Fiat Lux Risk and 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

2012

Legal Domicile

Phone

5109879289

Tax Period

2024-07-01 to 2025-06-30

Fiat Lux Risk and Insurance Company, founded in 2012, is a major nonprofit in the Mutual Benefit sector that reported $842.3M in total revenue in fiscal year 2024. Revenue surged 36% from the prior year, signaling strong growth momentum. The organization ran a surplus of $136.9M, a strong 16% operating margin.

Mission

THE ORGANIZATION'S PRIMARY MISSION IS TO OPERATE FOR THE BENEFIT OF AND TO PROMOTE AND SUPPORT, DIRECTLY OR INDIRECTLY, THE INTERESTS AND PURPOSES OF THE REGENTS OF THE UNIVERSITY OF CALIFORNIA.

Program Service Accomplishments

Program 1

Expenses: $704,033,830 Revenue: $795,623,311

The purpose of Fiat Lux is to finance the University of California's self insured retentions, to purchase reinsurance directly, and to issue to the University of California's certain bespoke...

The purpose of Fiat Lux is to finance the University of California's self insured retentions, to purchase reinsurance directly, and to issue to the University of California's certain bespoke insurance policies. IN FURTHERANCE OF THIS PURPOSE, THE ORGANIZATION PROVIDES: (A) IMPROVED RISK MANAGEMENT PRICING PREDICTABILITY AND COST STABILITY; (B) ENHANCED RISK MANAGEMENT, AND PROTECTION AND COVERAGE OF LESS TRADITIONAL RISKS AND ESOTERIC RISKS; (C) A FOUNDATION FOR DEVELOPMENT AND IMPLEMENTATION WITHIN THE REGENTS OF MORE FORMALIZED RISK FINANCING POLICIES AND PROCEDURES; AND (D) INSURANCE COVERAGE FOR EXTERNAL THIRD PARTIES, INCLUDING BUT NOT LIMITED TO, AGENTS, AFFILIATES, ASSOCIATIONS, JOINT VENTURES, AND PARTNERSHIPS OF OR IN WHICH THE REGENTS OF THE UNIVERSITY OF CALIFORNIA PARTICIPATES OR OWNS AN INTEREST PROVIDED THAT SUCH THIRD PARTY COVERAGE IS NO MORE THAN AN INSUBSTANTIAL PORTION OF THE ORGANIZATION'S OVERALL ACTIVITIES. To date and in total the organization provides over 40 different coverages and risk financing arrangements to the University of California.

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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 (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $795,623,311

Investment Income $46,681,175

Other Revenue $0

TOTAL REVENUE $842,304,486

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $704,033,830

Other Expenses $705,421,567

TOTAL EXPENSES $705,421,567

Year-over-Year Comparison

	2024	2023	Change
Revenue	$842,304,486	$621,291,221	+0.4%
Expenses	$705,421,567	$642,776,906	+0.1%
Net Income	$136,882,919	$-21,485,685	-7.4%

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

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

$1,833,775

Total Directors

$4,045,273

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KEVIN A CONFETTI	Director/President	4.0	Officer Director	$0	$74,760	$415,183
NATHAN BROSTROM	Director/Chair/CFO	3.0	Officer Director	$0	$104,614	$694,588
NORMAN L HAMILL	Director/SECRETARY	2.0	Officer Director	$0	$64,820	$374,881
Michael Beck	Director	4.0	Director	$0	$113,311	$601,614
MICHAEL DRAKE	DIRECTOR	1.0	Director	$0	$71,399	$1,340,658
Peter Taylor	Director	1.0	Director	$0	$0	$0
RACHAEL NAVA	Director	4.0	Director	$0	$110,151	$618,349
RON CORTEZ	Director	1.0	Director	$0	$0	$0
CHRIS C HARRINGTON	ASST. SECRETARY	2.0	Officer	$0	$48,266	$349,123

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	$842,304,486	$705,421,567	$2,565,268,796	$136,882,919
2024	$621,291,221	$642,776,906	$2,017,964,465	$-21,485,685
2023	$538,359,834	$386,766,449	$1,796,549,488	$151,593,385
2022	$917,692,875	$887,029,207	$2,175,669,791	$30,663,668
2021	$443,747,119	$352,589,201	$1,939,824,017	$91,157,918
2020	$440,203,686	$407,127,291	$1,447,182,654	$33,076,395
2019	$300,568,597	$259,253,879	$1,209,049,946	$41,314,718
2018	$250,090,404	$283,860,880	$1,089,219,812	$-33,770,476