Fiat Lux Risk And Insurance Company
- Assets
- $2.2b
- Revenue
- $917.7m
- Investments
- $980.2m
- Employees
- 0
- Location
- Washington, DC
- Founding
- 12/2015
- Data as of
- 06/2022
- EIN
- 46-1828839
Organization Overview
Fiat Lux Risk And Insurance Company is located in Washington, DC. The organization was established in 2015. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, 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. Fiat Lux Risk And 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, Fiat Lux Risk And Insurance Company generated $917.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 63.9% each year . All expenses for the organization totaled $887.0m during the year ending 06/2022. While expenses have increased by 52.6% 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.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSE OF FIAT LUX IS TO FINANCE THE UNIVERSITY OF CALIFORNIA'S SELF INSURED RETENTIONS, TO PURCHASE REINSURANCE DIRECTLY, AND TO ISSUE TO THE UNIVERSITY OF CALIFORNIA'S CERTAIN BESPOKE INSURANCE POLICIES.
Describe the Organization's Program Activity:
THE PURPOSE OF FIAT LUX IS TO FINANCE THE UNIVERSITY OF CALIFORNIA'S SELF INSURED RETENTIONS, TO PURCHASE REINSURANCE DIRECTLY, AND TO ISSUE TO THE UNIVERSITY OF CALIFORNIA'S CERTAIN BESPOKE INSURANCE POLICIES. IN FURTHERANCE OF THIS PURPOSE, THE ORGANIZATION PROVIDES: (A) IMPROVED RISK MANAGEMENT PRICING PREDICTABILITY AND COST STABILITY; (B) ENHANCED RISK MANAGEMENT, AND PROTECTION AND COVERAGE OF LESS TRADITIONAL RISKS AND ESOTERIC RISKS; (C) A FOUNDATION FOR DEVELOPMENT AND IMPLEMENTATION WITHIN THE REGENTS OF MORE FORMALIZED RISK FINANCING POLICIES AND PROCEDURES; AND (D) INSURANCE COVERAGE FOR EXTERNAL THIRD PARTIES, INCLUDING BUT NOT LIMITED TO, AGENTS, AFFILIATES, ASSOCIATIONS, JOINT VENTURES, AND PARTNERSHIPS OF OR IN WHICH THE REGENTS OF THE UNIVERSITY OF CALIFORNIA PARTICIPATES OR OWNS AN INTEREST PROVIDED THAT SUCH THIRD PARTY COVERAGE IS NO MORE THAN AN INSUBSTANTIAL PORTION OF THE ORGANIZATION'S OVERALL ACTIVITIES. TO DATE AND IN TOTAL THE ORGANIZATION PROVIDES OVER 40 DIFFERENT COVERAGES AND RISK FINANCING ARRANGEMENTS TO THE UNIVERSITY OF CALIFORNIA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Director/secretary | OfficerTrustee | 2 | $0 |
Name Not Listed President (began 7/28/21) | OfficerTrustee | 4 | $0 |
Name Not Listed Director/chair/cfo | OfficerTrustee | 3 | $0 |
Name Not Listed Director/asst. Secretary | OfficerTrustee | 2 | $0 |
Name Not Listed Director (until 7/28/21) | Trustee | 1 | $0 |
Name Not Listed Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Willis Towers Watson Consulting & Management | 6/29/22 | $967,352 |
Prime Actuarial Consulting Llc Dba Bickmore Actuarial Actuarial Services | 6/29/22 | $277,496 |
Pricewaterhousecoopers Llp Audit Services | 6/29/22 | $206,435 |
Milliman Inc Actuarial Services | 6/29/22 | $119,978 |
Segal Benz Marketing | 6/29/22 | $159,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $400,000,000 |
| 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 | $400,000,000 |
| Total Program Service Revenue | $477,279,017 |
| Investment income | $15,327,800 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $25,086,058 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $917,692,875 |
| 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 | $1,274,764 |
| Fees for services: Legal | $61,011 |
| Fees for services: Accounting | $467,520 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $46,285 |
| Fees for services: Other | $412,842 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $97,874 |
| 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 | $41,591 |
| All other expenses | $28,843 |
| Total functional expenses | $887,029,207 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $842,157,877 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $13,988,522 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $12,300,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $420,569 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | -$647 |
| Investments—other securities | $980,236,111 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $326,567,359 |
| Total assets | $2,175,669,791 |
| Accounts payable and accrued expenses | $662,567 |
| 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 | $1,898,825,204 |
| Total liabilities | $1,899,487,771 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $276,182,020 |
| 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 | $2,175,669,791 |