Chubb Ltd. chief Evan Greenberg was the highest-paid CEO among US-listed property and casualty or multiline insurers in 2023, according to an S&P Global Market Intelligence analysis.
Greenberg received total adjusted compensation of $27.7 million in 2023, a 10% increase from $25.2 million in 2022. His compensation package consisted of $12 million in cash and $15.7 million in stock.
His compensation was approximately 452x the median Chubb employee salary of $61,188, the highest ratio among the top 10 insurers in this analysis. The ratio was an increase from 346x in 2022 and 322x in 2021.
Greenberg has been Chubb's CEO since May 2004. Chubb declined to comment.
American International Group's Peter Zaffino, the highest-paid CEO in the 2022 analysis, was second in total adjusted compensation at $24.6 million, a 67.3% decrease from $75.3 million in the prior year. Zaffino's compensation package consisted of $1.8 million in cash, $10.4 million in stock, $3.5 million in options and $9.0 million in nonequity incentive plan compensation.
Zaffino's 2022 compensation package was augmented by $62.4 million in stock grants, which included $50 million in restricted stock as part of an employment agreement for Zaffino to remain CEO until 2027. His 2023 compensation package was 278x the median AIG employee salary of $88,585.
Alan Schnitzer, CEO of The Travelers Cos. Inc., moved up to third this year from fourth last year with $22 million in total adjusted compensation, a 4.5% increase from $21.1 million in the prior year. His compensation, which includes $1.8 million in cash, $8.6 million in stock, $5.7 million in options and $6.0 million in nonequity incentive plan compensation, is 194x the median Travelers employee salary of $117,491.
Big jumps for Global, HCI, Skyward CEOs
Three CEOs in the analysis received increases in total adjusted compensation of over 200% in 2023.
Global Indemnity Group's Joseph Brown's compensation package increased in value to $3.0 million, a 280.5% jump from $800,000 in 2022, while Paresh Patel, CEO of HCI Group Inc., received a 255.2% increase to $3.7 million from $1.0 million. Skyward Specialty Insurance Group Inc. CEO Andrew Robinson received $9.2 million in compensation, a 233.1% rise from $2.8 million the prior year.
Robinson's package was augmented by a $5.6 million increase in stock and options to $6.2 million from $600,000 in 2022, the highest increase in the analysis. Hamilton Insurance Group CEO Pina Albo had the second-highest increase, $4.3 million, to $6.9 million.
Tricia Griffith, CEO of The Progressive Corp., had the largest increase by percentage among the top 10 executives in the analysis with a 22.7% increase to $15.6 million in 2023 from $12.7 million in 2022.
Griffith's compensation package, 218x the median salary of $71,672 for a Progressive employee, comprised $1.2 million in cash, $10 million in stock and $4.4 million from a nonequity incentive compensation plan.
The Allstate Corp. CEO Tom Wilson and W. R. Berkley Corp.'s Rob Berkley were tied for fourth overall, with both executives receiving total adjusted compensation of $16.5 million in 2023. Wilson's compensation represented a 9.9% increase from 2022, while Berkley's increase was 0.6%.
The Hartford Financial Services Group's Christopher Swift and CNA Financial Corporation's Dino Robusto were in sixth and seventh place overall, respectively. Swift received a 1.8% increase in compensation to $16.4 million, while Robusto's rose 6.7% to $16.1 million.
Rounding out the top 10 were Domenic Frederico of Assured Guaranty Ltd. in ninth, with total adjusted compensation of $13.5 million, followed by Arch Capital Group's Mark Grandisson, at $13.1 million.