RUBICON INSURANCE COMPANY

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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

1990

Legal Domicile

Principal Officer

LUKE FIGORA

Phone

8474917696

Tax Period

2023-01-01 to 2023-12-31

RUBICON INSURANCE COMPANY, founded in 1990, is a community nonprofit in the Mutual Benefit sector that reported $4.8M in total revenue in fiscal year 2023. Revenue grew 19% year-over-year, indicating healthy expansion. Expenses of $15.3M exceeded revenue, resulting in a 218% operating deficit.

Mission

RUBICON PROVIDES PROFESSIONAL LIABILITY, EXECUTIVE, CYBER, PROPERTY, GENERAL, AND AUTOMOBILE LIABILITY INSURANCE TO NORTHWESTERN UNIVERSITY AND ITS TAX EXEMPT AFFILIATES, TO ENSURE THE AVAILABILITY OF COVERAGE AND PROVIDE ACCESS TO REINSURANCE MARKETS.

Program Service Accomplishments

Program 1

Expenses: $15,175,622 Revenue: $2,522,561

RUBICON PROVIDES PRIMARY GENERAL, PROFESSIONAL, AUTOMOBILE AND PHYSICAL DAMAGE,CYBER, PROPERTY, AND EDUCATOR'S LEGAL LIABILITY INSURANCE TO NORTHWESTERN UNIVERSITY AND ITS TAX EXEMPT...

RUBICON PROVIDES PRIMARY GENERAL, PROFESSIONAL, AUTOMOBILE AND PHYSICAL DAMAGE,CYBER, PROPERTY, AND EDUCATOR'S LEGAL LIABILITY INSURANCE TO NORTHWESTERN UNIVERSITY AND ITS TAX EXEMPT AFFILIATES.RUBICON ALSO PROVIDES HIGH EXCESS GENERAL PROFESSIONAL,AUTOMOBILE,CYBER, AND EDUCATOR'S LEGAL LIABILITY INSURANCE ON AN INTEGRATED BASIS AND CEDES 100 PERCENT OF THE RISK UNDERTAKEN TO A COMMERCIAL REINSURANCE CARRIER.THE PURPOSE OF PLACING THESE RISKS OF NORTHWESTERN UNIVERSITY AND ITS TAX EXEMPT AFFILIATES WITH RUBICON IS TO REDUCE COSTS,ENSURE THE AVAILABILITY OF COVERAGE AND PROVIDE ACCESS TO REINSURANCE MARKETS.

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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 (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $2,522,561

Investment Income $2,294,948

Other Revenue $0

TOTAL REVENUE $4,817,509

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $15,175,622

Other Expenses $15,323,850

TOTAL EXPENSES $15,323,850

Year-over-Year Comparison

	2023	2022	Change
Revenue	$4,817,509	$4,055,959	+0.2%
Expenses	$15,323,850	$7,630,962	+1.0%
Net Income	$-10,506,341	$-3,575,003	+1.9%

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

N/A

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

$2,368,401

Total Directors

$3,997,781

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
STEPHANIE GRAHAM	DIRECTOR	1.00	Director	$0	$150,367	$1,239,460
CRAIG A JOHNSON	PRESIDENT & DIRECTOR UNTIL 6/3/23	1.00	Officer Director	$0	$33,099	$1,095,255
AMANDA DISTEL	TREASURER	1.00	Officer Director	$0	$44,763	$641,410
DANIEL DURACK	DIRECTOR	1.00	Director	$0	$44,667	$389,920
LUKE FIGORA	PRESIDENT & DIRECTOR BEG 6/15/23	1.00	Officer Director	$0	$52,851	$631,736

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
2024	No data	No data	No data	No data
2023	$4,817,509	$15,323,850	$33,905,500	$-10,506,341
2022	$4,055,959	$7,630,962	$31,706,962	$-3,575,003
2021	$3,987,291	$6,927,002	$37,465,176	$-2,939,711
2020	$3,237,641	$2,522,981	$32,490,430	$714,660
2019	$3,296,016	$4,789,464	$31,354,326	$-1,493,448
2018	$4,166,115	$3,070,916	$31,610,894	$1,095,199