Stephen Catlin’s 2010 pay package drops 36%

Stephen Catlin, chief executive of Lloyd’s insurer Catlin, saw his total pay package drop 36% in 2010.

Catlin’s total package, comprising salary, bonus and benefits, came in at $2.03m in 2010, down from $3.15m in 2009, according to his company’s 2010 annual report.

While Catlin’s 2010 base salary was slightly higher at $1.17m compared with $1.15m, his bonus was slashed by 56% to $772,600 from $1.77m, and his benefits dipped 41% to $136,917 from $231,343.

Catlin Group’s pre-tax profit fell to $406m in 2010 from $603m in 2009, and return on equity slumped to 12.5% from 24.3%.