Overview
What is Southwest Professional Indemnity Co?
Southwest Professional Indemnity Co is a reinsurance provider based in Grand Cayman, Grand Cayman Island. The company specializes in managing medical professional liability risks on behalf of an unrelated primary insurer in the United States. During the year ending December 31, 2022, the organization generated gross receipts of 60,086, with a significant portion coming from premiums received, totaling 42,085. This premium income surpassed 50% of their overall receipts, meeting the Internal Revenue Service Code Section 501(C)(15)(A) requirements for tax-exempt status. The company continues to operate, providing essential risk management services in the medical professional liability sector.
Is Southwest Professional Indemnity Co legitimate?
Southwest Professional Indemnity Co is a legitimate nonprofit organization registered as a 501(c)(15) entity. Southwest Professional Indemnity Co 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:
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What is the mission statement of Southwest Professional Indemnity Co?
Southwest Professional Indemnity Co serves as a reinsurer for medical professional liability risks originating from unrelated primary insurers within the United States. Their primary mission is to provide a safety net for these risks, ensuring financial protection for the primary insurers. This role is crucial in managing the risk associated with medical professional liability insurance, thereby satisfying the tax-exempt status requirements under Internal Revenue Service Code Section 501(C)(15)(A). The company's gross receipts for the year ending December 31, 2022, were 60,086, with over half of these revenues coming from insurance premiums, totaling 42,085.
Who is the CEO of Southwest Professional Indemnity Co?
S Gary Werley is the Director of Southwest Professional Indemnity Co.
What is the revenue of Southwest Professional Indemnity Co?
Southwest Professional Indemnity Co's revenue in 2022 was $62,286.
Who are the executives of Southwest Professional Indemnity Co and what are their salaries?
Here are 4 key members and their salaries:
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Where can I find the form 990 for Southwest Professional Indemnity Co?
Southwest Professional Indemnity Co's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Southwest Professional Indemnity Co
Southwest Professional Indemnity Co serves as a reinsurance provider, specifically for the medical professional liability risk. This role involves acting as a secondary insurer, taking on a portion of the risk from an unrelated primary insurer within the United States. The company's mission is centered around providing financial protection to medical professionals against potential liability claims, thereby safeguarding their financial well-being in the event of legal disputes. This service is crucial in maintaining the stability and continuity of the medical profession, ensuring that healthcare providers can continue delivering essential services without undue financial burden.
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Impact
October, 2024
Southwest Professional Indemnity Co plays a crucial role in the healthcare insurance landscape by providing reinsurance for medical professional liability risks in the United States. By acting as a reinsurer, the company helps to stabilize the insurance market for healthcare providers, allowing primary insurers to manage their risk exposure more effectively.
The financial impact of Southwest Professional Indemnity Co is significant, as evidenced by its gross receipts of $60,086 and premiums received of $42,085 during the year ending December 31, 2022. This substantial income demonstrates the company’s operational scale and its capacity to support medical professionals against liability claims. By fulfilling more than 50% of its total receipts through premiums, the organization meets the necessary criteria set forth by the IRS for maintaining its tax-exempt status.
In essence, Southwest Professional Indemnity Co serves as a vital buffer for the medical community, enabling healthcare providers to focus on patient care without the overwhelming burden of liability risks. This ultimately contributes to a more stable and sustainable healthcare environment, benefiting both professionals and the patients they serve.
This information is meant to be a general summary of Southwest Professional Indemnity Co. 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: $2,200
- Program Service Revenue: $60,086
- Gross Receipts: $62,286
Assets and Liabilities:
- Total Assets: $433,548
- Total Liabilities: $42,301
- Net Assets: $391,247
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INSURANCE PREMIUMS
Revenue
$60,086
Organization Details
Founding Year
1980
Phone
(345) 949-1599Principal Officer
S Gary Werley
NTEE Category
Code: Y20 - Mutual benefit
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