CEO at St. Paul Cos. was paid $2.96 million

A $1 million salary in 2002, plus bonus, options, stock

March 29, 2003|By BLOOMBERG NEWS

ST. PAUL, Minn. - St. Paul Cos., the fourth-largest U.S. business insurer, paid Chief Executive Officer Jay S. Fishman $2.96 million in 2002 as the company returned to profitability.

Fishman, 50, was paid $1 million in salary, $1.13 million in bonus, $416,605 in restricted stock, stock options worth $188,451 on their grant date, and $226,342 in other compensation, according to a company filing with the Securities and Exchange Commission.

St. Paul, which acquired Baltimore based USF&G Corp. in 1998, employs about 700 at its Mount Washington campus.

Fishman, then chairman and CEO of Travelers Insurance Group Inc., was hired in 2001 to fix the money-losing insurer. His 2001 pay of $39.5 million included a recruitment bonus of stock options that St. Paul said were worth $29.8 million when they were granted.

The company earned net income of $217.8 million, or 92 cents a share, in 2002, after a loss of $1.1 billion, or $5.22, in 2001. Fishman abandoned businesses such as medical malpractice insurance and reinsurance after bigger-than-expected claims crimped profit.

St. Paul shares fell 22 percent in 2002, compared with a 12 percent decline in the 12-member Standard & Poor's 500 Property & Casualty Insurance Index.

Shares closed yesterday at $32.28, down 41 cents.

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