Overview
What is Third Coast Reinsurance Llc?
Third Coast Reinsurance LLC is a company situated in Covington, Louisiana, specifically at 109 Northpark Blvd STE 300. Their primary mission is to offer an optimal approach for businesses, particularly commercial rental properties located along the Gulf Coast, which often serve low-income communities. These properties typically have high insurance deductibles. By partnering with Third Coast, these properties gain a safety net, limiting the economic damage they can sustain during a disaster. This allows them to make necessary repairs promptly and continue serving their communities. Over time, the captive insurance company aims to provide a more substantial resource for property coverage, offering better flexibility to adjust to market conditions, such as unavailable or expensive coverage.
Is Third Coast Reinsurance Llc legitimate?
Third Coast Reinsurance Llc is a legitimate nonprofit organization registered as a 501(c)(15) entity. Third Coast Reinsurance Llc 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.
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What is the mission statement of Third Coast Reinsurance Llc?
Third Coast Reinsurance LLC's mission is centered around offering an optimal strategy to transition away from commercially procured insurance coverage. Over time, the captive insurance company aims to serve as a more substantial resource for property coverage. This approach provides the organization with enhanced flexibility to adapt to varying insurance market conditions, including the unavailability or high cost of affordable coverage.
Who is the CEO of Third Coast Reinsurance Llc?
Grady Brame is the President of Third Coast Reinsurance Llc.
What is the revenue of Third Coast Reinsurance Llc?
Third Coast Reinsurance Llc's revenue in 2022 was $431,222.
Who are the executives of Third Coast Reinsurance Llc and what are their salaries?
There 8 volunteers at Third Coast Reinsurance Llc.
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Where can I find the form 990 for Third Coast Reinsurance Llc?
Third Coast Reinsurance Llc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Third Coast Reinsurance Llc
Third Coast Reinsurance LLC, as an organization, aims to offer an optimal approach to shifting away from commercially purchased property coverage. Over time, they aim to establish a captive as a more substantial resource for property coverage. This strategy provides the company with better flexibility to adapt to the ever-changing insurance market conditions. In specific situations where commercially available and affordable coverage may be unavailable, Third Coast Reinsurance LLC's captive can step in to fill the gap, ensuring the organization is well-protected.
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Impact
October, 2024
Third Coast Reinsurance LLC significantly impacts communities along the Gulf Coast by providing innovative insurance solutions that address the unique challenges faced by commercial rental properties in at-risk areas. By offering affordable named windstorm deductible buy-down coverage, they empower property owners to mitigate financial risks associated with high deductibles, which can otherwise hinder their ability to swiftly manage repairs and maintain their properties.
This approach not only alleviates the economic stress on property owners but also supports the broader community by ensuring that these rental properties remain viable and accessible, particularly in low-income areas. As a result, Third Coast strengthens the capacity of these properties to recover quickly from adverse weather events, thereby enhancing overall community resilience. Their mission to transition away from reliance on commercially purchased coverage over time fosters greater adaptability to changing insurance market conditions, ensuring that resources remain available and effective for the long-term benefit of the community.
This information is meant to be a general summary of Third Coast Reinsurance Llc. 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: $31,669
- Program Service Revenue: $399,553
- Gross Receipts: $431,222
Assets and Liabilities:
- Total Assets: $2,415,208
- Total Liabilities: $153,450
- Net Assets: $2,261,758
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
NET PREMIUMS EARNED
Revenue
$399,553
Organization Details
Founding Year
2014
Phone
(985) 898-2022Principal Officer
Grady Brame
Main Address
109 NORTHPARK BLVD STE 300, Covington, LA, 70433
NTEE Category
Code: Y23 - Mutual benefit
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