Providers Insurance Corporation

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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

2002

Legal Domicile

Phone

8085357213

Tax Period

2023-07-01 to 2024-06-30

Providers Insurance Corporation, founded in 2002, is a mid-sized nonprofit in the Health Care sector that reported $28.6M in total revenue in fiscal year 2023. Revenue grew 14% year-over-year, indicating healthy expansion. Expenses of $24.8M left a modest 13% surplus.

Mission

AS A CAPTIVE INSURANCE COMPANY, PROVIDERS INSURANCE COMPANY PROVIDES GENERAL LIABILITY OCCURANCE BASED COVERAGE AND HEALTHCARE PROFESSIONAL LIABILITY CLAIMS-MADE COVERAGE ON A DIRECT BASIS TO HAWAI'I PACIFIC HEALTH AND ITS AFFILIATES.

Program Service Accomplishments

Program 1

Expenses: $24,112,215 Revenue: $25,201,764

HEALTHCARE PROFESSIONAL LIABILITY INCLUDING BLANKET SPECIAL EVENTS, DRUGGIST PROFESSIONAL LIABILITY, MANAGED CARE LIABILITY, INSTITUTIONAL REVIEW BOARD COVERAGE, PUNITIVE DAMAGES, AND EXEMPLARY...

HEALTHCARE PROFESSIONAL LIABILITY INCLUDING BLANKET SPECIAL EVENTS, DRUGGIST PROFESSIONAL LIABILITY, MANAGED CARE LIABILITY, INSTITUTIONAL REVIEW BOARD COVERAGE, PUNITIVE DAMAGES, AND EXEMPLARY AND/OR MULTIPLIED DAMAGES COVERAGE. GENERAL LIABILITY COVERAGE INCLUDING BLANKET SPECIAL EVENTS, EMPLOYEE BENEFIT ADMINISTRATION LIABILITY, EMPLOYER'S LIABILITY EXCESS, EXCESS AUTOMOBILE LIABILITY, HEALTH CARE BENEFIT ADMINISTRATION, INSTITUTIONAL REVIEW BOARD COVERAGE, PUNITIVE DAMAGES AND EXEMPLARY AND/OR MULTIPLIED DAMAGES, SEXUAL MISCONDUCT AND MEDICAL EXPENSES. PROVIDERS INSURANCE CORPORATION'S REVENUES FROM INSURANCE PREMIUMS ARE CHARGED BASED ON EXPECTED LOSSES AS DETERMINED BY ACTUARIAL ASSUMPTIONS.

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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 $25,201,764

Investment Income $3,398,467

Other Revenue $31,462

TOTAL REVENUE $28,631,693

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $24,112,215

Other Expenses $24,839,597

TOTAL EXPENSES $24,839,597

Year-over-Year Comparison

	2023	2022	Change
Revenue	$28,631,693	$25,035,883	+0.1%
Expenses	$24,839,597	$22,474,096	+0.1%
Net Income	$3,792,096	$2,561,787	+0.5%

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

$4,329,712

Total Directors

$7,947,194

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Charles R Ching	Board of Director, Chair	1.3	Officer Director	$0	$294,495	$1,125,301
David Okabe	Board of Director, Treasurer	0.5	Officer Director	$0	$424,421	$1,548,574
Gregg Timmons	Board of Director, President	40.0	Officer Director	$0	$32,382	$253,089
Shilpa Patel MD	VICE CHAIR & SECRETARY	0.5	Officer Director	$0	$120,521	$608,878
Michael Gibson Esq	Board of Director	0.1	Director	$0	$0	$0
Raymond P Vara Jr	Board of Director	1.0	Director	$0	$1,946,467	$4,411,352
Carrie Ann Tsutsui	Assistant Treasurer	0.5	Officer	$0	$79,120	$386,410
Jessica Lewis	Assistant Secretary	0.5	Officer	$0	$45,659	$229,658
Karen Maciorowski	Vice President	40.0	Officer	$0	$36,848	$177,802

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	No data	No data	No data	No data
2024	$28,631,693	$24,839,597	$91,711,190	$3,792,096
2023	$25,035,883	$22,474,096	$82,180,111	$2,561,787
2022	$20,542,985	$22,394,631	$86,073,218	$-1,851,646
2021	$19,689,138	$20,273,705	$85,184,970	$-584,567
2020	$17,487,595	$19,509,339	$77,284,160	$-2,021,744
2020	$17,487,595	$19,509,339	$77,284,160	$-2,021,744
2019	$16,444,121	$14,454,990	$74,185,537	$1,989,131
2018	$17,301,430	$17,462,594	$78,002,460	$-161,164