Former chief underwriting officer Adrian Cox is now the man in charge at Beazley Plc, having assumed the chief executive post on April 01, and the specialist insurer has disclosed how much it is paying the new boss.
“Adrian’s base salary on appointment is set at £507,500, in line with Andrew Horton’s current salary,” said the UK-headquartered insurance group in a London Stock Exchange filing. “His pension benefit is unchanged at 12.5% of salary, in line with the pension opportunity available to the workforce.
“His maximum bonus opportunity for 2021 is unchanged at 400% of salary. Adrian’s maximum LTIP (long-term incentive plan) opportunity for 2021 is set at 200% of salary, in line with the policy for the CEO.”
It was revealed that a grant of nil-cost options under the Beazley LTIP over the company’s ordinary shares of five pence each was made to Cox on April 01. The number of his nil-cost options stood at 113,079.
Meanwhile, in its remuneration disclosure, Beazley also noted: “Andrew will continue to receive salary, pension, and benefits until September 01, 2021. He will not be eligible for an annual bonus in respect of the current financial year.
“All unvested LTIP and deferred share awards lapse on Andrew’s departure, in line with the relevant plan rules.”
As previously announced, Horton is moving to Sydney-based QBE Insurance Group in September to serve as group chief executive.