TEXAS MUTUAL 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

1991

Legal Domicile

Principal Officer

Bill Potter

Phone

8008595995

Tax Period

2023-01-01 to 2023-12-31

TEXAS MUTUAL INSURANCE COMPANY, founded in 1991, is a large national nonprofit that reported $1.4B in total revenue in fiscal year 2023. Expenses of $1.3B left a modest 7% surplus.

Mission

Established by Texas statute to provide a stable, competitive source of workers' compensation insurance for Texas employers, acts as an insurer of last resort, and helps to prevent on-the-job injuries and illnesses and minimize their consequences.

Program Service Accomplishments

Program 1

Revenue: $1,386,324,608

The Company wrote over 83,000 workers' compensation policies in 2023 covering approximately 1.7 million Texas employees. During the year, almost 47,000 claims were processed and approximately $430...

The Company wrote over 83,000 workers' compensation policies in 2023 covering approximately 1.7 million Texas employees. During the year, almost 47,000 claims were processed and approximately $430 million in medical and income benefits were paid out to injured workers. $340 million in dividends was distributed to approximately 69,000 policyholders and an additional $22 million in dividends was distributed to 27 safety groups.

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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 $1,115,850,503

Investment Income $269,243,531

Other Revenue $1,230,574

TOTAL REVENUE $1,386,324,608

Expense Breakdown

Grants Paid $15,009,450

Salaries & Benefits $161,897,783

Fundraising Expenses $0

Program Expenses $0

Other Expenses $1,108,481,362

TOTAL EXPENSES $1,285,388,595

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,386,324,608	$1,300,355,257	+0.1%
Expenses	$1,285,388,595	$1,209,915,305	+0.1%
Net Income	$100,936,013	$90,439,952	+0.1%

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

1091

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

$9,242,528

Total Directors

$1,189,500

Key Employees

$9,419,466

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Brenda Ward	President & CEO	40	Officer	$1,044,088	$140,997	$1,185,085
Richard Gergasko	President & CEO	40	Officer	$1,037,694	$26,272	$1,113,966
Michael Hernandez	Chief Data Officer	40	Officer	$767,523	$104,553	$872,076
Leonard Johnson	SVP Investments	40	Officer	$794,541	$52,491	$847,032
Willard Potter	SVP & CFO	40	Officer	$682,776	$113,056	$795,832
Paul Schlaud	SVP Enterprise Affairs & General Counsel	40	Officer	$621,026	$100,812	$721,838
Kim Haugaard	SVP Policyholder Services	40	Officer	$542,533	$107,821	$650,354
Jeffrey Lentz	SVP Underwriting	40	Officer	$524,506	$123,614	$648,120
Jeannette Sprague	SVP & Chief Information Officer	40	Officer	$577,938	$67,651	$645,589
Lawrence Martin	SVP Human Resources	40	Officer	$524,182	$101,477	$625,659
Jo Betsy Norton	SVP Public Affairs	40	Officer	$549,905	$52,214	$602,119
David John	VP IT Infrastructure	40	Key Emp	$425,393	$110,282	$535,675
Elise Teeter	SVP & General Auditor	40	Officer	$446,803	$88,055	$534,858
Nathan Scott	VP Investments	40	Key Emp	$419,836	$97,795	$517,631
Phoebe Murphy	VP & Chief Actuary, Enterprise Analytics	40	Key Emp	$413,106	$88,455	$501,561
Erica Sanchez	VP & Controller	40	Key Emp	$395,003	$90,816	$485,819
Edward Coates	VP HR Employee Services	40	Key Emp	$379,053	$106,105	$485,158
Richard Dabney	VP Corporate Underwriting	40	Key Emp	$384,120	$99,637	$483,757
Shannon Pounds	VP & Associate General Counsel	40	Key Emp	$396,173	$82,761	$478,934
Peppia Sherrouse	VP Claim Operations	40	Key Emp	$385,797	$90,129	$475,926
Beverly Harris	VP Corporate Strategy & Product	40	Key Emp	$389,491	$83,417	$472,908
David Morton	VP Underwriting Operations	40	Key Emp	$402,444	$68,371	$470,815
Lisa Evans	VP Distribution & Customer Engagement	40	Key Emp	$400,060	$68,292	$468,352
Amy Green-Hinojosa	VP Project Management Office	40	Key Emp	$362,125	$102,248	$464,373
Jeremiah Bentley	VP Marketing & Community Affairs	40	Key Emp	$357,781	$104,935	$462,716
Greta Gonzales	VP & Chief Risk Officer	40	Key Emp	$373,601	$82,707	$456,308
Roger Humecky	VP Data Analytics & Business Intelligence	40	Key Emp	$368,522	$80,260	$448,782
Anthony Seraphim	VP Data Governance	40	Key Emp	$359,566	$87,432	$446,998
Adrian Vanzulli	VP Engineering	40	Key Emp	$355,734	$88,732	$444,466
Toni Toliver	VP Business Law	40	Key Emp	$360,673	$80,921	$441,594
Billy Jackson	VP Regional Operations	40	Key Emp	$380,294	$60,240	$440,534
Eric Bourquin	VP Safety Services	40	Highest	$345,328	$94,958	$440,286
James Ziolkowski	VP Regional Operations	40	Key Emp	$375,369	$61,790	$437,159
Jackie Kenyon	VP Special Litigation	40	Highest	$341,743	$81,429	$423,172
Nicholas Tsourmas	Medical Director	30.00	Highest	$355,012	$58,740	$413,752
John Sapp	VP Information Security	40	Highest	$349,435	$58,906	$408,341
Rhonda Barker	VP Premium Audit	40	Highest	$313,706	$66,623	$380,329
Ronald Ellis Simmons	Director	4	Director	$186,000	$0	$208,500
Tommy Dan Phillips	Director	4	Director	$131,250	$0	$131,250
Kristina Rose Koncaba	Director	4	Director	$130,000	$0	$130,000
Alexia Selene Elliott	Director	4	Director	$105,000	$0	$127,500
Steven Dudley Oldham	Director	4	Director	$105,000	$0	$127,500
Brett Baker Flagg	Director	4	Director	$127,000	$0	$127,000
William Francis Quinn	Director	4	Director	$105,750	$0	$105,750
John Dayton Swanson	Director	4	Director	$104,500	$0	$104,500
Kevin Mart Robnett	Director	4	Director	$102,000	$0	$102,000
Gary Gibson	Director	4	Director	$25,500	$0	$25,500

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	$1,386,324,608	$1,285,388,595	$8,419,583,416	$100,936,013
2022	$1,300,355,257	$1,209,915,305	$8,234,972,587	$90,439,952
2021	$1,373,422,301	$1,116,554,043	$8,249,270,527	$256,868,258
2020	$1,306,549,522	$1,095,776,895	$7,829,763,414	$210,772,627
2019	$1,394,588,110	$1,176,764,127	$7,631,590,732	$217,823,983
2018	$1,417,228,021	$1,231,815,865	$7,177,542,373	$185,412,156