Ltc Reinsurance Pcc
- Assets
- $1.9b
- Revenue
- $119.6m
- Investments
- $22.9k
- Employees
- 0
- Location
- Washington, DC
- Founding
- 03/2017
- Data as of
- 12/2022
- EIN
- 82-0648671
Organization Overview
Ltc Reinsurance Pcc is located in Washington, DC. The organization was established in 2017. According to its NTEE Classification (S40) the organization is classified as: Business & Industry, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Ltc Reinsurance Pcc 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, Ltc Reinsurance Pcc generated $119.6m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (41.7%) each year.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
LTC RE IS A PROTECTED CELL CAPTIVE INSURANCE COMPANY FORMED BY THE NATIONAL ORGANIZATION OF LIFE AND HEALTH GUARANTY ASSOCIATIONS, WHOSE MEMBERS ARE LIFE AND HEALTH INSURANCE STATE GUARANTY ASSOCIATIONS AFFECTED BY THE INSOLVENCY OF PENN TREATY NETWORK AMERICA INSURANCE COMPANY AND/OR ITS WHOLLY OWNED SUBSIDIARY, AMERICAN NETWORK INSURANCE COMPANY. THE MEMBERS REINSURE THEIR OBLIGATIONS TO LTC RE TO SERVICE THE COVERED POLICYHOLDERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE GUARANTY ASSOCIATIONS PROVIDE THE INSURANCE INDUSTRY AND ITS CONSUMERS WITH A SAFETY NET IN THE EVENT A LIFE AND HEALTH INSURANCE COMPANY BECOMES INSOLVENT AND UNABLE TO PAY CLAIMS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eric Rangen President | OfficerTrustee | 2 | $0 |
Peter Gallanis Secretary | OfficerTrustee | 1 | $0 |
Russell Smith Treasurer | OfficerTrustee | 1 | $0 |
Aaron Ball Director | Trustee | 1 | $0 |
Frederic Futterman Director (to Sep '22) | Trustee | 2 | $0 |
Charles Gullickson Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Davies Life & Health Inc Third Party Admin/accounting | 12/30/22 | $8,220,776 |
Wellington Management Company Llp Investment Management | 12/30/22 | $1,351,272 |
Faegre Drinker Biddle & Reath Llp Legal/compliance Services | 12/30/22 | $771,258 |
Long Term Care Group Actuarial Services | 12/30/22 | $453,160 |
Assured Allies Administrative Support | 12/30/22 | $282,130 |
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 | $86,637,455 |
| Investment income | $54,435,719 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$21,438,163 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $119,635,011 |
| 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 | $137,573 |
| Fees for services: Legal | $753,065 |
| Fees for services: Accounting | $671,091 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,494,223 |
| Fees for services: Other | $513,376 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $27,304 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $6,552 |
| 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 | $427,570 |
| All other expenses | $88,891 |
| Total functional expenses | -$155,891,843 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,980,014 |
| 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 | $9,253,145 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $71,628 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $1,212,519,726 |
| Investments—other securities | $22,877 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $634,088,431 |
| Total assets | $1,857,935,821 |
| Accounts payable and accrued expenses | $1,324,730 |
| Grants payable | $0 |
| Deferred revenue | $13,832,827 |
| 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 | $1,824,494,853 |
| Total liabilities | $1,839,652,410 |
| 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 | $18,283,411 |
| Total liabilities and net assets/fund balances | $1,857,935,821 |