$9.6m in bonuses for White Mts. execs

Five executives from White Mountains Insurance Group and affiliates have received bonuses and payouts totaling $9.6 million, according to a filing with the Securities and Exchange Commission.The awards don’t count salaries, which is about $500,000 apiece.White Mountains is a holding company run out of Hanover with huge subsidiaries. Last year, it earned $87 million compared to 2009, when it made close to a $500 million. The heads of the subsidiaries received the biggest awards, at least this time, because the payouts were based on three-year performances.T. Michael Miller, president and chief executive of OneBeacon, and Allan L. Waters, president of White Mountain Re, the company’s reinsurance arm, each received about $4.6 million.Receiving one-year bonuses were: Raymond Barrette, president of White Mountains Insurance Group; David Foy, the holding company’s chief financial officer; and Reid T. Campbell, managing director of White Mountain Capital, which manages most of the company’s assets. Their bonuses were $244,000, $232,500 and $210,000, respectively.The three year pay outs were based on whether the executives met their targets, which included a number of performance measurements. — BOB SANDERS/NEW HAMPSHIRE BUSINESS REVIEW

Categories: News