Fiat Lux Risk And Insurance Company
- Assets
- $1.4b
- Revenue
- $440.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Washington, DC
- Founding
- 12/2015
- Data as of
- 06/2020
- EIN
- 46-1828839
Organization Overview
Fiat Lux Risk And Insurance Company is located in Washington, DC. The organization was established in 2015. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, 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. Fiat Lux Risk And Insurance Company is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2020, Fiat Lux Risk And Insurance Company generated $440.2m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 57.4% each year . All expenses for the organization totaled $407.1m during the year ending 06/2020. While expenses have increased by 43.8% per year over the past 6 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSE OF FIAT LUX IS TO FINANCE THE UNIVERSITY OF CALIFORNIA'S SELF INSURED RETENTIONS, TO PURCHASE REINSURANCE DIRECTLY, AND TO ISSUE TO THE UNIVERSITY OF CALIFORNIA'S CERTAIN BESPOKE INSURANCE POLICIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PURPOSE OF FIAT LUX IS TO FINANCE THE UNIVERSITY OF CALIFORNIA'S SELF INSURED RETENTIONS, TO PURCHASE REINSURANCE DIRECTLY, AND TO ISSUE TO THE UNIVERSITY OF CALIFORNIA'S CERTAIN BESPOKE INSURANCE POLICIES. TO DATE AND IN TOTAL THE ORGANIZATION PROVIDES OVER 40 DIFFERENT COVERAGES AND RISK FINANCING ARRANGEMENTS TO THE UNIVERSITY OF CALIFORNIA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Willis Towers Watson Consulting & Management | 6/29/21 | $644,497 |
Lundberg Enterprises Llc Dba Praesidium Loss Control Expenses | 6/29/21 | $225,112 |
Prime Actuarial Consulting Llc Dba Bickmore Actuarial Actuarial Services | 6/29/21 | $340,246 |
Pricewaterhousecoopers Llp Audit Services | 6/29/21 | $170,415 |
Milliman Inc Actuarial Services | 6/29/21 | $211,918 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $20,461,308 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $23,851,305 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $440,203,686 |
| Statement of Expenses | |
|---|---|
| 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. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $1,158,140 |
| Fees for services: Legal | $126,421 |
| Fees for services: Accounting | $181,128 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,480,913 |
| Fees for services: Other | $625,079 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $107,078 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,885 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $33,593 |
| All other expenses | $0 |
| Total functional expenses | $407,127,291 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $45,869,533 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $18,491,638 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $14,300,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $950,899 |
| Investments—publicly traded securities | $1,168,836,548 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $198,734,036 |
| Total assets | $1,447,182,654 |
| Accounts payable and accrued expenses | $702,327 |
| 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 | $1,260,260,954 |
| Total liabilities | $1,260,963,281 |
| 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 | $186,219,373 |
| Total liabilities and net assets/fund balances | $186,219,373 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Fiat Lux Risk And Insurance Company Washington, DC | $1,447,182,654 | $440,203,686 |
Catholic Charities Usa Employee Welfare Benefit Tr Alexandria, VA | $13,170,209 | $41,773,256 |
Childrens Hospital Self-Insurance Trust Washington, DC | $0 | $0 |
Southern States Group Benefit Trust Richmond, VA | $1,559,030 | $9,812,364 |
Property & Casualty Insurance Guaranty Corporation Towson, MD | $24,268,806 | $4,102,215 |
Piedmont Liability Trust Charlottesville, VA | $77,604,181 | $9,580,879 |
National Association Of Health Underwriters Washington, DC | $5,260,956 | $6,921,904 |
American Benefits Council Washington, DC | $6,526,804 | $5,295,923 |
National Automatic Sprinkler Metal Trades Welfare Fund Landover, MD | $18,558,792 | $6,112,482 |
Surety & Fidelity Association Of America Washington, DC | $6,311,945 | $5,463,554 |
Capreit Welfare Benefit Trust Rockville, MD | $2,407,315 | $4,732,042 |
The Urban Institute Employee Benefit Trust Washington, DC | $994,642 | $4,231,919 |