Third Coast Reinsurance Llc
- Assets
- $2.6m
- Revenue
- $374.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Covington, LA
- Founding
- Data as of
- 12/2021
- EIN
- 47-3260067
Organization Overview
Third Coast Reinsurance Llc is located in Covington, LA. According to its NTEE Classification (Y23) the organization is classified as: Mutual Insurance Companies & Associations, 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. Third Coast Reinsurance Llc is a 501(c)(15) and as such, is described as a "Mutual Insurance Company or Association" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE AN OPTIMAL APPROACH TO SHIFTING AWAY FROM COMMERCIALLY PURCHASED COEVERAGE UNTIL OVER TIME, THE CAPITVE CAN PROVIDE A GREATER RESOURCE FOR POPERTY COVERAGE AND TO PROVIDE US WITH BETTER FLEXIBILITY TO ADJUST TO THE INSURANCE MARKET CONDITIONS, SUCH AS UNAVAILABE AFFORDABLE COVERAGE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THIRD COAST SUCCESSFULLY PROVIDED AFFORDABLE NAMED WIND STORM DEDUCTIBLE BUYDOWN COVERAGE FOR AT RISK COMMERICAL RENTAL PROPERTIES ALONG THE GULF COAST, MANY OF WHICH SERVE LOW INCOME AREAS. THESE COMMERCIAL RENTAL PROPERTIES HAD SIGNIFICANT ECONOMIC EXPOSURE DUE TO HIGH DEDUCTIBLES AND THIRD COAST PROVIDES A BACKSTOP TO LIMIT THE AMOUNT OF ECONOMIC DAMAGE EACH PROPERTY CAN SUSTAIN AND ALLOW THEM TO MAKE QUICK REPAIRS WHEN NEEDED AND SERVE ITS COMMUNITY.
IN REGARD TO RECOVERY EFFOTS, THIRD COAST COVERAGE SUPPORTS OUR ABILITY TO QUICKLY RESTORE PROPERTIES WITH DAMAGE TO PERMIT COMMERICAL ACTIVITES TO RESUME QUICKLY AND RESUME EMPLOYMENT FOR TENANT BUSINESSES. WHILE MINIMIZING DONWTIMINE FOR LOCAL EMPLOYERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marty Mayer President | OfficerTrustee | 1 | $0 |
Patrick Malik Secretary | OfficerTrustee | 1 | $0 |
Grady Brame Treasurer | OfficerTrustee | 1 | $0 |
Michael Lebovitz Board Member | Trustee | 1 | $0 |
Jared Lauderdale Board Member | Trustee | 1 | $0 |
Trent Sandahl Board Member | Trustee | 1 | $0 |
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 | $315,517 |
| Investment income | $40,272 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $18,394 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $374,183 |
| 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 | $0 |
| Compensation of current officers, directors, key employees. | $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 | $13,216 |
| Fees for services: Legal | $5,000 |
| Fees for services: Accounting | $14,424 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $9,838 |
| Fees for services: Other | $35,000 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,491 |
| Insurance | $0 |
| All other expenses | $10 |
| Total functional expenses | $742,376 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $345,589 |
| 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 | $2,279,071 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,257 |
| Total assets | $2,634,917 |
| 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 | $678,672 |
| Total liabilities | $678,672 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $500,000 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $1,456,245 |
| Total liabilities and net assets/fund balances | $2,634,917 |
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|---|---|---|
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