Mo money!

December 17, 2004

Judging by a recent disclosure by Everest Re Group (RE), $10,000 doesn’t buy much of an apartment in Bermuda. Back in October, after hiring Mark de Saram as CEO of subsidiary Everest Reinsurance Ltd., the company agreed to pay $10,000 a month in housing costs. But earlier this week, it upped the rate to $12,500 a month. The 8-K also amended another facet of de Saram’s salary. With the dollar in the dumps, de Saram is looking to get more bang from his $300,000 salary, so the company agreed to pay half the salary in dollars and half in British pounds.

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