Overview
What is Workers' Compensation Reinsurance Association?
The Workers' Compensation Reinsurance Association (WCRA) is a nonprofit organization headquartered in St. Paul, Minnesota. With a team of 33 dedicated professionals, the WCRA focuses on providing long-term reinsurance protection for serious workers' compensation claims in Minnesota. Their commitment to excellence is demonstrated through stable and reasonable rates, expert claims administration, financial stability, and informational services. In the year 2022, the WCRA processed 2,941 claim requests and paid $71,389,219 in claims. Additionally, their reserves for losses and loss expenses decreased by $31,433,546, and overhead expenses allocated to loss expenses totaled $2,035,512.
Official website here: www.wcra.biz
Is Workers' Compensation Reinsurance Association legitimate?
Workers' Compensation Reinsurance Association is a legitimate nonprofit organization registered as a 501(c)(27) entity. Workers' Compensation Reinsurance Association 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: $2,078,982
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,821,872
For more financial information, click here
Official website here: www.wcra.biz
What is the mission statement of Workers' Compensation Reinsurance Association?
The Workers' Compensation Reinsurance Association (WCRA) is dedicated to providing long-term reinsurance protection for serious workers' compensation claims. Their team of innovative professionals strives for excellence by ensuring stable and reasonable rates, expert claims administration, financial stability, and informational services. In the year 2022, the WCRA reimbursed 2,941 claim requests, paying out a total of $71,389,219 for these claims. The reserves for losses and loss expenses decreased significantly by $31,433,546. Overhead expenses allocated to loss expenses amounted to $2,035,512.
Official website here: www.wcra.biz
Who is the CEO of Workers' Compensation Reinsurance Association?
James Heer is the CEO of Workers' Compensation Reinsurance Association The CEO's salary of Workers' Compensation Reinsurance Association is $350,049 and their total compensation is $473,065.
Official website here: www.wcra.biz
What is the revenue of Workers' Compensation Reinsurance Association?
Workers' Compensation Reinsurance Association's revenue in 2023 was $188,204,787.
Official website here: www.wcra.biz
Who are the executives of Workers' Compensation Reinsurance Association and what are their salaries?
The average compensation at Workers' Compensation Reinsurance Association during 2023 was $125,834. There are 31 employees at Workers' Compensation Reinsurance Association.
Here are 22 key members and their salaries (Workers' Compensation Reinsurance Association's CEO's salary is $350,049 and their total compensation is $473,065):
- Compensation: $350,049
- Related: $0
- Other: $123,016
- Compensation: $238,178
- Related: $0
- Other: $190,352
- Compensation: $254,134
- Related: $0
- Other: $48,443
- Compensation: $205,309
- Related: $0
- Other: $91,467
- Compensation: $204,683
- Related: $0
- Other: $90,538
- Compensation: $163,789
- Related: $0
- Other: $119,214
- Compensation: $161,906
- Related: $0
- Other: $40,980
- Compensation: $127,190
- Related: $0
- Other: $46,080
- Compensation: $120,277
- Related: $0
- Other: $30,410
- Compensation: $11,500
- Related: $0
- Other: $0
- Compensation: $10,750
- Related: $0
- Other: $0
- Compensation: $10,750
- Related: $0
- Other: $0
- Compensation: $9,250
- Related: $0
- Other: $0
- Compensation: $8,500
- Related: $0
- Other: $0
- Compensation: $7,950
- Related: $0
- Other: $0
- Compensation: $7,750
- Related: $0
- Other: $0
- Compensation: $7,750
- Related: $0
- Other: $0
- Compensation: $7,000
- Related: $0
- Other: $0
- Compensation: $7,000
- Related: $0
- Other: $0
- Compensation: $5,500
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.wcra.biz
Where can I find the form 990 for Workers' Compensation Reinsurance Association?
Workers' Compensation Reinsurance Association's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.wcra.biz
Learn more at the official website: www.wcra.biz
Mission Statement of Workers' Compensation Reinsurance Association
The Workers' Compensation Reinsurance Association (WCRA) is a dedicated organization with a mission to ensure the availability of long-term reinsurance protection for serious workers' compensation claims in Minnesota. With a team of innovative professionals, the WCRA strives for excellence through stable and reasonable rates, expert claims administration, financial stability, and informational services.
In 2022, the WCRA processed and reimbursed 2,941 claim requests, totaling $71,389,219 in payments. Significant progress was made in managing losses and expenses, with a decrease of $31,433,546 in reserves for losses and loss expenses. Additionally, overhead expenses allocated to loss expenses amounted to $2,035,512. The WCRA's commitment to financial stability and effective claims administration allows it to provide essential reinsurance protection for those with serious workers' compensation claims.
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Impact
October, 2024
The Workers' Compensation Reinsurance Association (WCRA) plays a critical role in stabilizing the workers' compensation insurance system in Minnesota by providing reinsurance for serious claims. In 2022, the association reimbursed 2,941 claim requests, amounting to over $71 million in payments. This financial support not only alleviates the burden on individual insurers but also ensures that injured workers receive the compensation they need for serious injuries.
The WCRA's activities have led to a significant decrease in reserves for losses and loss expenses, with a reduction of over $31 million, which indicates its effectiveness in managing and mitigating high-cost claims. By controlling overhead expenses, allocated at just over $2 million related to loss expenses, the association helps maintain reasonable rates for employers while promoting financial stability within the workers' compensation system.
Through its commitment to expert claims administration, the WCRA ensures the long-term availability of reinsurance protection, allowing for the sustainability of the insurance market and the protection of workers' rights. The professional team behind the WCRA focuses on delivering high standards of service, which facilitates a robust support structure for those affected by serious workplace injuries in Minnesota.
This information is meant to be a general summary of Workers' Compensation Reinsurance Association. 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: $53,998,635
- Program Service Revenue: $48,475,487
- Gross Receipts: $15,412,814,094
Assets and Liabilities:
- Total Assets: $2,999,849,537
- Total Liabilities: $1,549,514,477
- Net Assets: $1,450,335,060
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
FUNDED REINSURANCE PREMIUMS
Revenue
$48,467,687
ALL OTHER PROGRAM SERVICE REVENUE
Revenue
$7,800
Organization Details
Founding Year
1979
Principal Officer
James Heer
Website
www.wcra.bizNTEE Category
Code: Y20 - Mutual benefit
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