Workers Compensation Reinsurance Association
- Assets
- $3.1b
- Revenue
- $186.8m
- Investments
- $0.0
- Employees
- 32
- Location
- St Paul, MN
- Founding
- 02/1997
- Data as of
- 12/2019
- EIN
- 41-1357750
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.
Form
990
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) | Role | Hours | Compensation |
|---|---|---|---|
James Heer President & CEO | Officer | 50 | $284,445 |
Lynn Carroll VP Of Actuarial And Is | Officer | 45 | $252,989 |
Cynthia Smith VP Of Operations And Secretary | Officer | 60 | $200,533 |
Pat Irestone Cio (see Schedule O) | Officer | 20 | $194,391 |
Tony Tio Actuary | 40 | $183,327 | |
Dave Mckee VP & CFO | Officer | 45 | $175,582 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jp Morgan Institutional Investments Portfolio Management | 12/30/19 | $1,319,891 |
Pimco Portfolio Management | 12/30/19 | $1,083,149 |
State Street Global Advisors Portfolio Management | 12/30/19 | $411,468 |
Blackrock Financial Portfolio Management | 12/30/19 | $964,469 |
Peregrine Portfolio Management | 12/30/19 | $625,125 |
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 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $50,304,412 |
| Compensation of current officers, directors, key employees. | $1,500,808 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,513,071 |
| Pension plan accruals and contributions | $275,934 |
| Other employee benefits | $280,306 |
| Payroll taxes | $175,353 |
| Fees for services: Management | $19,406 |
| Fees for services: Legal | $29,805 |
| Fees for services: Accounting | $182,828 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $6,591,167 |
| Fees for services: Other | $14,118 |
| Advertising and promotion | $0 |
| Office expenses | $60,585 |
| Information technology | $868,768 |
| Royalties | $0 |
| Occupancy | $208,589 |
| Travel | $14,442 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $27,226 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $290,614 |
| Insurance | $152,427 |
| All other expenses | $180,293 |
| Total functional expenses | $62,690,152 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $59,608,001 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $33,129 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $54,322 |
| Investments—publicly traded securities | $3,054,293,568 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $17,812,744 |
| Total assets | $3,131,801,764 |
| Accounts payable and accrued expenses | $3,468,451 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,722,037,371 |
| Total liabilities | $1,725,505,822 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $1,406,295,942 |
| Total liabilities and net assets/fund balances | $3,131,801,764 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Workers Compensation Reinsurance Association St Paul, MN | $3,131,801,764 | $186,807,436 |
St Anthony's Med Cnt Prof & Gen Liab Milwaukee, WI | $0 | $2,384,132 |
Nonprofit Insurance Trust Lakeville, MN | $36,558,201 | $16,777,576 |
Healthalliance Benefit Plan Urbandale, IA | $2,746,295 | $14,600,932 |
North Dakota Grain Dealers Association Benefit Plan And Trust Fargo, ND | $5,644,443 | $14,282,981 |
Nd Rec Benefit Trust Mandan, ND | $5,291,752 | $16,788,692 |
Harbor Group Insurance Trust Sioux Center, IA | $1,133,978 | $10,456,602 |
Regency Managed Properties Benefit Trust Sioux Falls, SD | $948,497 | $9,558,951 |
Wisconsin Bankers Association Insurance Trust Fund Sun Prairie, WI | $640,129 | $9,428,492 |
Greater Metropolitan Hotel Employer Employees Health & Welfare Plan Bloomington, MN | $12,887,715 | $5,461,290 |
Mada Insurance Inc St Paul, MN | $652,551 | $7,872,651 |
Twin City Sprinkler Fitters Health Care Plan Minneapolis, MN | $20,109,357 | $9,122,298 |