Chesapeake Employers Insurance Comp Any is located in Towson, MD. The organization was established in 2014. According to its NTEE Classification (Y25) the organization is classified as: State-Sponsored Workers Compensation Reinsurance Organizations, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2019, Chesapeake Employers Insurance Comp Any employed 297 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Chesapeake Employers Insurance Comp Any 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, Chesapeake Employers Insurance Comp Any generated $343.7m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $187.7m during the year ending 12/2019. 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
CHESAPEAKE EMPLOYERS' INSURANCE COMPANY WAS ESTABLISHED BY STATUTE TO BE THE WORKERS' COMPENSATION INSURER OF LAST RESORT AS WELL AS A COMPETITIVE INSURER IN THE STATE OF MARYLAND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CHESAPEAKE EMPLOYERS' INSURANCE COMPANY HAD OVER 22,000 IN-FORCE POLICIES AND WAS MANAGING MORE THAN 3,450 OPEN CLAIMS AT DECEMBER 31, 2019.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Thomas Phelan President & CEO | Officer | 30 | $574,610 |
Paige Beck Chief Innovation Officer | Officer | 30 | $358,230 |
Kevin Bingham Chief Results Officer | Officer | 30 | $304,595 |
Frank Linardi Chief Financial Officer | Officer | 30 | $242,081 |
William Smulyan Medical Consultant | 30 | $228,733 | |
Carmine D'alessandro Chief Legal Officer | Officer | 30 | $227,479 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Vgm Group Inc Medical/health Services | 12/30/19 | $2,147,131 |
Express Scripts Inc Medical/health Services | 12/30/19 | $2,161,211 |
University Of Md Medical System Corp Medical/health Services | 12/30/19 | $1,620,951 |
Brown Capital Management Investment Services | 12/30/19 | $975,054 |
Johns Hopkins Hospital Medical/health Services | 12/30/19 | $1,116,179 |
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 | $206,032,392 |
Investment income | $78,271,180 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $59,340,986 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $343,725,559 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $12,850 |
Grants and other assistance to domestic individuals. | $0 |
Grants and other assistance to Foreign Orgs/Individuals | $0 |
Benefits paid to or for members | $0 |
Compensation of current officers, directors, key employees. | $3,287,945 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $26,851,696 |
Pension plan accruals and contributions | $2,212,587 |
Other employee benefits | $3,710,900 |
Payroll taxes | $2,020,652 |
Fees for services: Management | $0 |
Fees for services: Legal | $1,565,359 |
Fees for services: Accounting | $356,485 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $5,559,053 |
Fees for services: Other | $29,339,200 |
Advertising and promotion | $2,318,388 |
Office expenses | $3,030,523 |
Information technology | $1,412,339 |
Royalties | $0 |
Occupancy | $2,572,886 |
Travel | $379,477 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $189,739 |
Interest | $2,406,719 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $2,957,760 |
Insurance | $732,781 |
All other expenses | $608,918 |
Total functional expenses | $187,727,999 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $969,024 |
Savings and temporary cash investments | $68,673,192 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $64,004,322 |
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 | $8,597,479 |
Investments—publicly traded securities | $2,061,994,062 |
Investments—other securities | $57,629,740 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $116,153,820 |
Total assets | $2,378,021,639 |
Accounts payable and accrued expenses | $21,974,504 |
Grants payable | $0 |
Deferred revenue | $93,032,307 |
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 | $1,350,965,108 |
Total liabilities | $1,465,971,919 |
Net assets without donor restrictions | $912,049,720 |
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 | $0 |
Total liabilities and net assets/fund balances | $2,378,021,639 |
Over the last fiscal year, Chesapeake Employers Insurance Comp Any has awarded $17,860 in support to 2 organizations.
Grant Recipient | Amount |
---|---|
Washington, DC PURPOSE: GENERAL SUPPORT | $12,360 |
Baltimore, MD PURPOSE: GENERAL SUPPORT | $5,500 |