Overview
What is Lions Insurance Company?
Lions Insurance Company is a nonprofit entity established to provide insurance coverage for the nursing homes operated by Health and Hospital Corporation of Marion County (HHC), a municipal entity in Indiana. Specifically, Lions Insurance Company focuses on covering both professional (malpractice) and general liability exposures for HHC's nursing homes. In 2022, the company handled 28 cases related to HHC nursing home residents, with settlements made in six of those cases, totaling $719,002. Lions Insurance Company operates as a pure captive insurer, organized as a nonprofit corporation, providing a safety net for potential claims against HHC's nursing homes.
Is Lions Insurance Company legitimate?
Lions Insurance Company is a legitimate nonprofit organization registered as a 501(c)(3) entity. Lions Insurance Company 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 Lions Insurance Company?
Lions Insurance Company's primary mission is to offer insurance coverage for the professional and general liability exposures of the nursing homes operated by Health and Hospital Corporation of Marion County (HHC). This includes providing tail coverage for potential claims incurred prior to the establishment of Lions Insurance Company. The company is a component unit of HHC, a municipal entity created by Indiana state statute. As a pure captive insurer, Lions Insurance Company provides insurance and reinsurance coverage specifically for HHC's nursing homes. During 2022, Lions Insurance Company closed a total of 28 cases brought by or on behalf of HHC nursing home residents. In six of these cases, the company settled the claims, with total payments amounting to $719,002.
Who is the CEO of Lions Insurance Company?
Paul Babcock is the President (Beg. 12/19/22) of Lions Insurance Company.
What is the revenue of Lions Insurance Company?
Lions Insurance Company's revenue in 2022 was $7,201,564.
Who are the executives of Lions Insurance Company and what are their salaries?
There 5 volunteers at Lions Insurance Company.
Here are 7 key members and their salaries:
- Compensation: $0
- Related: $334,824
- Other: $72,065
- Compensation: $0
- Related: $302,933
- Other: $69,843
- Compensation: $0
- Related: $222,913
- Other: $78,064
- Compensation: $0
- Related: $115,436
- Other: $22,788
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Lions Insurance Company?
Lions Insurance Company's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Lions Insurance Company
Lions Insurance Company, as a component unit of Health and Hospital Corporation of Marion County (HHC), is dedicated to providing insurance coverage. Its primary mission is to safeguard HHC's nursing homes against professional and general liability exposures. This is achieved by offering malpractice and liability insurance, protecting the nursing homes from potential claims. Additionally, Lions Insurance Company provides tail coverage, which shields HHC's nursing homes from prior exposure to professional and general claims. The company is organized as a nonprofit corporation, functioning as an insurer and reinsurer for HHC's nursing homes. In 2022, Lions Insurance Company handled 28 cases brought forth by or on behalf of HHC nursing home residents, settling six of them with a total payment of $719,002.
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Impact
October, 2024
Lions Insurance Company plays a crucial role in the risk management of the nursing homes operated by the Health and Hospital Corporation of Marion County (HHC). By providing insurance that covers professional and general liability exposures, Lions Insurance Company ensures that nursing homes can operate with financial protection against potential claims.
In 2022, Lions Insurance Company successfully closed 28 cases raised by or on behalf of HHC nursing home residents. Among these, six cases resulted in settlement payments totaling $719,002, underscoring the company's active engagement in mitigating liability risks. This support allows nursing homes to focus on delivering quality care to their residents without the constant worry of financial repercussions from unforeseen incidents.
Additionally, Lions Insurance Company offers tail coverage, which provides essential protection for claims incurred prior to the company's establishment. This comprehensive approach to insurance not only safeguards the financial health of HHC’s nursing homes but also fosters a safer environment for residents and staff alike. Overall, Lions Insurance Company significantly contributes to the stability and reliability of healthcare services within the community.
This information is meant to be a general summary of Lions Insurance Company. 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 2022.
- Investment Income: $469,279
- Program Service Revenue: $6,732,285
- Gross Receipts: $7,201,564
Assets and Liabilities:
- Total Assets: $36,383,716
- Total Liabilities: $26,701,219
- Net Assets: $9,682,497
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PREMIUMS COLLECTED
Revenue
$6,732,285
Organization Details
Founding Year
2005
Phone
(317) 221-2267Principal Officer
Paul Babcock
Main Address
3838 NORTH RURAL STREET, INDIANAPOLIS, IN, 46205
NTEE Category
Code: E119 - Health
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