Boston, MA
4 risk indicators measuring financial stability and operational resilience
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Sign In — Free (10 views/day)CONNECTICUT INSURANCE GUARANTY ASSOCIATION, founded in 1971, is a community nonprofit that reported $5.6M in total revenue in fiscal year 2023. Revenue fell 45% from the prior year — a significant decline worth monitoring. Expenses of $9.9M exceeded revenue, resulting in a 75% operating deficit.
During the year the Association paid covered claims on behalf of insolvent insurers in accordance with the Connecticut state statute, Chapter 704a, Section 38a-842 of the Connecticut Insurance Laws.
Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency
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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)
Sign In — Free (10 views/day)| 2023 | 2022 | Change | |
|---|---|---|---|
| Revenue | $5,648,164 | $10,278,713 | -0.5% |
| Expenses | $9,857,251 | $19,221,547 | -0.5% |
| Net Income | $-4,209,087 | $-8,942,834 | -0.5% |
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
Sign In| Name | Title | Hours/Week | Role | Reportable Comp | Other Comp | Total |
|---|---|---|---|---|---|---|
| Joseph Torti Chair | representing United States Fire Insurance Co. | 1 |
Director
|
$0 | $0 | $0 |
| Jennifer A Morrison Vice Chair | representing Amica Mutual Indemnity Company | 1 |
Director
|
$0 | $0 | $0 |
| John Cerrone Board Member | representing Nationwide Mutual Insurance Co. | 1 |
Director
|
$0 | $0 | $0 |
| Eileen Fongemie Board Member | representing MEMIC Indemnity Company | 1 |
Director
|
$0 | $0 | $0 |
| Joanne Garvin Board Member | representing Travelers Indemnity Company | 1 |
Director
|
$0 | $0 | $0 |
| Adam Robitaille Board Member | representing Farmers P&C Insurance Co | 1 |
Director
|
$0 | $0 | $0 |
| Andrew J Schneider Board Member | representing Hartford Fire Insurance Company | 1 |
Director
|
$0 | $0 | $0 |
| Year | Revenue | Expenses | Assets | Net Income |
|---|---|---|---|---|
| 2024 | No data | No data | No data | No data |
| 2023 | $5,648,164 | $9,857,251 | $100,887,038 | $-4,209,087 |
| 2022 | $10,278,713 | $19,221,547 | $105,096,125 | $-8,942,834 |
| 2021 | $6,299,722 | $22,360,864 | $114,038,959 | $-16,061,142 |
| 2020 | $8,953,873 | $19,538,942 | $130,100,101 | $-10,585,069 |
Compare CONNECTICUT INSURANCE GUARANTY ASSOCIATION with other nonprofits in Massachusetts and across the country.