MISSISSIPPI INSURANCE GUARANTY ASS… - Form 990 Financial Data

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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

1970

Legal Domicile

Principal Officer

ARTHUR RUSSELL

Phone

6019570072

Tax Period

2025-01-01 to 2025-12-31

MISSISSIPPI INSURANCE GUARANTY ASSOCIATION FOUNDATION, founded in 1970, is a community nonprofit that reported $4.3M in total revenue in fiscal year 2025. Revenue grew 17% year-over-year, indicating healthy expansion. The organization ran a surplus of $4.7M, a strong 110% operating margin.

Mission

OUR MISSION IS TO MANAGE IN A PROFESSIONAL AND TIMELY MANNER THE PROPERTY-CASUALTY INSOLVENCIES FOR WHICH MIGA IS RESPONSIBLE BY DISCHARGING ASSOCIATION DUTIES IN ACCORDANCE WITH GOVERNING STATUTES AND PLAN OF OPERATING PROVISIONS.

Program Service Accomplishments

Program 1

THE MISSISSIPPI INSURANCE GUARANTY ASSOCIATION IS A NON-PROFIT ENTITY AUTHORIZED UNDER THE MISSISSIPPI INSURANCE GUARANTY ASSOCIATION LAW AS OF APRIL 6, 1970. THE ASSOCIATION PROVIDES A MECHANISM FOR THE PAYMENT OF COVERED CLAIMS UNDER CERTAIN INSURANCE POLICIES TO AVOID EXCESSIVE DELAY IN PAYMENT AND AVOID FINANCIAL LOSS TO CLAIMANTS OR POLICYHOLDERS BECAUSE OF THE INSOLVENCY OF AN INSURER. THE ACT REQUIRES ALL INSURERS WHO WRITE DIRECT INSURANCE EXCEPT LIFE, TITLE, SURETY, DISABILITY, CREDIT, MORTGAGE GUARANTY, AND OCEAN MARINE INSURANCE TO BE MEMBERS OF THE ASSOCIATION AS A CONDITION OF THEIR AUTHORITY TO TRANSACT INSURANCE BUSINESS IN MISSISSIPPI.THE ACT GRANTS THE ASSOCIATION THE POWERS TO ASSESS INSURERS AMOUNTS NECESSARY TO PAY CLAIMS AND OTHER EXPENSES OF THE ASSOCIATION. THE ASSESSMENT OF EACH MEMBER INSURER IS IN THE PROPORTION THAT THE NET DIRECT WRITTEN PREMIUMS FOR THE MEMBER INSURER FOR THE PRECEDING CALENDER YEAR BEARS TO THE NET DIRECT WRITTEN PREMIUMS OF ALL MEMBER INSURERS FOR THE PRECEDING CALENDER YEAR. THE ASSESSMENT FOR ANY YEAR IS LIMITED TO ONE PERCENT OF THAT MEMBER'S DIRECT WRITTEN PREMIUMS FOR THE PRECEEDING CALENDER YEAR.RECOVERIES, IF ANY, FROM THE RECEIVER OR LIQUIDATOR OF INSOLVENT INSURERS ARE TO BE REFUNDED TO THE MEMBER INSURERS IN PROPORTION TO THE CONTRIBUTIONS OF EACH MEMBER INSURER TO THE ASSOCIATION.

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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 $0

Investment Income $2,965,364

Other Revenue $1,291,449

TOTAL REVENUE $4,256,813

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Other Expenses $-437,137

TOTAL EXPENSES $-437,137

Year-over-Year Comparison

	2025	2024	Change
Revenue	$4,256,813	$3,630,256	+0.2%
Expenses	$-437,137	$-17,767,935	-1.0%
Net Income	$4,693,950	$21,398,191	-0.8%

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

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

Total Directors

Key Employees

$172,114

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BECKY HILLHOUSE AMFED NATIONAL	CLAIM COMM	3.00	Director	$0	$0	$0
BRYAN HUBBARD ALFA INSURANCE CO	SECRETARY/TREASURER/EXEC C	3.00	Officer Director	$0	$0	$0
CAREY BREEDLOVE TRAVELERS INS CO	INVESTMENT COMM	3.00	Director	$0	$0	$0
CARLY HERMANSON ALLSTATE INSURANCE	LEGISLATIVE COMM	3.00	Director	$0	$0	$0
CLINT FISHER MS FARM BUREAU INS	CLAIM COMM	3.00	Director	$0	$0	$0
GREG MCLEMORE ASCOT GROUP	INVESTMENT COMM	3.00	Director	$0	$0	$0
JEFFREY CARVER BERKLEY SOUTHEAST IN	VICE CHAIRMAN/PERSONNEL CO	3.00	Officer Director	$0	$0	$0
JIM ROWLES MS FARM BUREAU	CHAIRMAN/EXECUTIVE COMM	3.00	Officer Director	$0	$0	$0
LISA WATSON EMC	CLAIM COMM	3.00	Director	$0	$0	$0
RAY WAUGH NATIONWIDE INSURANCE CO	LEGISLATIVE COMM	3.00	Director	$0	$0	$0
TIFFANY HAWKINS FCCI INSURANCE GROU	INVESTMENT COMM-CHAIR	3.00	Director	$0	$0	$0
ARTHUR RUSSELL	EXECUTIVE DIRECTOR	40.00	Key Emp	$172,114	$0	$172,114

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	$4,256,813	$-437,137	$114,951,443	$4,693,950
2024	No data	No data	No data	No data
2023	$2,691,038	$-8,362,360	$110,291,450	$11,053,398
2022	$4,863,584	$-2,377,967	$109,515,379	$7,241,551
2021	$4,014,467	$-3,205,227	$121,988,001	$7,219,694
2020	$3,927,073	$-6,890,889	$127,632,628	$10,817,962
2019	$23,041,194	$31,043,008	$124,470,738	$-8,001,814
2018	$19,736,015	$15,276,144	$105,626,557	$4,459,871

MISSISSIPPI INSURANCE GUARANTY ASSOCIATION FOUNDATION