Louisiana Insurance Guaranty Association
- Assets
- $508.4m
- Revenue
- $286.8m
- Investments
- $0.0
- Employees
- 19
- Location
- Baton Rouge, LA
- Founding
- 03/1975
- Data as of
- 12/2022
- EIN
- 72-0889235
Organization Overview
Louisiana Insurance Guaranty Association is located in Baton Rouge, LA. The organization was established in 1975. 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 12/2022, Louisiana Insurance Guaranty Association employed 19 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Louisiana Insurance Guaranty Association 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 12/2022, Louisiana Insurance Guaranty Association generated $286.8m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 68.5% each year . All expenses for the organization totaled $462.5m during the year ending 12/2022. While expenses have increased by 23.5% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
LIGA IS AN ORGANIZATION CREATED BY THE INSURANCE GUARANTY ACT (LA. R.S. 1375-1394) TO PAY FOR THE CLAIMS OF INSOLVENT MEMBER INSURANCE COMPANIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LIGA SERVES AS A SAFETY NET FOR LOUISIANA INSURANCE POLICYHOLDERS. IN 2022, LIGA PAID APPROXIMATELY $430 MILLION TO POLICYHOLDERS AND THIRD PARTY CLAIMANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cindy Betz Director | Trustee | 1 | $0 |
Cullen Clark Director | Trustee | 1 | $0 |
Denis Husers Director | Trustee | 1 | $0 |
Jennifer Wise Director | Trustee | 1 | $0 |
John Hawie Treasurer | OfficerTrustee | 1 | $0 |
Markham R Mcknight Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Simon Peragine Smith & Redfearn Legal Services | 12/30/22 | $5,097,103 |
Ray A Collins Legal Services | 12/30/22 | $4,583,116 |
Md Claims Group Llc Claims Management & Adjusting Services | 12/30/22 | $3,946,099 |
Kandell Kandell & Petrie Pa Legal Services | 12/30/22 | $2,026,469 |
Mid-america Catastrophe Services Claims Management & Adjusting Services | 12/30/22 | $1,732,878 |
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 | $262,492,882 |
| Investment income | $1,260,799 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $540,148 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $286,761,854 |
| 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 | $424,173,722 |
| Compensation of current officers, directors, key employees. | $295,483 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,305,425 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $143,227 |
| Payroll taxes | $109,744 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $144,961 |
| Fees for services: Accounting | $21,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $62,878 |
| Fees for services: Other | $271,266 |
| Advertising and promotion | $10,937 |
| Office expenses | $228,470 |
| Information technology | $428,680 |
| Royalties | $0 |
| Occupancy | $302,188 |
| Travel | $29,686 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,077 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $28,631 |
| All other expenses | $17,865 |
| Total functional expenses | $462,470,125 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,632,675 |
| Savings and temporary cash investments | $503,289,540 |
| 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 | $3,508,747 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $508,430,962 |
| Accounts payable and accrued expenses | $709 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $600,000,000 |
| 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 | $0 |
| Total liabilities | $600,000,709 |
| Net assets without donor restrictions | -$91,569,747 |
| 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 | $508,430,962 |