RHODE ISLAND PROPERTY & CASUALTY INSURANCE GUARANTY ASSOCIATION

EIN: 510188685

Boston, MA

Total Revenue
$1,464,759
Total Expenses
$3,510,594
Total Assets
$15,601,923
Net Assets
$15,601,923
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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
1971
Legal Domicile
MA
Principal Officer
Barbara Petersen Law
Phone
6172277020
Tax Period
2023-01-01 to 2023-12-31

RHODE ISLAND PROPERTY & CASUALTY INSURANCE GUARANTY ASSOCIATION, founded in 1971, is a community nonprofit that reported $1.5M in total revenue in fiscal year 2023. Revenue surged 272% from the prior year, signaling strong growth momentum. Expenses of $3.5M exceeded revenue, resulting in a 140% operating deficit.

Mission

During the year the Association paid covered claims on behalf of insolvent insurers in accordance with the Rhode Island state statute, the Rhode Island Property & Casualty Insurance Guaranty Association Act (the "Act"), R.I.G.L. s. 27-34, et seq.

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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%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $1,467,740
Investment Income $-2,981
Other Revenue $0
TOTAL REVENUE $1,464,759

Expense Breakdown

Grants Paid $0
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $3,084,809
Other Expenses $425,785
TOTAL EXPENSES $3,510,594

Year-over-Year Comparison

2023 2022 Change
Revenue $1,464,759 $393,663 +2.7%
Expenses $3,510,594 $2,957,566 +0.2%
Net Income $-2,045,835 $-2,563,903 -0.2%
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

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Governance

Voting Members
8
Independent Members
8
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
0
$0
Total Directors
8
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Earl Cottam Chair representing Providence Mutual Fire Ins. Co. 1
Director
$0 $0 $0
Jennifer Morrison Vice Board representing Amica Mutual Insurance Company 1
Director
$0 $0 $0
Donald Baldini Board Member representing Liberty Mutual Insurance Company 1
Director
$0 $0 $0
William Cahill Board Member representing Vermont Mutual Insurance Co. 1
Director
$0 $0 $0
Laurie G Kuiper Board Member representing Nationwide Mutual Insurance Co. 1
Director
$0 $0 $0
Adam Robitaille Board Member representing Farmers Prop. & Cas. Ins. Co. 1
Director
$0 $0 $0
Jay Swiatek Board Member representing Factory Mutual Insurance Company 1
Director
$0 $0 $0
Joseph Torti Board Member representing United States Fire Insurance Co 1
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
2024 No data No data No data No data
2023 $1,464,759 $3,510,594 $15,601,923 $-2,045,835
2022 $393,663 $2,957,566 $17,647,758 $-2,563,903
2021 $1,211,306 $6,558,943 $20,211,661 $-5,347,637
2020 $1,949,137 $6,923,791 $25,559,298 $-4,974,654
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