Background
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 |
| AmGUARD Ins Co | |
| 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 |
| SILAC Ins Co | |
| 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 |
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Email: jmbelth@gmail.com
Blog: www.josephmbelth.com