the Schedule may not show the individual's total compensation from all companies in the group. Also, pursuant to changes made several years ago in the New York State executive compensation disclosure statute to curtail the amount of compensation data available to the public, the Schedule sometimes redacts the names but shows the amounts of compensation and the titles of certain individuals. In those instances, I show the individual's title and the amount of compensation.

The Schedule for health insurance companies shows four figures for each individual: (1) "salary paid by company and all other companies in holding company system," (2) "bonus & all other compensation deferred or paid by company and all other companies in holding company system," (3) "total amount paid by company and all other companies in holding company system," and (4) "amount paid by or amount allocated to company." I show the third of those four figures.

DFS Data for 2018
Life Insurance Companies
Aetna Life (Acquired by CVS Health)
Mark Bertolini
$331,776,150
Thomas J Sabatino
24,164,969
Margaret McCarthy
23,030,488
Steven B Kelmar
23,030,147
Gary Loveman
19,053,604
Thomas W Weidenkopf
16,707,671
Karen S Lynch
15,481,922
Harold L Paz
12,138,143
Jean LaTorre
10,018,253
EVP Integration
13,342,088
EVP Government Services
12,470,663
SVP Medicare
11,533,517
SVP & Dep Gen Cnsl Aetna
9,613,347
SVP Commercial Business
6,466,738
SVP Products & Services
6,076,843
VP JV Operations
5,732,175
SVP Service Operations
5,601,306
VP Enterprise IT Delivery
5,297,360
VP Chief Mktg Officer
5,022,928
American Progressive
Kenneth Alan Burdick
21,219,890
Andrew Lynn Asher
7,168,174
AXA Equitable Life
Mark Pearson
11,836,009
Cigna Health & Life
David Cordani
11,859,705
First Health Life & Health
Karen S Lynch
18,348,308
Richard M Jelinek
8,357,794
Shawn M Guertin
6,303,937
Globe Life of New York
Frank Martin Svoboda
6,714,362
Guardian Life of America
Deanna Mulligan
8,536,819
Liberty Life Assur of Boston
Dennis A Glass
30,578,194
Randal J Freitag
9,400,216
Wilford H Fuller
7,013,771
Ellen G Cooper
5,072,368
Massachusetts Mutual Life
Roger Crandall
16,407,926
Melvin Corbett
5,563,206
Metropolitan Life
Steven Albert Kandarian
14,417,969
New York Life
Theodore A Mathas
24,483,407
John Y Kim
11,397,963
John T Fleurant
8,066,000
Matthew M Grove
5,710,361
Anthony R Malloy
5,046,000
Northwestern Mutual Life
John E Schlifske
13,489,916
Gregory C Oberland
5,450,131
Principal Life
Daniel Joseph Houston
9,909,774
President Global Asset Mgmt
7,224,751
Karl W Nolin
5,478,188
Prudential Ins Co of America
John Robert Strangfeld Jr
6,713,831
Mark Brown Grier
5,614,191
Teachers Ins & Annuity Assn
Ronald Pressman
6,349,193
Roger Ferguson
6,219,093
Voya Retirement Ins & Annuity
Charles Patrick Nelson
5,396,999
Health Insurance Companies
Anthem
Gail A Boudreaux
11,711,001
Joseph R Swedish
7,808,541
Peter David Haytaian
6,323,390
Gloria M McCarthy
5,505,445
John E Gallina
5,320,958
Hallmark Life
Michael Frederic Neidorff
23,476,087
Jesse Nathan Hunter
5,539,330
Humana of New York
Christopher Howal Hunter
6,762,908
Mutual of Omaha
James T Blackledge
7,699,034
Sierra Health & Life
Forrest Gregory Burke
6,024,535
UnitedHealthcare of New York
Peter Marshall Gill
24,344,532
Robert Worth Oberrender
9,822,538
William John Golden
8,311,207
WellCare Prescription Ins
Kenneth A Burdick
21,219,889
Andrew L Asher
7,168,174

NDI Data for 2018
NDI data are in a "Supplemental Compensation Exhibit" (Exhibit) filed by all insurance companies doing business in Nebraska. The Exhibit normally shows figures for ten top officials. The figure I show is the "total" for each individual. Components of the "total" are "salary," "bonus," "stock awards," "option awards," "sign-on awards," "severance payments," and "all other compensation." NDI provided the Exhibits on a CD at a cost of $80.

