NORTH CAROLINA INSURANCE UNDERWRITING ASSOCIATION (EIN 237102759) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1969

Legal Domicile

Principal Officer

DIANNE HARDY

Phone

9198211299

Tax Period

2025-01-01 to 2025-12-31

NORTH CAROLINA INSURANCE UNDERWRITING ASSOCIATION, founded in 1969, is a major nonprofit that reported $673.5M in total revenue in fiscal year 2025. Revenue grew 18% year-over-year, indicating healthy expansion. The organization ran a surplus of $353.1M, a strong 52% operating margin.

Mission

IN 1969, THE NORTH CAROLINA GENERAL ASSEMBLY ESTABLISHED THE ASSOCIATION AS A MARKET OF LAST RESORT TO PROVIDE PROPERTY INSURANCE IN THE BEACH AND COASTAL AREAS OF NORTH CAROLINA FOR INDIVIDUALS AND BUSINESSES WHO ARE UNABLE TO BUY IT IN THE STANDARD INSURANCE MARKET. ALL PROPERTY AND CASUALTY INSURANCE COMPANIES DOING BUSINESS IN NORTH CAROLINA ARE REQUIRED BY STATUTE TO PARTICIPATE IN FUNDING THE OPERATIONS OF THE ASSOCIATION, AND THEY SHARE IN ITS LOSSES ON PRO RATA BASIS. THE ASSOCIATION IS NOT AN AGENCY OF THE STATE GOVERNMENT, BUT ITS REGULATED BY THE NORTH CAROLINA COMMISSIONER OF INSURANCE.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2025)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $594,515,836

Investment Income $79,063,199

Other Revenue $-64,572

TOTAL REVENUE $673,514,463

Expense Breakdown

Grants Paid $30,818,006

Salaries & Benefits $12,427,772

Fundraising Expenses $0

Other Expenses $277,139,111

TOTAL EXPENSES $320,384,889

Year-over-Year Comparison

	2025	2024	Change
Revenue	$673,514,463	$570,779,362	+0.2%
Expenses	$320,384,889	$316,794,661	+0.0%
Net Income	$353,129,574	$253,984,701	+0.4%

Key Indicators

✗ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✗ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,545,350

Total Directors

Key Employees

$1,119,614

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ERIC HAMMONS	CHAIR	1.00	Officer Director	$0	$0	$0
ALLEN HOUCK	CHAIR (TO NOV '25)/BOARD MEMBER	1.00	Officer Director	$0	$0	$0
STEVE HALL	VICE CHAIR	1.00	Officer Director	$0	$0	$0
JERRY ACHATZ	BOARD MEMBER (TO NOV '25)	1.00	Director	$0	$0	$0
ROYCE BENNETT	BOARD MEMBER (FROM NOV '25)	1.00	Director	$0	$0	$0
LAURA BUNTS	BOARD MEMBER (FROM NOV '25)	1.00	Director	$0	$0	$0
ROD EVANS	BOARD MEMBER	1.00	Director	$0	$0	$0
ALEX GARATE	BOARD MEMBER	1.00	Director	$0	$0	$0
CHARLOTTE HICKS	BOARD MEMBER	1.00	Director	$0	$0	$0
DONALD HORNSTEIN	BOARD MEMBER	1.00	Director	$0	$0	$0
BILL LONG	BOARD MEMBER	1.00	Director	$0	$0	$0
SARAH MAESTRE	BOARD MEMBER	1.00	Director	$0	$0	$0
JOHN MILETTI	BOARD MEMBER	1.00	Director	$0	$0	$0
BECKY POLLARD	BOARD MEMBER (TO NOV '25)	1.00	Director	$0	$0	$0
FRANKLIN ROUSE	BOARD MEMBER	1.00	Director	$0	$0	$0
STEVE SMITH	BOARD MEMBER	1.00	Director	$0	$0	$0
DIANNE HARDY	CHIEF EXECUTIVE OFFICER	18.75	Officer	$0	$57,871	$701,691
ALVIN ASHWORTH	CHIEF OPERATING OFFICER	18.75	Officer	$0	$57,333	$531,419
SARAH MOORE	CHIEF FINANCIAL OFFICER	18.75	Officer	$0	$43,059	$312,240
ROBERT EADES	CHIEF CLAIMS OFFICER	18.75	Key Emp	$0	$53,442	$390,558
SONYA CHAMPION	CHIEF HUMAN RESOURCES OFFICER	18.75	Key Emp	$0	$40,115	$363,849
TEKEELA BARNES	CHIEF INFORMATION OFFICER	18.75	Key Emp	$0	$47,678	$365,207
VICKI FISHER	DIRECTOR OF CLAIMS	18.75	Highest	$0	$30,166	$299,173
MICK QUINLAN	DIRECTOR OF IT	18.75	Highest	$0	$52,766	$294,209
VITA WOOTEN	DIRECTOR OF UNDERWRITING	18.75	Highest	$0	$38,622	$261,016
GREGORY WESTFALL	IT MANAGER	18.75	Highest	$0	$50,399	$245,973
THOMAS REHM	IN HOUSE COUNSEL	18.75	Highest	$0	$31,168	$229,471

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$673,514,463	$320,384,889	$2,229,663,098	$353,129,574
2024	No data	No data	No data	No data
2023	$446,830,243	$244,465,418	$1,516,384,288	$202,364,825
2022	$357,797,739	$184,740,119	$1,241,045,262	$173,057,620
2021	$314,057,800	$164,666,796	$1,027,510,560	$149,391,004
2020	$279,001,377	$202,513,546	$878,002,625	$76,487,831
2019	$281,482,867	$367,397,328	$851,036,289	$-85,914,461
2018	$349,643,486	$1,312,128,310	$1,064,688,165	$-962,484,824

NORTH CAROLINA INSURANCE UNDERWRITING ASSOCIATION