Workers Compensation Reinsurance Association

Organization Overview

Workers Compensation Reinsurance Association is located in St Paul, MN. The organization was established in 1997. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2019, Workers Compensation Reinsurance Association employed 32 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Workers Compensation Reinsurance Association is a 501(c)(27) and as such, is described as a "State-Sponsored Workers' Compensation Reinsurance Organization" by the IRS.

For the year ending 12/2019, Workers Compensation Reinsurance Association generated $186.8m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 5.4% each year. All expenses for the organization totaled $62.7m during the year ending 12/2019. While expenses have increased by 3.4% per year over the past 5 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2019

Describe the Organization's Mission:

Part 3 - Line 1

INDEMNIFY SERIOUS WORKERS' COMPENSATION CLAIMS

Describe the Organization's Program Activity:

Part 3 - Line 4a

IN 2019, THE WCRA REIMBURSED 3,357 CLAIM REQUESTS AND PAID $76,634,583 FOR THESE CLAIMS. RESERVES FOR LOSSES AND LOSS EXPENSES DECREASED BY $26,330,171. OVERHEAD EXPENSES ALLOCATED TO LOSS EXPENSES TOTALED $1,970,155.


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Board, Officers & Key Employees

Name (title)Compensation
James Heer
President & CEO
$284,445
Lynn Carroll
VP Of Actuarial And Is
$252,989
Cynthia Smith
VP Of Operations And Secretary
$200,533
Pat Irestone
Cio (see Schedule O)
$194,391
Tony Tio
Actuary
$183,327
Dave Mckee
VP & CFO
$175,582

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Jp Morgan Institutional Investments
Portfolio Management
$1,319,891
Pimco
Portfolio Management
$1,083,149
State Street Global Advisors
Portfolio Management
$411,468
Blackrock Financial
Portfolio Management
$964,469
Peregrine
Portfolio Management
$625,125
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$0
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$0
Total Program Service Revenue$50,736,578
Investment income $54,908,642
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $81,162,216
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $186,807,436

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