Wednesday, July 28, 2021

No. 431: Executive Compensation in the Insurance Industry—Data for 2020 from 2021 Filings with Nebraska

In No. 428 (July 7, 2021), I reminded readers that I started publishing insurance industry executive compensation data in 1975 in The Insurance Forum, my monthly newsletter. I continued doing so on my blog after ending the Forum in December 2013. My three sources of data have been the Securities and Exchange Commission (SEC), the Nebraska Department of Insurance (NDI), and the New York State Department of Financial Services (NYDFS). In No. 428, I showed data for 2020 from 2021 filings with the SEC. Here I show data for 2020 from 2021 filings with the NDI. I plan to show data for 2020 from the NYDFS later.

NDI Data
In the tabulation below, I show NDI data for individuals who received at least $5 million in 2020. Where two or more individuals in a company are shown, they are listed in descending order of compensation.

NDI data are in a "Supplemental Compensation Exhibit" (Exhibit) filed by each insurance company doing business in Nebraska. Each Exhibit normally shows figures for the top ten company officials. The figure I show for each individual is the "Total." The seven components of the "Total" are "Salary," "Bonus," "Stock Awards," "Option Awards," "Sign-on Payments," "Severance Payments," and "All Other Compensation." NDI provides all the Exhibits on a CD to any member of the public for $80.

The Allocation Problem
Where companies are members of a Holding Company Group ("Group"), many 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.

For companies that allocate, it is extremely difficult to locate all companies doing business in Nebraska that are part of a Group. For that reason, as I did last year, I have modified the tabulation below from years prior to 2020 by not trying to assemble the Group data. Instead, with one exception noted below, I show figures for the company with the largest dollar amounts for each Group. Because of the modification, the compensation figure shown for many individuals is smaller, and often much smaller, than the individual's total compensation from all members of the Group. Also, because of the modification, some companies probably are not listed because no individual had at least $5 million of compensation from a single company in the Group.

The Liberty Mutual Group Exception
The Liberty Mutual Group is a special case. Unlike any other company, the Exhibit for Liberty Mutual Insurance Company makes clear that the total compensation paid to each executive from all members of the Group is exactly twice the figure shown in the Exhibit. I have therefore shown in the tabulation below the larger figure for each executive listed.

