Posted on 03 Apr 2009
The biggest insurance broker, Aon Corp., said Chief Executive Officer Greg Case's compensation climbed 14 percent last year to $12.9 million as the firm outperformed most financial companies.
Case's package includes a stock award valued at $8.3 million, compared with $5.5 million in 2007, the Chicago-based broker said today in a regulatory filing. Compensation from an incentive plan dropped to $1.4 million from $2.4 million.
Aon was the only company in the 24-stock KBW Insurance Index to post a profit gain last year as Case cut jobs and added customers outside the U.S. Case last year acquired London-based Benfield Group Ltd for about $1.4 billion to bolster Aon's reinsurance business.
“These results are particularly impressive compared to the results of our industry peers and against a backdrop of weak economic conditions globally,” Aon’s compensation committee said in the filing.