5 White Mts. execs paid $30m in '06

White Mountains Insurance Group paid five of its top executives almost $30 million in cash and equity in 2006, according to a filing turned in last Friday with the Securities and Exchange Commission.

Outgoing Chief Executive Officer Steve Fass’ package is worth more than $9.5 million, including nearly $7.35 million in stock awards and a retirement package.

Fass’ compensation also included a $12,000 monthly housing allowance associated with his relocation to Bermuda – the company’s international headquarters — at the company’s request, even though the company’s national headquarters was moved to New Jersey during his tenure to accommodate him. The company moved back to the Hanover, N.H., area when Raymond Barrette took back the CEO position.

The compensation packages for the other five top executives are: Chief Financial Officer David Foy, $6.8 million; T. Michael Miller, CEO of the company’s One Beacon subsidiary, $5.5 million; Robert Lusardi, vice president of White Mountain Capital (an investment subsidiary), $4.1 million; and Charles Chokel, CFO of White Mountains Re (a reinsurance subsidiary), $3.9 million.

Also, board member John Gillespie earned $4.4 million, primarily in stock awards for his consulting work with WM Advisors and Prospector – a figure not included in the aforementioned $30 million figure. Excluding Gillespie’s stock awards and Barrette’s severance pay, the board members received a total of $2.7 million in compensation, including $334,674 to former board chairman and White Mountains founder John Byrne of Hanover.

Also on Monday, White Mountains filed with the SEC the details of a $400 million bond issue at 6.375 percent. The senior notes will be due in 2017. – BOB SANDERS

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