Travelers Cos. Inc. CEO and Chairman Jay S. Fishman earned a 2009 pay package of $20.6 million, including a $7.5 million bonus, public documents show.
Fishman’s total compensation for the year was $20.6 million, up 42 percent from to $14.5 million in 2008, according to the property-casualty insurer’s 2010 proxy statement.
The pay package includes a base salary of $1 million. The $7.5 million bonus was 50 percent more than the $5 million bonus Fishman received in 2008.
Fishman also received $3.8 million in stock awards, $7.1 million in option awards, and $724,124 in other compensation, proxy papers show.
New York-based Travelers, with major operations in Hartford, performed well in 2009 despite a shaky overall economy.
The insurer, for example, boosted fourth-quarter profit by 60 percent, owing to no new catastrophe costs and a spike in the value of its investment portfolio.
Fourth-quarter net income rose to $1.29 billion, or $2.36 per share, from $801 million, or $1.35 per share, a year ago, SEC filings show.
For the full year 2009, the company’s net income was $3.6 billion, compared to $2.9 billion in 2008, a 24 percent increase, SEC filings show.
