Chesapeake Employers Insurance Comp Any
- Assets
- $0.0
- Revenue
- $134.9m
- Investments
- $0.0
- Employees
- 0
- Location
- Towson, MD
- Founding
- 05/2014
- Data as of
- 06/2022
- EIN
- 46-1056754
Organization Overview
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. 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 06/2022, Chesapeake Employers Insurance Comp Any generated $134.9m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (10.3%) each year. All expenses for the organization totaled $101.2m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (10.0%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Chesapeake Employers Insurance Comp Any has awarded 20 individual grants totaling $251,774. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
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 20,500 IN-FORCE POLICIES AND WAS MANAGING MORE THAN 2,910 OPEN CLAIMS AT JUNE 30, 2022.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Phelan Chief Executive Officer | Officer | 30 | $405,160 |
Kevin Bingham Chief Results Officer | Officer | 30 | $339,681 |
Paige Beck President | Officer | 30 | $215,914 |
Frank Linardi Chief Financial Officer | Officer | 30 | $153,165 |
Carmine D'alessandro Chief Legal Officer | Officer | 30 | $144,506 |
Sharon Rowell Chief Administrative Officer | 30 | $148,375 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
The Cooper Health System Medical/health Services | 6/29/22 | $936,547 |
Express Scripts Inc Medical/health Services | 6/29/22 | $718,160 |
Univ Of Md Medical System Corp Medical/health Services | 6/29/22 | $876,326 |
Vgm Group Inc Investment Services | 6/29/22 | $648,576 |
Advanced Home Support Inc Medical/health Services | 6/29/22 | $588,598 |
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 | $91,457,426 |
| Investment income | $31,987,109 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $10,424,085 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $134,874,292 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $126,326 |
| 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. | $1,533,730 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $14,195,506 |
| Pension plan accruals and contributions | $1,066,633 |
| Other employee benefits | $2,156,282 |
| Payroll taxes | $1,095,739 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $433,807 |
| Fees for services: Accounting | $50,363 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,805,036 |
| Fees for services: Other | $15,148,018 |
| Advertising and promotion | $1,428,385 |
| Office expenses | $1,839,243 |
| Information technology | $1,374,111 |
| Royalties | $0 |
| Occupancy | $1,448,654 |
| Travel | $159,755 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $79,878 |
| Interest | $445,183 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,289,276 |
| Insurance | $434,213 |
| All other expenses | $231,263 |
| Total functional expenses | $101,231,861 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $0 |
Grants Awarded
Over the last fiscal year, Chesapeake Employers Insurance Comp Any has awarded $76,454 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
UNITED WAY OF CENTRAL MARYLAND PURPOSE: GENERAL SUPPORT | $35,072 |
AMERICAS CHARITIES PURPOSE: GENERAL SUPPORT | $13,582 |
ASSOCIATED BLACK CHARITIES PURPOSE: CHARITY GOLF EVENT | $10,000 |
BALTIMORE SYMPHONY ORCHESTRA PURPOSE: GENERAL SUPPORT | $10,000 |
FRANCISCAN CENTER INC PURPOSE: CHARITY GOLF EVENT | $7,800 |