Workers Compensation Reinsurance Association
- Assets
- $4.1b
- Revenue
- $379.0m
- Investments
- $0.0
- Employees
- 25
- Location
- St Paul, MN
- Founding
- 02/1997
- Data as of
- 12/2021
- EIN
- 41-1357750
Organization Overview
Workers Compensation Reinsurance Association is located in St Paul, MN. The organization was established in 1997. 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, Workers Compensation Reinsurance Association employed 25 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Workers Compensation Reinsurance Association 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, Workers Compensation Reinsurance Association generated $379.0m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 14.9% each year . All expenses for the organization totaled $52.1m during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
INDEMNIFY SERIOUS WORKERS' COMPENSATION CLAIMS
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2021, THE WCRA REIMBURSED 3,087 CLAIM REQUESTS AND PAID $65,541,620 FOR THESE CLAIMS. RESERVES FOR LOSSES AND LOSS EXPENSES DECREASED BY $27,283,212. OVERHEAD EXPENSES ALLOCATED TO LOSS EXPENSES TOTALED $1,810,591.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Heer President & CEO | Officer | 50 | $322,567 |
Lynn Carroll VP & Actuary | Officer | 45 | $273,338 |
Cynthia Smith VP Of Operations/corp Secretry | Officer | 60 | $221,313 |
Tony Tio Actuary | 40 | $197,256 | |
Dave Mckee VP & Cfo/treasurer | Officer | 45 | $181,739 |
Natalie Haefner VP Of Claims And Injury Mgmt | Officer | 50 | $155,514 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jp Morgan Institutional Investments Portfolio Management | 12/30/21 | $2,390,166 |
Blackrock Financial Portfolio Management | 12/30/21 | $780,698 |
Peregrine Portfolio Management | 12/30/21 | $720,077 |
Rsm Us Llp App Development Spt | 12/30/21 | $814,097 |
Pimco Portfolio Management | 12/30/21 | $1,197,089 |
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 | $46,724,608 |
| Investment income | $52,543,050 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $279,747,791 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $379,015,449 |
| 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 | $38,258,408 |
| Compensation of current officers, directors, key employees. | $1,843,683 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,415,562 |
| Pension plan accruals and contributions | $318,231 |
| Other employee benefits | $273,896 |
| Payroll taxes | $195,553 |
| Fees for services: Management | $49,685 |
| Fees for services: Legal | $72,452 |
| Fees for services: Accounting | $182,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $7,976,205 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $194,119 |
| Information technology | $849,939 |
| Royalties | $0 |
| Occupancy | $193,305 |
| Travel | $2,610 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $328 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $16,944 |
| Insurance | $173,942 |
| All other expenses | $58,367 |
| Total functional expenses | $52,075,229 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $202,865,775 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $63,299 |
| 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 | $3,434,835 |
| Investments—publicly traded securities | $3,814,471,561 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $106,297,459 |
| Total assets | $4,127,132,929 |
| Accounts payable and accrued expenses | $4,332,015 |
| 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 | $2,248,249,779 |
| Total liabilities | $2,252,581,794 |
| 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 | $1,874,551,135 |
| Total liabilities and net assets/fund balances | $4,127,132,929 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Cooperative Welfare Benefits Fund West Des Moines, IA | $20,233,911 | $75,160,652 |
Workers Compensation Reinsurance Association St Paul, MN | $4,127,132,929 | $379,015,449 |
Pohlad Group Veba Trust Milwaukee, WI | $1,880,360 | $21,238,879 |
North Dakota Grain Dealers Association Benefit Plan And Trust Fargo, ND | $5,940,664 | $17,578,816 |
Nd Rec Benefit Trust Mandan, ND | $7,495,679 | $17,736,079 |
St Anthony's Med Cnt Prof & Gen Liab Milwaukee, WI | $0 | $2,384,132 |
Healthalliance Benefit Plan Urbandale, IA | $4,354,956 | $14,851,406 |
Twin City Sprinkler Fitters Health Care Plan Minneapolis, MN | $17,391,884 | $12,071,213 |
Nonprofit Insurance Trust Lakeville, MN | $40,064,568 | $18,458,548 |
Cuad Health Benefits Trust Bismarck, ND | $3,708,893 | $11,419,816 |
Cottingham And Butler Insurance Service Inc Employee Benefits Trus Dubuque, IA | $1,643,742 | $9,845,922 |
Harbor Group Insurance Trust Sioux Center, IA | $1,977,481 | $10,385,047 |