Louisiana Insurance Guaranty Association
- Assets
- $107.9m
- Revenue
- $14.5m
- Investments
- $0.0
- Employees
- 18
- Location
- Baton Rouge, LA
- Founding
- 03/1975
- Data as of
- 12/2021
- 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 12/2021, Louisiana Insurance Guaranty Association employed 18 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 12/2021, Louisiana Insurance Guaranty Association generated $14.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 18.5% each year . All expenses for the organization totaled $78.2m 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
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. FUNDS ARE PROVIDED FOR THE PAYMENT OF THE CLAIMS BY THE ASSESSMENT OF THE REMAINING MEMBER INSURANCE COMPANIES. ALL ADMITTED INSURANCE COMPANIES DOING BUSINESS IN LOUISIANA ARE REQUIRED TO BE MEMBERS OF THE ASSOCIATION (EXCLUDING CERTAIN LINES OF BUSINESS EXCLUDED BY STATUTE).
Describe the Organization's Program Activity:
Part 3 - Line 4a
LIGA SERVES AS A SAFETY NET FOR LOUISIANA INSURANCE POLICYHOLDERS. IN 2021 LIGA PAID APPROXIMATELY $75 MILLION TO POLICYHOLDERS AND THIRD PARTY CLAIMANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Wells Liga Director | OfficerTrustee | 40 | $191,240 |
Deidre Arceneaux Claims Manager | 40 | $130,972 | |
Malcolm Twiner Senior Claims Examiner | 40 | $106,476 | |
John Hawie Treasurer | OfficerTrustee | 1 | $0 |
Stephen Schrempp Secretary | OfficerTrustee | 1 | $0 |
Michael T Gray Chair | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hailey Mcnamara Hall Larmann & Papale L Legal Services | 12/30/21 | $831,029 |
Apple Adjusters Inc Insurance Claim Adjusters | 12/30/21 | $538,576 |
Milling Benson Woodward Llp Legal Services | 12/30/21 | $383,557 |
Connick And Connick Llc Legal Services | 12/30/21 | $267,054 |
Courington Kiefer Sommers Marullo Ll Legal Services | 12/30/21 | $196,562 |
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 | $9,888,782 |
| Investment income | $3,179,936 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,472,179 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,540,897 |
| 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 | $75,087,748 |
| Compensation of current officers, directors, key employees. | $191,240 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $997,778 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $136,392 |
| Payroll taxes | $87,332 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $42,629 |
| Fees for services: Accounting | $54,146 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $101,903 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,294 |
| Office expenses | $12,112 |
| Information technology | $249,160 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $4,807 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,686 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $26,326 |
| All other expenses | $138,329 |
| Total functional expenses | $78,212,431 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| 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 | $107,866,753 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $107,866,753 |
| Accounts payable and accrued expenses | $23,726,854 |
| 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 | $0 |
| Total liabilities | $23,726,854 |
| 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 | $84,139,899 |
| Total liabilities and net assets/fund balances | $107,866,753 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Texas Property And Casualty Insurance Guaranty Association Austin, TX | $528,394,738 | $73,403,567 |
Burlington Northern Santa Fe Corp Welfare Benefit Trust Fort Worth, TX | $6,616,780 | $115,017,321 |
Louisiana Insurance Guaranty Association Baton Rouge, LA | $107,866,753 | $14,540,897 |
Isas Group Benefits Tr Dallas, TX | $25,237,505 | $32,364,920 |
The Benchmark Management Company Employee Benefit Trust The Woodlands, TX | $138,174 | $24,295,443 |
Dxp Enterprises Inc Employee Benefit Plan Trust Houston, TX | $0 | $27,742,069 |
Fidelity Welfare Benefit Plans Veba Trust Westlake, TX | $785,854,843 | $56,193,264 |
Housing Benefits Plan Dallas, TX | $17,278,471 | $20,926,607 |
Methodist Hospital Self Insurance Trust Houston, TX | $122,957,500 | $20,327,926 |
Forfeiture Support Associates Llc Welfare Benefit Tr Dallas, TX | $59,802 | $13,723,885 |
Texas Life Accident Health & Hosp Service Insurance Guaranty Assoc Austin, TX | $70,747,885 | $31,418,906 |
Surplus Lines Stamping Office Of Texas Austin, TX | $37,353,756 | $7,506,175 |