Texas Mutual Insurance Company
- Assets
- $8.2b
- Revenue
- $1.3b
- Investments
- $1.7b
- Employees
- 1,100
- Location
- Austin, TX
- Founding
- 06/2000
- Data as of
- 12/2022
- EIN
- 74-2615873
Organization Overview
Texas Mutual Insurance Company is located in Austin, TX. The organization was established in 2000. 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, Texas Mutual Insurance Company employed 1,100 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Texas Mutual Insurance Company 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 12/2022, Texas Mutual Insurance Company generated $1.3b in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.4%) each year. All expenses for the organization totaled $1.2b during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Texas Mutual Insurance Company has awarded 1,696 individual grants totaling $35,875,947. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
ESTABLISHED BY TEXAS STATUTE TO PROVIDE A STABLE, COMPETITIVE SOURCE OF WORKERS' COMPENSATION INSURANCE FOR TEXAS EMPLOYERS, ACTS AS AN INSURER OF LAST RESORT, AND HELPS TO PREVENT ON-THE-JOB INJURIES AND ILLNESSES AND MINIMIZE THEIR CONSEQUENCES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COMPANY WROTE OVER 81,000 WORKERS' COMPENSATION POLICIES IN 2022 COVERING OVER 1.5 MILLION TEXAS EMPLOYEES. DURING THE YEAR, OVER 47,000 CLAIMS WERE PROCESSED AND APPROXIMATELY $392 MILLION IN MEDICAL AND INCOME BENEFITS WERE PAID OUT TO INJURED WORKERS. $330 MILLION IN DIVIDENDS WAS DISTRIBUTED TO APPROXIMATELY 67,000 POLICYHOLDERS AND AN ADDITIONAL $21 MILLION IN DIVIDENDS WAS DISTRIBUTED TO 27 SAFETY GROUPS.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Gergasko President & CEO | Officer | 40 | $1,842,750 |
Brenda Ward Chief Operating Officer | Officer | 40 | $815,189 |
Leonard Johnson SVP Investments | Officer | 40 | $728,072 |
Jo Betsy Norton SVP Public Affairs | Officer | 40 | $673,001 |
Willard Potter SVP & CFO | Officer | 40 | $559,523 |
Michael Hernandez Chief Data Officer | Officer | 40 | $542,751 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Occupational Health Centers Of Medical And Healthcare | 12/30/22 | $14,921,948 |
Techhealth Inc Medical And Healthcare | 12/30/22 | $10,171,754 |
Align Networks Inc Medical And Healthcare | 12/30/22 | $6,093,355 |
Memorial Hermann Hospital Heal Medical And Healthcare | 12/30/22 | $8,205,733 |
Tmesys Llc Medical And Healthcare | 12/30/22 | $3,517,121 |
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 | $1,076,017,857 |
| Investment income | $237,181,461 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $738,545 |
| Net Gain/Loss on Asset Sales | -$14,253,842 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,300,355,257 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $11,006,680 |
| Grants and other assistance to domestic individuals. | $351,691 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $20,936,061 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $95,058,772 |
| Pension plan accruals and contributions | $8,515,410 |
| Other employee benefits | $12,498,371 |
| Payroll taxes | $7,629,238 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $461,426 |
| Fees for services: Accounting | $482,749 |
| Fees for services: Lobbying | $460,564 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $38,825,038 |
| Fees for services: Other | $30,182,558 |
| Advertising and promotion | $7,611,478 |
| Office expenses | $4,200,306 |
| Information technology | $23,181,710 |
| Royalties | $0 |
| Occupancy | $20,086,244 |
| Travel | $1,764,524 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $569,589 |
| Interest | $407,309 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,117,975 |
| Insurance | $1,516,007 |
| All other expenses | $10,008,532 |
| Total functional expenses | $1,209,915,305 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$30,721,234 |
| Savings and temporary cash investments | $142,055,396 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $446,583,722 |
| 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 | $98,032,387 |
| Investments—publicly traded securities | $5,823,686,093 |
| Investments—other securities | $1,702,426,936 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $52,909,287 |
| Total assets | $8,234,972,587 |
| Accounts payable and accrued expenses | $138,437,427 |
| Grants payable | $0 |
| Deferred revenue | $507,349,014 |
| 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 | $2,854,390,430 |
| Total liabilities | $3,500,176,871 |
| 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 | $4,734,795,716 |
| Total liabilities and net assets/fund balances | $8,234,972,587 |
Grants Awarded
Over the last fiscal year, Texas Mutual Insurance Company has awarded $9,148,700 in support to 119 organizations.
| Grant Recipient | Amount |
|---|---|
DEL MAR COLLEGE FOUNDATION PURPOSE: College Safety Grants | $100,000 |
LEE COLLEGE FOUNDATION PURPOSE: College Safety Grants | $100,000 |
COMMUNITY FOUNDATION OF THE TEXAS HILL COUNTRY PURPOSE: Disaster Relief Funds | $50,000 |
MEADOWS MENTAL HEALTH POLICY INSTITUTE FOR TEXAS PURPOSE: Disaster Relief Funds | $100,000 |
UNITED WAY OF SAN ANTONIO AND BEXAR COUNTY PURPOSE: Generational Learning | $100,000 |
ONESTAR FOUNDATION INC PURPOSE: Disaster Relief Funds | $100,000 |