CHESAPEAKE EMPLOYERS' INSURANCE COMPANY (EIN 461056754) - 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

2012

Legal Domicile

Principal Officer

THOMAS PHELAN

Phone

4104942000

Tax Period

2022-01-01 to 2022-06-30

CHESAPEAKE EMPLOYERS' INSURANCE COMPANY, founded in 2012, is a major nonprofit that reported $134.9M in total revenue in fiscal year 2022. Revenue fell 60% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $33.6M, a strong 25% operating margin.

Mission

CHESAPEAKE EMPLOYERS' INSURANCE COMPANY WAS ESTABLISHED BY STATUTE TO BE THE WORKERS' COMPENSATION INSURER OF LAST RESORT AS WELL AS A COMPETITIVE INSURER IN THE STATE OF MARYLAND.

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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 (2022)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $91,457,426

Investment Income $42,411,194

Other Revenue $1,005,672

TOTAL REVENUE $134,874,292

Expense Breakdown

Grants Paid $126,326

Salaries & Benefits $20,047,890

Fundraising Expenses $0

Other Expenses $81,057,645

TOTAL EXPENSES $101,231,861

Year-over-Year Comparison

	2022	2021	Change
Revenue	$134,874,292	$337,070,745	-0.6%
Expenses	$101,231,861	$209,706,302	-0.5%
Net Income	$33,642,431	$127,364,443	-0.7%

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

$1,020,816

Total Directors

$184,082

Key Employees

$372,795

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
THOMAS PHELAN	CHIEF EXECUTIVE OFFICER	30.00	Officer	$405,160	$12,200	$417,360
KEVIN BINGHAM	CHIEF RESULTS OFFICER	30.00	Key Emp	$339,681	$33,114	$372,795
PAIGE BECK	PRESIDENT	30.00	Officer	$215,914	$12,200	$228,114
FRANK LINARDI	CHIEF FINANCIAL OFFICER	30.00	Officer	$153,165	$15,971	$169,136
CARMINE D'ALESSANDRO	CHIEF LEGAL OFFICER	30.00	Officer	$144,506	$17,737	$162,243
SHARON ROWELL	CHIEF ADMINISTRATIVE OFFICER	30.00	Highest	$148,375	$10,580	$158,955
SONG HE	CHIEF INVESTMENT OFFICER	30.00	Highest	$129,545	$27,053	$156,598
STEPHEN FISHER	MEDICAL CONSULTANT	30.00	Highest	$115,440	$11,427	$126,867
SUZANNE THOMPSON	BOARD CHAIR	1.50	Officer Director	$23,244	$0	$23,244
FRANKLIN HAJEK	DIRECTOR	1.50	Director	$22,699	$300	$22,999
MARIA TILDON	DIRECTOR (TO JUN '22)	1.50	Director	$22,715	$224	$22,939
SPENCER CAVALIER	DIRECTOR	1.50	Director	$21,563	$0	$21,563
KETURAH MCGHEE	DIRECTOR	1.50	Director	$20,819	$0	$20,819
MARTIN MADDEN	DIRECTOR	1.50	Director	$20,719	$0	$20,719
JOHN SCOTT JR	VICE CHAIR	1.50	Officer Director	$20,719	$0	$20,719
JASON SCHUPP	DIRECTOR	1.50	Director	$20,719	$0	$20,719
THEODORE ALEXANDER III	DIRECTOR	1.50	Director	$10,361	$0	$10,361
SALLY JAMESON	DIRECTOR (FROM JUN '22)	1.50	Director	$0	$0	$0

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
2022	$134,874,292	$101,231,861	No data	$33,642,431
2021	$337,070,745	$209,706,302	$2,512,331,700	$127,364,443
2020	$293,707,514	$209,591,605	$2,428,633,683	$84,115,909
2019	$343,725,559	$187,727,999	$2,378,021,639	$155,997,560
2018	$328,487,713	$239,194,384	$2,271,677,738	$89,293,329

CHESAPEAKE EMPLOYERS' INSURANCE COMPANY