An S&P Global Market Intelligence analysis has listed the head of Chubb Ltd, Evan Greenberg, as the highest-paid chief executive among US-listed property and casualty or multiline insurers, with total adjusted compensation of $27.7 million in 2023.

Mr Greenberg, the chairman and chief executive officer of the Chubb group, had a package consisting of $12 million in cash and $15.7 million in stock, totalling a 10 per cent increase from his 2022 compensation of $25.2 million.

The S&P Global article noted that the combined award was approximately 452x the median Chubb employee salary of $61,188, the highest ratio among the top ten insurers in the analysis. The ratio was an increase from 346x in 2022 and 322x in 2021. Mr Greenberg has been chief executive for 20 years.

Peter Zaffino, the American International Group chef executive, is second on the list with total adjusted compensation at $24.6 million, a 67.3 per cent decrease from $75.3 million in the prior year.

Local market names on the list include Dominic Frederico, of Assured Guaranty Ltd, at No 9, at $13.5 million in total compensation, much of which is in stocks and non-equity incentive plan compensation.

Marc Grandisson, of Arch Capital Group Ltd, comes in at No 10, with $13.1 million, up 8.3 per cent from 2022.

At No 2, Mr Zaffino's compensation package consisted of $1.8 million in cash, $10.4 million in stock, $3.5 million in options and $9 million in non-equity incentive plan compensation.

The report said: “Zaffino's 2022 compensation package was augmented by $62.4 million in stock grants, which included $50 million in restricted stock as part of an employment agreement for Zaffino to remain CEO until 2027.

“His 2023 compensation package was 278x the median AIG employee salary of $88,585.

“Alan Schnitzer, the chief executive of The Travelers Cos Inc, moved up to third this year from fourth last year with $22 million in total adjusted compensation, a 4.5 per cent increase from $21.1 million in the prior year.

“His compensation, which includes $1.8 million in cash, $8.6 million in stock, $5.7 million in options and $6 million in non equity incentive plan compensation, is 194x the median Travelers employee salary of $117,491.