Travelers insurance said on Friday that it paid Chairman and CEO Jay S. Fishman $15.7 million last year, a period when calm weather fueled big profits for one of the nation’s largest commercial insurers.
Fishman’s pay included a $1 million base salary and a $6.5 million bonus. The Travelers Cos. Inc. also granted him $7.7 million in restricted shares and options, according to the company’s proxy filed on Friday.
In awarding executive bonuses, the Travelers compensation committee decided that he and other executives had “substantial success” in meeting the company’s goals for the year.
The Associated Press calculates total compensation including salary, bonus, incentives, perks, and the estimated value of stock options and awards granted during the year. It also includes above-market returns on deferred compensation, although Travelers said Fishman received no such compensation.
Fishman’s pay included $267,639 for personal use of the company plane, which Travelers said it requires for security reasons. The company said that beginning this year Fishman, at his request, has begun reimbursing the company for personal travel on the company plane.
St. Paul-based Travelers also paid $164,055 for use of a company car and driver for Fishman.
The proxy also disclosed that Fishman owns or has the right to buy about 3 million shares of the company’s stock. Those would be worth $155.9 million based on Friday’s closing price of $51.68.
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