Third Coast Reinsurance LLC

Nonprofit profile at a glance

EIN
473260067
IRS 990 coverage
2020–2023
Forms available
Form 990 2023
Location
Covington, LA, USA
Phone
9858982022
Rating confidence
Limited
Sector
Mutual Insurance Company & Associations

Reported finances

Revenue
$136,535
Expenses
$72,224
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

8 people listed

Executive titles in this filing

  • MARTY MAYER (PRESIDENT)

People named in this filing

  • MARTY MAYER (PRESIDENT)
  • GRADY BRAME (TREASURER)
  • PATRICK MALIK (SECRETARY)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Provide an optimal approach to shifting away from commercially purchases coverage until over time, the captive can provide a greater resource for property coverage and to provide us with better flexibility to adjust to the insurance market conditions, such as coverage and to provide us with better flexibility to adjust to the insurance market conditions, such as unavailable affordable coverage.

What it reported doing in 2023

Third coast successfully provided affordable named wind storm deductible buydown coverage for at risk commerical rental properties along the gulf coast, many of which serve low income areas. These commercial rental properties had significant economic exposure due to high deductibles and third coast provides a backstop to limit the amount of economic damage each property can sustain and allow them to make quick repairs when needed and serve its community.

Operating model

Revenue model
Earned-program. 92% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 90
  • Accountability: 76
  • Sustainability: 51
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 3 of 7 controls in place; rating input score 43
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 47.1%; rating input score 91; 91st percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 1; 1st percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 36.9% per year; rating input score 100; 94th percentile among comparable filings
  • Asset growth: -42.4% per year; rating input score 0; 2nd percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 8 of 8 board members independent · 3 of 7 filing controls reported
  • Programs: 2 filed program accomplishments
  • Leadership: top reported pay $0 · 8 people listed
  • Consistency: 14 of 14 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 3 filing years from 2020 to 2023
  • Contacts: How to reach this organization
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Accountability: Governance controls: 3 of 6 not reported.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 1/100.