Bermuda-based CEO among leading commercial insurers and reinsurers in 1995, according to a new survey.

Through proxy statements he is reported to have cleared $950,000 in cash compensation, representing a 16.9 percent pay raise over 1994, plus a housing and travel allowance of $107,652.

The 47-year-old Mr. O'Hara, who has presided over a 131.3 percent increase in profits for EXEL Ltd. (1995: $333 million) on revenues of $859 million, was also granted a facility to borrow a million dollars of company funds, $600,000 of which he had exercised.

At the time of the proxy, he directly held company shares valued at $3,066,210.

Mr. O'Hara ranks 20th on the just released annual survey produced by Business Insurance (BI) of the best paid bosses in top insurance and reinsurance firms.

Three other well known Bermuda executives are ranked 23rd, 24th and 25th on the list, including two Bermudians.

A newcomer to the list is ACE Ltd. chairman, president and CEO, Brian Duperreault, who last year took home $850,000 in cash compensation, a commuting and living allowance of $170,004, relocation expenses of $153,475 and a signing bonus of $825,000. The 48-year-old Bermudian was ranked number 23.

Michael Butt president and CEO of catastrophe reinsurer Mid Ocean Ltd., is ranked number 24 on the list, with 1995 cash compensation of $850,000 which is a 25.9 percent raise on his 1994 salary.

Mid Ocean's net income doubled last year to $182.9 million. He also received $159,000 in perks such as housing and travel allowance and club memberships here. Mr. Butt, 53, directly held $5,369,548 worth of company shares.

The second Bermudian in the top 25 is Robert A. Mulderig, 43, chairman and CEO of Mutual Risk Management Ltd. (MRM) whose cash income was up 14.1 percent to $823,548. His ranking at number 25 on the list belies the $15,415,000 in company shares he held at August 16.

MRM's net income rose 23.7 percent over 1994 figures to $29.8 million.

At the top of the list is American Sanford I. Weill, 62, of the Travelers Group Inc., who took home cash compensation of $5,328,750, a pay increase of 44.9 percent and owns shares worth $189,958,410. The group's net income of $1.834 billion was up 38.3 percent over 1994.

Second is American International Group (AIG) boss, Maurice Greenberg, 70, who had cash compensation for the year of $4,150,000, up 10.7 percent, but who owned more than a billion dollars worth of his company shares ($1,030,271,231). AIG made $2.51 billion last year, a jump of 15.3 percent.

Conspicuous by his absence from the top pay ranks is 65-year old Warren Buffet of Berkshire Hathaway Inc., who paid himself in 1995 the same as he did in 1994 -- an even $100,000 -- despite the fact his company improved its earnings 46.6 percent to $725.2 million.

He is happy to be at the bottom of the BI survey, ranked at number 35, displaying his fiscal responsibility. He owns more than $15 billion worth of the shares ($15,627,434,200) of the company.IN THE MONEY THE TOP 25 INSURANCE CEO'S ANNUAL PAY AND MARKET VALUE OF SHARES DRECTLY HELD RANK NAME/AGE COMPANY 1995 1994 Market value of shares directly held 1. Sanford Weill 62 Travelers $5,328,750 $3,678,750 $189,958,410 2. Maurice Greenberg 70 AIG $4,150,000 $3,750,000 $1,030,271,231 3. Saul Steinberg 56 Reliance $3,763,000 $3,675,000 $324,241,976 4. Wilson Taylor 52 CIGNA $2,446,500 $1,722,900 $6,681,713 5. Ronald Compton 63 Aetna $2,100,577 $1,075,000 $3,660,456 6. Dean O'Hara 53 Chubb Group $2,030,506 $1,393,492 $2,116,414 7. William Berkley 50 W.R.Berkley $1,981,000 $950,000 $111,434,411 8. Harold Hook 64 American General $1,960,000 $1,960,000 $10,530,226 9. Norman Blake 54 USF&G $1,805,769 $1,466,480 $965,323 10. James McIntyre 63 Fremont $1,664,322 $1,111,532 $41,609,903 11. Patrick Ryan 58 Aon $1,629,468 $1,327,233 $623,382,067 12. Ian Rolland 62 Lincoln National $1,619,701 $938,077 $7,227,528 13. Dennis Chookaszian 52 CNA $1,593,027 $1,242,091 $102,375 14. Ronald Ferguson 54 General Re $1,534,538 $1,457,917 $10,981,651 15. Steven Gluckstern 44 Zurich Re $1,395,500 $1,272,500 $3,081,865 16. Douglas Leatherdale 59 St.Paul Cos. $1,367,500 $1,294,206 $4,618,585 17. Edward Jobe 66 American Re $1,006,844 $995,823 $16,109,856 18. Jon Rotenstreich 52 TIG Holdings $1,000,000 $960,000 $5,988,616 19. Ronald Bornhuetter 62 NAC Re $977,044 $762,756 $4,439,160 20. Brian O'Hara 47 EXEL Ltd. $950,000 $812,500 $3,066,210 21. Alan Gruber 68 Orion Capital $947,186 $889,496 $8,141,726 22. James Orr 53 UNUM $940,285 $626,154 $8,951,567 23. Brian Dupperault 48 ACE Ltd. $850,000 NA NA 24. Michael Butt 53 Mid Ocean Ltd. $850,000 $675,000 $5,369,548 25. Robert Mulderig 43 Mutual Risk $823,548 $722,093 $15,415,000 Brian O'Hara Brian Duperreault Michael Butt Robert Mulderig