Overview
What is Chesapeake Employers' Insurance Company?
Chesapeake Employers' Insurance Company is a Maryland-based insurer with over 21,000 active policies and 2,960 ongoing claims as of December 31, 2021. Established by statute, the company functions as both the insurer of last resort and a competitive option for workers' compensation insurance within the state. With a workforce of 308 employees, they ensure the provision of essential coverage and manage claims effectively.
Official website here: www.ceiwc.com
Is Chesapeake Employers' Insurance Company legitimate?
Chesapeake Employers' Insurance Company is a legitimate nonprofit organization registered as a 501(c)(27) entity. Chesapeake Employers' 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: $3,404,074
Professional Fundraising Fees: $0
Other Salaries and Wages: $28,571,158
For more financial information, click here
Official website here: www.ceiwc.com
What is the mission statement of Chesapeake Employers' Insurance Company?
Chesapeake Employers' Insurance Company was founded by statute to serve a dual role in Maryland. It functions as the insurer of last resort for workers' compensation, providing coverage when other options are unavailable. Simultaneously, it operates as a competitive insurer in the market. The organization manages over 21,000 active policies and over 2,960 open claims. Its mission is to ensure workers' compensation coverage for those in need while remaining a competitive player in the insurance industry.
Official website here: www.ceiwc.com
Who is the CEO of Chesapeake Employers' Insurance Company?
Thomas Phelan is the Chief Executive Officer of Chesapeake Employers' Insurance Company. The CEO's salary of Chesapeake Employers' Insurance Company is $753,067 and their total compensation is $775,867.
Official website here: www.ceiwc.com
What is the revenue of Chesapeake Employers' Insurance Company?
Chesapeake Employers' Insurance Company's revenue in 2021 was $337,070,745.
Official website here: www.ceiwc.com
Who are the executives of Chesapeake Employers' Insurance Company and what are their salaries?
The average compensation at Chesapeake Employers' Insurance Company during 2021 was $103,816. There are 308 employees at Chesapeake Employers' Insurance Company.
Here are 22 key members and their salaries (Chesapeake Employers' Insurance Company's CEO's salary is $753,067 and their total compensation is $775,867):
- Compensation: $753,067
- Related: $0
- Other: $22,800
- Compensation: $567,760
- Related: $0
- Other: $65,101
- Compensation: $386,061
- Related: $0
- Other: $22,800
- Compensation: $285,246
- Related: $0
- Other: $30,781
- Compensation: $280,768
- Related: $0
- Other: $19,492
- Compensation: $264,990
- Related: $0
- Other: $33,493
- Compensation: $226,308
- Related: $0
- Other: $52,622
- Compensation: $218,683
- Related: $0
- Other: $16,762
- Compensation: $167,593
- Related: $0
- Other: $47,326
- Compensation: $167,858
- Related: $0
- Other: $29,187
- Compensation: $183,133
- Related: $0
- Other: $13,906
- Compensation: $161,777
- Related: $0
- Other: $28,141
- Compensation: $46,489
- Related: $0
- Other: $0
- Compensation: $44,401
- Related: $0
- Other: $601
- Compensation: $44,434
- Related: $0
- Other: $448
- Compensation: $43,127
- Related: $0
- Other: $0
- Compensation: $41,639
- Related: $0
- Other: $0
- Compensation: $41,439
- Related: $0
- Other: $0
- Compensation: $41,439
- Related: $0
- Other: $0
- Compensation: $41,439
- Related: $0
- Other: $0
- Compensation: $24,767
- Related: $0
- Other: $1,841
- Compensation: $20,721
- Related: $0
- Other: $0
Official website here: www.ceiwc.com
Where can I find the form 990 for Chesapeake Employers' Insurance Company?
Chesapeake Employers' Insurance Company's most recent form 990 was submitted in 2021 and can be accessed here.
Official website here: www.ceiwc.com
Learn more at the official website: www.ceiwc.com
Mission Statement of Chesapeake Employers' Insurance Company
Chesapeake Employers' Insurance Company, a Maryland-based organization established by statute, serves a dual role in the workers' compensation insurance industry. It functions as the insurer of last resort, providing coverage for employers when other options are unavailable. Simultaneously, it competes in the market, offering affordable and comprehensive insurance solutions.
Founded with a legislative mandate, Chesapeake Employers' Insurance Company has grown to manage over 21,000 active policies and over 2,960 open claims as of December 31, 2021. The company's mission is twofold: it ensures the financial security of Maryland employers by assuming the risk of workers' compensation, and it offers competitive rates and services to attract and retain a diverse client base. By assuming the role of the insurer of last resort, Chesapeake Employers' Insurance Company provides a crucial safety net for businesses, enabling them to focus on their core operations without the burden of managing complex workers' compensation claims.
In addition to its essential role in the workers' compensation insurance market, Chesapeake Employers' Insurance Company is committed to delivering exceptional customer service and support. Its team of experienced professionals works diligently to process claims efficiently and accurately, minimizing disruptions to businesses and ensuring their employees receive the care they need to recover and return to work. The company's reputation for reliability and responsiveness has earned it the trust and loyalty of Maryland employers, solidifying its position as a trusted partner in the industry.
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Impact
October, 2024
Chesapeake Employers' Insurance Company plays a crucial role in providing workers' compensation coverage in Maryland, serving as both the insurer of last resort and a competitive insurance option in the state. With over 21,000 active policies and the management of more than 2,960 open claims as of December 31, 2021, the company significantly contributes to workplace safety and employee protection. By ensuring that businesses have access to necessary coverage, Chesapeake Employers helps mitigate financial risks for employers while supporting injured workers in their recovery processes. This impact fosters a safer work environment and aids in maintaining economic stability within the region.
This information is meant to be a general summary of Chesapeake Employers' 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 2021.
- Investment Income: $167,646,106
- Program Service Revenue: $169,321,067
- Gross Receipts: $1,883,950,808
Assets and Liabilities:
- Total Assets: $2,512,331,700
- Total Liabilities: $1,374,799,656
- Net Assets: $1,137,532,044
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PREMIUMS EARNED
Revenue
$168,935,969
INSTALLMENT FEES & NSF CHARGES
Revenue
$385,098
Organization Details
Founding Year
2012
Phone
(410) 494-2000Principal Officer
Thomas Phelan
Main Address
8722 LOCH RAVEN BOULEVARD, TOWSON, MD, 212862235
Website
www.ceiwc.comNTEE Category
Code: Y25 - Mutual benefit
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