Where companies are members of a company group, some companies show the total amount received by each individual from all companies in the group. Some companies, however, allocate each individual's compensation to each company in the group. Thus, for some individuals, the figure I show may be smaller than the individual's total compensation, for two reasons. First, I may not have found exhibits for all companies in the group. Second, some company groups may include companies that are not licensed in Nebraska and therefore do not file Exhibits.

NDI Data for 2018
Acuity, A Mutual Ins Co
Benjamin M Salzmann
$5,174,079
AFLAC Inc
Daniel P Amos
16,660,694
Frederick J Crawford
7,640,518
Eric M Kirsch
5,081,432
Alleghany Group
Michael C Sapnar
8,748,634
Javier E Vijii
6,043,844
AMBAC Financial Group
Claude LeBlanc
6,247,765
Allstate Corp
Thomas J Wilson
17,814,076
Steven E Shebik
6,809,317
John E Dugenske
6,686,395
Glenn T Shapiro
5,269,735
Dogan Civgin
5,153,711
American Family Ins
Jack C Salzwedel
11,039,858
Jonathan Ritz
5,934,753
Fabian John Fondriest
5,409,028
American Financial Group
Carl H Lindner III
9,599,630
American International Group
Kevin Hogan
7,178,384
Jay S Wintrob
5,275,962
American Pet Ins Co
Darryl Rawlings
18,260,455
Ameriprise Financial
Steven B Staver
5,863,464
Amtrust Financial Services
Jean Bahier
5,244,502
Apollo Global Management
James Belardi
5,011,830
Assured Guaranty
Dominic Frederico
14,189,764
Atlantic Specialty Ins
Timothy M Miller
18,295,748
Automobile Club of Michigan
Joseph Richardson Jr
11,548,127
AXA Ins
Mark Pearson
12,248,123
Berkshire Hathaway
Thomas P Nemey
22,214,862
Olza Minor Nicely
15,868,178
Sidney Ferenc
6,872,248
Steven Menzies
6,835,309
William Evan Roberts
5,596,235
Timothy Kenesey
5,025,423
Brighthouse Holdings
Eric T Steigerwalt
13,927,818
Chubb
John J Lupica
5,722,600
Cigna Health
David Cordani
11,859,705
Cincinnati Financial
Steven Justus Johnston
5,304,710
CNA Ins
Dino Robusto
9,593,963
D Craig Mense
8,413,429
CVS Health (Acquired Aetna)
Karen S Lynch
18,348,308
Richard M Jelinek
8,357,794
Shawn M Guertin
6,303,937
Essent Group
Mark Casale
6,556,015
Everest Reinsurance
Dominic J Addesso
5,926,259
Factory Mutual Ins
Thomas A Lawson
6,033,927
Federated Mutual
Jeffrey E Fetters
5,598,924
Fidelity & Guaranty Life
Dennis R Vigneau
5,559,928
Fidelity National Financial
Raymond Randall Quirk
8,488,420
Roger Scott Jewkes
7,291,776
Erika Meinhardt
6,868,522
First American Title
Dennis J Gilmore
7,579,689
Genworth Financial
Thomas McInerney
9,825,404
Globe Life (Formerly Torchmark)
Frank Martin Svoboda
6,714,362
Guardian Life of America
Deanna Mulligan
9,335,810
Hartford Fire & Casualty
Douglas G Elliot
10,047,508
Christopher Swift
5,400,054
Health Care Service Corp
Paula A Steiner
15,090,980
Colleen Foley Reitan
5,561,015
Humana Group
Bruce D Broussard
26,766,992
Christopher Howal Hunter
6,762,908
