“Let me be clear, I am here to grow A. I.G.,” the executive, Brian Duperreault, said at the company’s consumer insurance investor day on Monday.
He also would receive a one-time cash award of $12 million as compensation for unvested equity
that he forfeited by leaving Hamilton and the option to purchase 1.5 million shares of A. I.G.
Mr. Duperreault replaces Peter D. Hancock, who abruptly announced plans to resign as A. I.G.’s chief
executive in March after shareholders lost faith in a two-and-a-half-year turnaround effort.
He will receive an annual salary of $1.6 million; a short-term annual incentive bonus of $3.2
million, which would be prorated for 2017; and a long-term incentive award of $11.2 million.
Mr. Duperreault, who founded and was chief executive of the Hamilton Insurance Group of Bermuda, does not come cheap.
Mr. Duperreault becomes the sixth chief executive to run the insurer since the departure of Mr. Greenberg, who is known as Hank.
I.G., Mr. Duperreault will find a company much different from when he left
and will face a difficult task in bringing the insurer back to its pre-crisis heights.
He served as chief executive of ACE until 2004, when he was replaced by Evan G. Greenberg, Mr. Greenberg’s son and now the chief executive of Chubb.
Mr. Duperreault, 70, worked 21 years at A. I.G.
He was a lieutenant to Maurice R. Greenberg, who built the New York-based company into a global
colossus before resigning as chief executive amid accounting investigations in 2005.
