White Mountains exec awarded $1.45m bonus
T Michael Miller, chief executive officer of White Mountains Insurance Group-owned OneBeacon, will receive a $1,450,000 bonus, partly for successfully spinning off the former subsidiary last fall with an initial public offering, according to a filing with the Securities and Exchange
White Mountains will also award three current executives $400,000 for 2006: chief financial officer David Foy and Charles Chockel and Robert Lusardi, both managing directors of White Mountains Capital Inc., which invests billions of dollars of the company’s capital reserves. Steven Fass, who stepped down as White Mountains CEO in January, will be receiving a $200,000 bonus for 2006.
While half of Miller’s bonus – some $750,000 – was awarded to recognize the successful completion of the OneBeacon IPO, the Boston-based subsidiary still remains firmly in control of White Mountains. OneBeacon – which has revenues of $2.5 billion — has been trading close to the $26-a-share price that it opened at in November. Another $300,000 was Miller’s regular 2006 bonus, and the rest — $400,815 – was to reward him for prior years at OneBeacon.
While officially based in Bermuda, Ray Barrette, White Mountains’ current CEO manages the company out of Hanover, N.H. – BOB SANDERS