Overview
What is Five Pointe Professional Liability Insurance Company Co Wilmington Trust?
Five Pointe Professional Liability Insurance Company Co Wilmington Trust is a non-profit sponsored captive insurance company based in Wilmington, Delaware. The organization, which has 369 employees, functions as a self-insurance vehicle for tax-exempt member hospitals and healthcare organizations by providing reinsurance through common ownership. This arrangement helps manage and fund professional liability risks, protecting these institutions from financial and legal liabilities. The company can establish and maintain separate protected cells, ensuring the assets and liabilities of each cell remain financially and legally distinct from others. Five Pointe insures the risks of its members according to membership agreements and segregates these risks into protected cells for separate accounting. The company's core activities, which consist of assets and liabilities not belonging to any specific protected cell, support and further the charitable purposes of its mainline hospital and related healthcare organization members.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement (Two-Star out of Four Star Rating, 64%)
Five Pointe Professional Liability Insurance Company Co Wilmington Trust has received a two-star rating from Charity Navigator, indicating that while the organization performs well in some areas, there are significant concerns that need addressing. The organization boasts a perfect accountability and finance score of 100%, which highlights strong financial oversight and a commitment to transparency in their operations.
However, limitations are noted in their governance structure, particularly with a very low percentage of independent board members, which raises potential concerns about oversight and conflict of interest. Furthermore, key documents, such as their tax form and website, are missing from public access, which detracts from their overall transparency and could hinder public trust. Despite these issues, the organization demonstrates a commendable program expense ratio of 98.78%, suggesting that they prioritize programmatic spending over administrative costs.
This AI summary has been generated from information found on Charity Navigator.
Is Five Pointe Professional Liability Insurance Company Co Wilmington Trust legitimate?
Five Pointe Professional Liability Insurance Company Co Wilmington Trust is a legitimate nonprofit organization registered as a 501(c)(3) entity. Five Pointe Professional Liability Insurance Company Co Wilmington Trust submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Five Pointe Professional Liability Insurance Company Co Wilmington Trust?
Five Pointe Professional Liability Insurance Company Co Wilmington Trust is a non-profit captive insurance company established to serve as a charitable entity for its member organizations. The corporation operates exclusively for the benefit of its members, which include mainline hospitals and related healthcare organizations described under IRC Section 501(C)(3). The company furthers the charitable purposes of its members by providing "self-insurance" professional liability coverage for specified hospitals and healthcare entities. By doing so, it plays an integral role in supporting these organizations in fulfilling their exempt purposes. The member hospitals include Riddle Memorial Hospital, Thomas Jefferson University Hospitals, and Magee Rehabilitation Hospital.
What is the revenue of Five Pointe Professional Liability Insurance Company Co Wilmington Trust?
Five Pointe Professional Liability Insurance Company Co Wilmington Trust's revenue in 2023 was $135,366,544.
Who are the executives of Five Pointe Professional Liability Insurance Company Co Wilmington Trust and what are their salaries?
Here are 12 key members and their salaries:
- Compensation: $0
- Related: $720,653
- Other: $150,998
- Compensation: $0
- Related: $436,697
- Other: $28,098
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $949,105
- Other: $161,630
- Compensation: $0
- Related: $2,177,591
- Other: $230,324
- Compensation: $0
- Related: $1,374,946
- Other: $194,896
- Compensation: $0
- Related: $2,005,175
- Other: $597,253
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $352,171
- Other: $47,717
- Compensation: $0
- Related: $817,725
- Other: $34,929
- Compensation: $0
- Related: $988,399
- Other: $59,929
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Five Pointe Professional Liability Insurance Company Co Wilmington Trust?
Five Pointe Professional Liability Insurance Company Co Wilmington Trust's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Five Pointe Professional Liability Insurance Company Co Wilmington Trust
Five Pointe Professional Liability Insurance Company Co Wilmington Trust is a captive insurance company established to support the charitable purposes of its member organizations. This non-profit organization is operated exclusively for the benefit of its members, primarily charitable hospitals and related healthcare entities described under IRC Section 501(C)(3).
The mission of Five Pointe Professional Liability Insurance Company Co Wilmington Trust is to serve as an integral part of its members and further their exempt purposes. The company achieves this through the provision of self-insurance professional liability coverage for specific hospitals and healthcare entities. By doing so, it enables these organizations to effectively manage and mitigate potential risks associated with their professional services.
The members of Five Pointe Professional Liability Insurance Company Co Wilmington Trust include Main Line Hospitals, Inc., Riddle Memorial Hospital, Thomas Jefferson University Hospitals, Inc., and Magee Rehabilitation Hospital. This collaboration among leading healthcare organizations allows the company to strengthen their collective efforts in providing exceptional healthcare services and protecting their reputations. Together, they share the common goal of advancing the healthcare sector and ultimately improving patient care.
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Impact
October, 2024
Five Pointe Professional Liability Insurance Company Co Wilmington Trust plays a crucial role in supporting charitable hospitals and related healthcare organizations by providing a self-insurance professional liability coverage system tailored to their needs. This specialized approach allows its member organizations—such as Main Line Hospitals, Riddle Memorial Hospital, Thomas Jefferson University Hospitals, and Magee Rehabilitation Hospital—to mitigate risks effectively and manage their professional liabilities.
The company operates as a sponsored captive insurance entity, enabling it to establish separate protected cells for each member's risks. This segregation ensures that the assets and liabilities of one member's insurance risks do not impact those of another, enhancing financial security and stability. By acting as a reinsurer for Mountain Laurel Risk Retention Group, Inc., a related organization, Five Pointe further supports the capacity of its members to handle general and professional liability insurance needs.
In essence, Five Pointe serves a critical function in the healthcare ecosystem by providing tailored insurance solutions that empower its member hospitals to focus on their charitable missions without the heavy financial burdens that often accompany professional liability exposure. This fosters a more resilient healthcare environment, ultimately benefiting the communities these organizations serve.
This information is meant to be a general summary of Five Pointe Professional Liability Insurance Company Co Wilmington Trust. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $1,311,426
- Program Service Revenue: $129,685,250
- Gross Receipts: $208,259,378
Assets and Liabilities:
- Total Assets: $232,485,102
- Total Liabilities: $219,525,670
- Net Assets: $12,959,432
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PREMIUMS EARNED
Revenue
$129,685,250
Organization Details
Founding Year
2006
NTEE Category
Code: E11 - Health
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