Reinsurance Association Of America
- Assets
- $11.6m
- Revenue
- $10.2m
- Investments
- $0.0
- Employees
- 20
- Location
- Washington, DC
- Founding
- 06/1969
- Data as of
- 12/2023
- EIN
- 52-0882723
Organization Overview
Reinsurance Association Of America is located in Washington, DC. The organization was established in 1969. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Reinsurance Association Of America employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Reinsurance Association Of America is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2023, Reinsurance Association Of America generated $10.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $10.9m during the year ending 12/2023. While expenses have increased by 2.8% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ASSIST MEMBERS IN PROTECTING THE INTERESTS OF THE INDUSTRY, TO ACT AS THE INDUSTRY REPRESENTATIVE, AND TO ASSIST REINSURERS BY COLLECTING AND DISSEMINATING INFORMATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TESTIMONY - ON BEHALF OF THE MEMBERSHIP, STAFF PREPARE AND GIVE TESTIMONY TO FEDERAL AND STATE LEGISLATIVE BODIES, CONGRESSIONAL COMMITTEES AND SUBCOMMITTEES. STAFF ALSO ATTEND INDUSTRY WIDE MEETINGS AND CONFERENCES PERTAINING TO ISSUES OF CONCERN TO PROPERTY/CASUALTY AND LIFE REINSURERS AND PRIMARY INSURERS.
STATISTICAL STUDIES AND EDUCATION PROGRAMS - STAFF CONDUCTS EDUCATIONAL SEMINARS PERTAINING TO REINSURANCE AND PREPARES STATISTICAL STUDIES RELATED TO REINSURANCE VOLUME AND LOSSES VERSUS EXPENSES IN POLICY HOLDER SURPLUS. THESE SEMINARS AND STUDIES ARE MADE AVAILABLE TO THE INDUSTRY AND ALL INTERESTED PARTIES.
LOBBYING - OUTSIDE SERVICES ARE OBTAINED TO LOBBY ON BEHALF OF THE ASSOCIATION AND ITS MEMBERS IN AREAS SUCH AS FINANCIAL SERVICES LEGISLATION, ENVIRONMENTAL LEGISLATION AND AMICUS BRIEF FILINGS. OUTSIDE SERVICES ARE ALSO OBTAINED FOR ADVICE AND WORK PERFORMED ON ACTUARIAL SERVICES IN RELATION TO THE ASSOCIATION'S STATISTICAL STUDIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Justin O'keefe Chairman | OfficerTrustee | 1 | $0 |
Jim Williamson Vice Chairman | OfficerTrustee | 1 | $0 |
Jonathan Colello Secretary-Treasurer | OfficerTrustee | 1 | $0 |
Donald Bahr Director (from Jan '23) | Trustee | 1 | $0 |
Tim Barber Director (from Feb '23) | Trustee | 1 | $0 |
H Clay Bassett Director (from Feb '23) | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Loews Portofino Bay Hotel Hotel Services | 12/30/23 | $343,798 |
Westin Grand Central Hotel Services | 12/30/23 | $291,457 |
Williams & Jensen Pllc Outside Counsel, Federal Representative | 12/30/23 | $180,598 |
Sea Island Company Hotel Services | 12/30/23 | $126,075 |
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 | $9,684,026 |
| Investment income | $364,673 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$53,055 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,224,355 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $70,500 |
| 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. | $3,439,338 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,755,524 |
| Pension plan accruals and contributions | $320,004 |
| Other employee benefits | $286,404 |
| Payroll taxes | $270,154 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $20,126 |
| Fees for services: Accounting | $127,725 |
| Fees for services: Lobbying | $813,128 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $96,273 |
| Fees for services: Other | $473,875 |
| Advertising and promotion | $8,258 |
| Office expenses | $40,624 |
| Information technology | $69,528 |
| Royalties | $0 |
| Occupancy | $662,723 |
| Travel | $226,094 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $869,113 |
| Interest | $0 |
| Payments to affiliates | $274 |
| Depreciation, depletion, and amortization | $54,030 |
| Insurance | $40,677 |
| All other expenses | $22,542 |
| Total functional expenses | $10,863,933 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $272,250 |
| Savings and temporary cash investments | $1,551,327 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $51,467 |
| 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 | $94,078 |
| Net Land, buildings, and equipment | $216,965 |
| Investments—publicly traded securities | $3,157,134 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,227,496 |
| Total assets | $11,570,717 |
| Accounts payable and accrued expenses | $496,839 |
| Grants payable | $0 |
| Deferred revenue | $484,075 |
| 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 | $6,717,558 |
| Total liabilities | $7,698,472 |
| Net assets without donor restrictions | $3,872,245 |
| 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 | $11,570,717 |
Grants Awarded
Over the last fiscal year, Reinsurance Association Of America has awarded $55,000 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
AMERICAN PROPERTY CASUALTY INSURANCE ASSOCIATION PURPOSE: EVENT SPONSORSHIP | $25,000 |
AMERICAN CONSUMER INSTITUTE CENTER FOR CITIZEN RESEARCH PURPOSE: RESEARCH | $10,000 |
RAND CORPORATION PURPOSE: GENERAL SUPPORT | $10,000 |
THE COUNCIL OF INSURANCE AGENTS & BROKERS PURPOSE: EVENT SPONSORSHIP | $10,000 |