NDI Data for 2020
Accident Fund General Ins Co
Elizabeth Haar $8,684,745
Ace Fire Underwriters Ins Co
John J Lupica 6,630,000
Paul J Krump 5,650,000
Acuity A Mutual Ins Co
Benjamin M Salzmann 17,998,084
Aetna Life Ins Co
Karen S Lynch 10,730,916
Alec R Cunningham 5,465,563
Affiliated FM Ins Co
Thomas A Lawson 5,564,595
AIG Assurance Co
Alexander Ross Baugh 5,954,901
Allstate Ins Co
Thomas J Wilson 18,009,544
Dogan Civgin 5,873,381
Terrence Williams 5,699,432
Glenn T Shapiro 5,032,673
Ambac Assurance Corp
Claude LeBlanc 6,022,820
American Family Ins Co
Jack C Salzwedel 12,359,016
William B Westrate 6,217,990
American Family Life Assur (AFLAC)
Daniel P Amos 14,367,561
American General Life Ins Co
Kevin Hogan 5,111,283
American National Ins Co
James E Pozzi 6,028,583
American Pet Ins Co
Tim Graff 5,013,734
American United Life Ins Co
James S Davison 6,019,250
Sy Foguel 5,322,285
Assured Guaranty Corp
Dominic Frederico 11,963,691
Auto-Owners Ins Co
Carolyn B Muller 6,065,377
Brighthouse Life Ins Co
Eric T Steigerwalt 8,890,177
Chicago Title Ins Co
Raymond Randall Quirk 18,168,514
Michael Joseph Nolan 5,597,464
Cincinnati Ins Co
Steven J Johnston 5,765,855
Continental Casualty Co
Dino Robusto 7,951,499
Contractors Bonding & Ins Co
Jonathan E Michael 7,114,515
Crum & Forster Indemnity Co
Marc James Adee 6,191,370
Employers Assurance Co
Douglas Dean Dirks 5,624,736
Equitable Financial Life Ins Co
Mark Pearson 6,958,432
Essent Guaranty Inc
Mark Casale 7,570,910
Everest Reinsurance Co
Mark Kociancic 5,292,109
Juan C Andrade 5,223,820
Farmers Ins Exchange
Jeffrey J Dailey 7,084,202
Fidelity & Guaranty Life Ins Co
Christopher O Blunt 8,082,752
First American Title Ins Co
Dennis Gilmore 11,020,220
Kenneth DeGiorgio 7,766,153
George Livermore 6,432,197
Mark Seaton 5,392,110
Christopher Leavell 5,094,983
GEICO Indemnity Co
Olza Minor Nicely 77,879,001
William Evan Roberts 14,169,158
Todd Anthony Combs 9,730,769
Genworth Financial Group
Kevin Douglas Schneider 7,724,612
Thomas McInerney 7,317,588
Daniel Joseph Sheehan IV 7,126,812
Globe Life & Accident Ins Co
Frank M Svoboda 7,807,475
William M Pressley 6,746,829
Great American Ins Co
Carl H Lindner III 10,346,831
Great-West Life & Annuity Ins Co
Edmund F Murphy 6,811,265
Guardian Life Ins Co of America
Deanna Mulligan 10,300,764
Eric Dinallo 5,517,427
Hanover Ins Co
John Roche 5,467,660
Hartford Fire Ins Co
Christopher Swift 5,560,332
Douglas G Elliot 5,286,046
Health Care Service Corp
David Lesar 16,967,386
Paula Steiner 12,647,352
Milton Carroll 8,918,153
Blair Todt 6,361,493
Maurice Smith 5,904,535
Danny McCoy 5,079,145
Horace Mann Ins Co
Marita Zuraitis 5,853,495
Humana Ins Co
Bruce D Broussard 23,173,229
Brian A Kane 18,738,969
Christopher Howal Hunter 6,157,542
T Alan Wheatley 6,072,881
William K Fleming 5,499,625
Insurance Co of the West
Kevin Prior 18,068,044
ISMIE Mutual Ins Co
Alexander R Lerner 5,119,812
John Hancock Life Ins Co (USA)
Daniel Janis III 6,692,374
Emory Sanders Jr 6,386,545
Christopher Conkey 5,242,891
Liberty Mutual Group
David H Long 23,180,342
Dennis J Langwell 13,030,176
Timothy Sweeney 11,347,194
Christopher L Peirce 8,715,066
Neeti Bhalla Johnson 8,242,320
James F Kelleher 7,423,518
James M McGlennon 6,780,962
LifeSecure Ins Co
Ken Dallafior 5,885,498
Lincoln Life Assur Co of Boston
Dennis R Glass 20,090,544
Randal J Freitag 5,878,201
Wilford H Fuller 5,753,626
Massachusetts Mutual Life Ins Co
Roger Crandall 16,916,485
Michael Fanning 6,397,603
Elizabeth Chicares 5,314,695
Melvin Corbett 5,069,947
Metropolitan Group
Michel Khalaf 7,624,215
Steven J Goulart 6,338,392
Midland National Life Ins Co
Esfandyar E Dinshaw 6,186,835
Minnesota Life Ins Co
Christopher M Hilger 6,479,342
Mortgage Guaranty Ins Corp
Timothy Mattke 6,686,421
Munich Reinsurance America Inc
Anthony J Kuczinski 5,222,034
National Western Life Ins Co
Ross R Moody 8,191,259
New York Life Ins Co
Theodore A Mathas 24,238,639
Matthew M Grove 10,739,520
Anthony R Malloy 6,265,631
Yie-Hsin Hung 5,340,371
Northwestern Mutual Life Ins Co
John E Schlifske 18,018,703
Ohio National Life Ins Co
Gary Thomas Huffman 16,443,349
Pacific Life Ins Co
James T Morris 8,174,088
Penn Mutual Life Ins Co
Eileen McDonnell 6,276,600
David M O'Malley 5,168,950
Principal Life Ins Co
Karl W Nolin 9,434,249
Daniel J Houston 6,240,643
Kelly D Rush 5,696,725
Protective Life Ins Co
Carl Thigpen 21,716,296
Richard Bielen 6,092,393
Prudential Ins Co of America
Charles Frederick Lowrey 8,332,876
Robert Michael Falzon 6,657,252
Stephen Pelletier 5,641,262
QCC Ins Co
Daniel J Hilferty 9,926,721
Radian Guaranty Inc
Richard A Thornberry 7,723,478
RiverSource Life Ins Co
John R Woerner 7,695,824
Security Benefit Life Ins Co
Michael Patrick Kiley 7,721,877
Selective Ins Co of America
Gregory Murphy 5,690,743
Stephen C Hilbert 5,839,167
Standard Ins Co
John Gregory Ness 14,187,730
State Farm Group
Michael Leon Tipsord 20,266,506
Paul Joseph Smith 6,812,210
Randall Houston Harbert 6,806,447
Mary Angela Schmidt 6,048,516
Teachers Ins & Annuity Assn
Roger Ferguson 6,127,887
Transatlantic Reinsurance Co
Michael C Sapnar 9,546,207
Kenneth Apfel 5,708,125
Travelers Casualty Co
Alan D Schnitzer 18,184,834
Avrohom J Kess 6,325,135
United States Liability Ins Co
Thomas P Nerney 18,198,604
Voya Retirement Ins & Annuity Co
Rodney Owen Martin Jr 5,975,117
Westcor Land Title Ins Co
Mary O'Donnell 5,326,688
Western & Southern Life Ins Co
John Barrett 11,495,043
Wilton Reassurance Co
Michael Fleitz 22,564,030
Michael Greer 21,792,750
Mark Sarlitto 21,463,100
Chris Stroup 20,524,898
Enrico Treglia 15,068,725
Andrew Wood 14,914,350
Ray Eckert 13,592,822
Perry Braun 7,616,725