Chesapeake Employers Insurance Comp Any
- Assets
- $2.5b
- Revenue
- $337.1m
- Investments
- $107.2m
- Employees
- 308
- Location
- Towson, MD
- Founding
- 05/2014
- Data as of
- 12/2021
- EIN
- 46-1056754
Organization Overview
Chesapeake Employers Insurance Comp Any is located in Towson, MD. The organization was established in 2014. According to its NTEE Classification (Y25) the organization is classified as: State-Sponsored Workers Compensation Reinsurance Organizations, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2021, Chesapeake Employers Insurance Comp Any employed 308 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Chesapeake Employers Insurance Comp Any 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, Chesapeake Employers Insurance Comp Any generated $337.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.7% each year. All expenses for the organization totaled $209.7m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Chesapeake Employers Insurance Comp Any has awarded 15 individual grants totaling $175,320. 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
CHESAPEAKE EMPLOYERS' INSURANCE COMPANY WAS ESTABLISHED BY STATUTE TO BE THE WORKERS' COMPENSATION INSURER OF LAST RESORT AS WELL AS A COMPETITIVE INSURER IN THE STATE OF MARYLAND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CHESAPEAKE EMPLOYERS' INSURANCE COMPANY HAD OVER 21,000 IN-FORCE POLICIES AND WAS MANAGING MORE THAN 2,960 OPEN CLAIMS AT DECEMBER 31, 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Phelan Chief Executive Officer | Officer | 30 | $753,067 |
Kevin Bingham Chief Results Officer | Officer | 30 | $567,760 |
Paige Beck President | Officer | 30 | $386,061 |
Frank Linardi Chief Financial Officer | Officer | 30 | $285,246 |
Sharon Rowell Chief Administrative Officer | Officer | 30 | $280,768 |
Carmine D'alessandro Chief Legal Officer | Officer | 30 | $264,990 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Univ Of Md Medical System Corp Medical/health Services | 12/30/21 | $2,351,422 |
Vgm Group Inc Medical/health Services | 12/30/21 | $1,824,086 |
Johns Hopkins Bayview Medical Center Medical/health Services | 12/30/21 | $1,797,718 |
Brown Capital Management Llc Investment Services | 12/30/21 | $1,293,561 |
Express Scripts Inc Medical/health Services | 12/30/21 | $1,257,967 |
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 | $169,321,067 |
| Investment income | $67,008,296 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $100,637,810 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $337,070,745 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $302,325 |
| 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. | $3,404,074 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $28,571,158 |
| Pension plan accruals and contributions | $2,241,371 |
| Other employee benefits | $4,492,910 |
| Payroll taxes | $2,229,677 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $907,626 |
| Fees for services: Accounting | $404,620 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $6,549,116 |
| Fees for services: Other | $32,558,787 |
| Advertising and promotion | $2,412,130 |
| Office expenses | $3,401,691 |
| Information technology | $1,685,041 |
| Royalties | $0 |
| Occupancy | $2,782,595 |
| Travel | $164,370 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $82,185 |
| Interest | $402,385 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,578,323 |
| Insurance | $860,776 |
| All other expenses | $569,418 |
| Total functional expenses | $209,706,302 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $17,156,257 |
| Savings and temporary cash investments | $68,610,724 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $54,308,368 |
| 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 | $8,567,326 |
| Investments—publicly traded securities | $2,220,076,387 |
| Investments—other securities | $107,245,467 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $36,367,171 |
| Total assets | $2,512,331,700 |
| Accounts payable and accrued expenses | $27,707,515 |
| Grants payable | $0 |
| Deferred revenue | $79,969,853 |
| 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 | $1,267,122,288 |
| Total liabilities | $1,374,799,656 |
| Net assets without donor restrictions | $1,137,532,044 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $2,512,331,700 |
Grants Awarded
Over the last fiscal year, Chesapeake Employers Insurance Comp Any has awarded $29,925 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
Towson, MD PURPOSE: GENERAL SUPPORT | $11,825 |
Baltimore, MD PURPOSE: GENERAL SUPPORT | $7,050 |
Timonium, MD PURPOSE: GENERAL SUPPORT | $5,550 |
Baltimore, MD PURPOSE: GENERAL SUPPORT | $5,500 |