Five Pointe Professional Liability Insurance Company
- Assets
- $232.5m
- Revenue
- $47.9m
- Investments
- $187.2m
- Employees
- 0
- Location
- Wilmington, DE
- Founding
- 01/2006
- Data as of
- 06/2022
- EIN
- 20-4191006
Organization Overview
Five Pointe Professional Liability Insurance Company is located in Wilmington, DE. The organization was established in 2006. According to its NTEE Classification (E11) the organization is classified as: Single Organization Support, under the broad grouping of Health Care and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Five Pointe Professional Liability 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 06/2022, Five Pointe Professional Liability Insurance Company generated $47.9m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (4.8%) each year. All expenses for the organization totaled $59.2m during the year ending 06/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE COMPANY IS A NON-PROFIT SPONSORED CAPTIVE INSURANCE COMPANY ORGANIZED AND OPERATED EXCLUSIVELY FOR THE CHARITABLE PURPOSES FOR THE BENEFIT OF ITS MEMBER ORGANIZATIONS. THE CORPORATION SERVES AS AN INTEGRAL PART OF AND FURTHERS THE EXEMPT PURPOSES OF ITS MEMBERS, CHARITABLE HOSPITALS AND RELATED HEALTHCARE ORGANIZATIONS BY PROVIDING "SELF-INSURANCE" PROFESSIONAL LIABILITY COVERAGE FOR CERTAIN HOSPITALS AND HEALTHCARE ENTITIES DESCRIBED IN IRC SECTION 501(C)(3). THE MEMBERS ARE MAIN LINE HOSPITALS, INC., RIDDLE MEMORIAL HOSPITAL, THOMAS JEFFERSON UNIVERSITY HOSPITALS, INC., AND MAGEE REHABILITATION HOSPITAL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FIVE POINTE PROFESSIONAL LIABILITY INSURANCE COMPANY PROVIDES REINSURANCE TO MOUNTAIN LAUREL RISK RETENTION GROUP, INC. ("MLRRG"), A RELATED PARTY THROUGH COMMON OWNERSHIP THAT PROVIDES GENERAL LIABILITY AND PROFESSIONAL LIABILITY INSURANCE TO ITS SHAREHOLDERS THAT ARE THE TAX EXEMPT MEMBERS OF FIVE POINTE. THE REINSURANCE COVERAGES ASSIST WITH THE MANAGEMENT AND FUNDING OF THE PROFESSIONAL LIABILITY RISK THEREBY ESSENTIALLY FUNCTIONING AS A SELF-INSURANCE VEHICLE FOR THE TAX EXEMPT MEMBER HOSPITALS AND HEALTHCARE ORGANIZATIONS. A SPONSORED CAPTIVE INSURANCE COMPANY IN THE STATE OF DELAWARE HAS THE ABILITY TO ESTABLISH AND MAINTAIN SEPARATE PROTECTED CELLS WITHIN THE COMPANY WHEREBY THE ASSETS AND LIABILITIES OF ANY ONE CELL ARE FINANCIALLY AND LEGALLY PROTECTED FROM THE ASSETS AND LIABILITIES OF OTHER CELLS. THE COMPANY INSURES THE RISKS OF THE MEMBERS PURSUANT TO MEMBERSHIP AGREEMENTS, AND SEGREGATES SUCH RISKS INTO PROTECTED CELLS. EACH PROTECTED CELL IS ACCOUNTED FOR SEPARATELY ON THE BOOKS AND RECORDS OF THE COMPANY. THE ASSETS AND LIABILITIES OF THE COMPANY ARE SEGREGATED INTO CELL ASSETS AND LIABILITIES AND GENERAL ASSETS AND LIABILITIES. THE GENERAL ASSETS AND LIABILITIES OF THE COMPANY COMPRISE THE ASSETS AND LIABILITIES THAT ARE NOT ASSETS AND LIABILITIES OF ANY ONE OF THE PROTECTED CELLS. THE ACTIVITIES REPRESENTING THE GENERAL ASSETS AND LIABILITIES OF THE COMPANY ARE REFERRED TO AS "THE CORE."
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Director, Secretary | OfficerTrustee | 1 | $0 |
Name Not Listed Director, President | OfficerTrustee | 10 | $0 |
Name Not Listed Director, Chairman | OfficerTrustee | 1 | $0 |
Name Not Listed Director, Treasurer | OfficerTrustee | 1 | $0 |
Name Not Listed Director | Trustee | 1 | $0 |
Name Not Listed Director | 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 | $38,154,841 |
| Investment income | $1,460 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $9,733,240 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $47,889,541 |
| 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 | $93,843 |
| Fees for services: Legal | $30,000 |
| Fees for services: Accounting | $59,703 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $846,321 |
| Fees for services: Other | $103,500 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $3,103 |
| Total functional expenses | $59,240,667 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $981,493 |
| 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 | $187,205,609 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $44,298,000 |
| Total assets | $232,485,102 |
| Accounts payable and accrued expenses | $67,819 |
| 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 | $219,457,851 |
| Total liabilities | $219,525,670 |
| 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 | $11,536,407 |
| Retained earnings, endowment, accumulated income, or other funds | $1,423,025 |
| Total liabilities and net assets/fund balances | $232,485,102 |