Texas Mutual Insurance Company
- Assets
- $8.2b
- Revenue
- $1.4b
- Investments
- $1.5b
- Employees
- 1,069
- Location
- Austin, TX
- Founding
- 06/2000
- Data as of
- 12/2021
- EIN
- 74-2615873
Organization Overview
Texas Mutual Insurance Company is located in Austin, TX. The organization was established in 2000. 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 12/2021, Texas Mutual Insurance Company employed 1,069 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Texas Mutual Insurance Company 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 12/2021, Texas Mutual Insurance Company generated $1.4b in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.4% each year. All expenses for the organization totaled $1.1b during the year ending 12/2021. While expenses have increased by 0.9% per year over the past 7 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.
Since 2017, Texas Mutual Insurance Company has awarded 1,577 individual grants totaling $26,727,247. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
ESTABLISHED BY TEXAS STATUTE TO PROVIDE A STABLE, COMPETITIVE SOURCE OF WORKERS' COMPENSATION INSURANCE FOR TEXAS EMPLOYERS, ACTS AS AN INSURER OF LAST RESORT, AND HELPS TO PREVENT ON-THE-JOB INJURIES AND ILLNESSES AND MINIMIZE THEIR CONSEQUENCES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COMPANY WROTE OVER 79,000 WORKERS' COMPENSATION POLICIES IN 2021 COVERING OVER 1.5 MILLION TEXAS EMPLOYEES. DURING THE YEAR, OVER 44,000 CLAIMS WERE PROCESSED AND APPROXIMATELY $392 MILLION IN MEDICAL AND INCOME BENEFITS WERE PAID OUT TO INJURED WORKERS. $330 MILLION IN DIVIDENDS WAS DISTRIBUTED TO APPROXIMATELY 60,000 POLICYHOLDERS AND AN ADDITIONAL $21 MILLION IN DIVIDENDS WAS DISTRIBUTED TO 28 SAFETY GROUPS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Gergasko President & CEO | Officer | 40 | $1,657,145 |
Leonard Johnson SVP Investments | Officer | 40 | $933,171 |
Brenda Ward Chief Operating Officer | Officer | 40 | $771,524 |
Perry Barron SVP & CFO | Officer | 40 | $638,380 |
Mary Nichols SVP & General Counsel | Officer | 40 | $635,502 |
Michael Hernandez Chief Data Officer | Officer | 40 | $510,822 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Occupational Health Centers Of Medical And Healthcare | 12/30/21 | $14,794,516 |
Memorial Hermann Hospital Heal Medical And Healthcare | 12/30/21 | $9,804,217 |
Techhealth Inc Medical And Healthcare | 12/30/21 | $7,825,896 |
Align Networks Inc Medical And Healthcare | 12/30/21 | $6,341,626 |
Amy Wick Marketing Communications Professional Services | 12/30/21 | $4,633,349 |
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 | $982,217,298 |
| Investment income | $228,539,508 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $737,858 |
| Net Gain/Loss on Asset Sales | $161,291,525 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,373,422,301 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $8,920,606 |
| Grants and other assistance to domestic individuals. | $332,327 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $18,834,135 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $88,993,430 |
| Pension plan accruals and contributions | $9,762,797 |
| Other employee benefits | $10,830,452 |
| Payroll taxes | $7,386,889 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $160,897 |
| Fees for services: Accounting | $516,862 |
| Fees for services: Lobbying | $469,147 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $46,130,542 |
| Fees for services: Other | $26,680,336 |
| Advertising and promotion | $7,542,740 |
| Office expenses | $4,176,586 |
| Information technology | $23,695,893 |
| Royalties | $0 |
| Occupancy | $18,964,935 |
| Travel | $1,065,230 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $394,923 |
| Interest | $32,643 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,109,205 |
| Insurance | $1,089,825 |
| All other expenses | $8,061,792 |
| Total functional expenses | $1,116,554,043 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$25,990,512 |
| Savings and temporary cash investments | $127,031,677 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $413,891,642 |
| 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 | $102,921,522 |
| Investments—publicly traded securities | $6,046,080,607 |
| Investments—other securities | $1,536,974,635 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $48,360,956 |
| Total assets | $8,249,270,527 |
| Accounts payable and accrued expenses | $118,300,834 |
| Grants payable | $0 |
| Deferred revenue | $482,717,520 |
| 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 | $2,837,048,667 |
| Total liabilities | $3,438,067,021 |
| 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 | $4,811,203,506 |
| Total liabilities and net assets/fund balances | $8,249,270,527 |
Grants Awarded
Over the last fiscal year, Texas Mutual Insurance Company has awarded $7,445,868 in support to 114 organizations.
| Grant Recipient | Amount |
|---|---|
Wimberley, TX PURPOSE: Disaster Relief Funds | $300,000 |
Dallas, TX PURPOSE: Workforce Development & Safety Training | $267,500 |
Manchaca, TX PURPOSE: Workforce Development & Safety Training | $200,000 |
Dallas, TX PURPOSE: Workforce Development & Safety Training | $150,000 |
ANGELINA COUNTY JUNIOR COLLEGE PURPOSE: College Safety Grants | $100,000 |
Hillsboro, TX PURPOSE: Generational Learning | $100,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Texas Property And Casualty Insurance Guaranty Association Austin, TX | $528,394,738 | $73,403,567 |
Burlington Northern Santa Fe Corp Welfare Benefit Trust Fort Worth, TX | $6,616,780 | $115,017,321 |
Louisiana Insurance Guaranty Association Baton Rouge, LA | $107,866,753 | $14,540,897 |
Isas Group Benefits Tr Dallas, TX | $25,237,505 | $32,364,920 |
The Benchmark Management Company Employee Benefit Trust The Woodlands, TX | $138,174 | $24,295,443 |
Dxp Enterprises Inc Employee Benefit Plan Trust Houston, TX | $0 | $27,742,069 |
Fidelity Welfare Benefit Plans Veba Trust Westlake, TX | $785,854,843 | $56,193,264 |
Housing Benefits Plan Dallas, TX | $17,278,471 | $20,926,607 |
Dolese Bros Co Veba Trust Oklahoma City, OK | $445,170 | $18,567,104 |
Methodist Hospital Self Insurance Trust Houston, TX | $122,957,500 | $20,327,926 |
Forfeiture Support Associates Llc Welfare Benefit Tr Dallas, TX | $59,802 | $13,723,885 |
Texas Life Accident Health & Hosp Service Insurance Guaranty Assoc Austin, TX | $70,747,885 | $31,418,906 |