Insurance Co of the West
Kevin Prior
12,543,879
Ernest Rady
6,797,168
Bernard Feldman
5,236,832
Jackson National Life
Barry Stowe
10,022,913
Paul C Myers
6,600,916
James R Sopha
6,487,262
John Hancock
Daniel Janis III
6,660,559
Liberty Mutual
David H Long
19,262,058
J Paul Condin III
13,004,010
Neeti Bhalla
7,094,502
Timothy Sweeney
6,950,550
Kevin H Kelley
6,206,424
Dennis J Langwell
6,019,610
Christopher L Peirce
5,789,412
Lincoln National
Dennis R Glass
30,578,194
Randal J Freitag
9,400,216
Wilford H Fuller
7,013,771
Ellen G Cooper
5,072,368
Main Street America
T Van Berkel
20,053,624
E Kuhl
6,578,115
Massachusetts Mutual Life
Roger Crandall
15,637,391
Michael Fanning
6,088,727
Elizabeth Chicares
5,244,457
Metropolitan Life
Steven A Kandarian
14,417,969
Mortgage Guaranty Ins
Patrick Sinks
7,879,020
Mutual of Omaha
James T Blackledge
7,486,811
Nationwide Corp
Steve Rasmussen
8,478,253
New York Life
Theodore A Mathas
24,483,407
John Y Kim
11,397,963
John T Fleurant
8,066,000
Matthew M Grove
5,710,361
Anthony R Malloy
5,046,000
Northwestern Mutual Life
John E Schlifske
13,489,916
Gregory C Oberland
5,450,131
Ohio National Life
Gary Thomas Huffman
5,008,187
OneAmerica Financial
James S Davison
5,073,760
Pacific Life
James T Morris
8,758,573
Primerica Inc
Glen J Williams
5,235,159
Principal Financial
Daniel J Houston
9,909,774
Karl W Nolin
5,478,188
Progressive Corp
Susan Patricia Griffin
7,171,857
Protective Life
John Johns
12,771,271
Deborah Long
9,915,492
Richard Bielen
9,887,161
John Sawyer
5,780,110
Prudential Ins Co of America
John R Strangfeld Jr
10,194,091
Mark Brown Grier
6,114,285
Radian Group
Richard Thornberry
7,090,529
RLI Ins
Jonathan E Michael
6,715,194
Sammons Enterprises
Esfandyar E Dinshaw
5,274,345
Security Benefit Life
Michael Patrick Kiley
6,956,207
Selective Ins
Gregory E Murphy
5,235,275
Sentry Ins Group
Peter McPartland
8,072,659
Standard Ins Co
John Gregory Ness
7,960,535
State Farm Mutual
Michael Leon Tipsord
6,646,304
Teachers Ins & Annuity Assn
Ronald Pressman
6,349,193
Roger Ferguson
6,219,093
Travelers
Alan D Schnitzer
13,940,523
Willaim H Heyman
6,058,513
Jay S Benet
5,771,835
Avrohom J Kess
5,756,549
Madelyn Joseph Lankton
5,262,906
UnitedHealth
Stevan Dean Garcia
7,793,300
Voya Financial
Alain Maurice Karaoglan
9,002,380
Rodney Owen Martin Jr
8,133,747
Western & Southern
John Barrett
9,193,300

Available Material
I am offering a complimentary 22-page PDF containing Chapter 24 of The Insurance Forum: A Memoir (12 pages) and the executive compensation tabulation in the July 2013 issue of The Insurance Forum (10 pages). Email jmbelth@gmail.com and ask for the October 2019 package relating to executive compensation.

The 361-page Memoir may be purchased at www.theinsuranceforum.com. If you would like it autographed, please so indicate on your order.

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