While 2003 was another challenging year for nonprofits in terms of funding cuts, the NIA Group served the sector well by holding a steady course during a period of continued instability in the insurance marketplace. The Nonprofits’ Insurance Alliance of California (NIAC) and the Alliance of Nonprofits for Insurance, Risk Retention Group (ANI-RRG), both part of the Nonprofits Insurance Alliance (NIA) Group made this difficult time just a bit easier by providing stable liability insurance for 5,100 nonprofits. Both NIAC and ANI-RRG are 501(c)(3)nonprofits that provide liability insurance coverages to only 501(c)(3) nonprofits.
NIAC has served nonprofits in California since 1989 and was expressly created to bring the sector through the type of insurance market we are presently experiencing. During 2003, NIAC renewed 93 percent of its member-insureds, welcomed 927 new members and currently insures more than 4,434 nonprofits in California. In 2003, NIAC wrote $37.4 million in premium exceeding the goal of $34 million.
Responding to the needs of nonprofits outside California, by the end of 2003 ANI-RRG was serving nonprofits in 17 states and the District of Columbia. ANI-RRG completed 2003 with 820 member-insureds, writing $10.3 million in premium exceeding the goal of $6.7 million
During 2003, the NIA Group welcomed 1,399 new members and closed the year with 5,123 members. Gross written premium for the Group totaled $49.1 million, an increase of 39 percent over the prior year. Net income of $7.4 million was added to surplus to increase financial strength and to support future growth. At year-end, the NIA Group balance sheet showed total equity of $45.7 million and total assets of $119.9 million.
“The NIA Group’s success is a testament to the superior safety records of the nonprofits we insure. Our experience shows that nonprofits are not “high risk,” but instead are well-managed and attentive to the well-being of their clients,” said Pamela Davis, CEO and President of the NIA Group, NIAC and ANI-RRG are 501(c)(3) nonprofits with a mission to provide stable property/casualty insurance to 501(c)(3) nonprofits. NIAC writes exclusively in California; ANI-RRG writes business in 17 states plus the District of Columbia.
Topics California
Was this article valuable?
Here are more articles you may enjoy.
The Battle Over J&J’s Bankruptcy Plan to End Talc Lawsuits 
Insurers Hike Rates as Extreme Storms Like Beryl Proliferate 
Progressive Q2 Net Income Skyrockets Over 320% 
Marsh McLennan Agency to Acquire The Horton Group 
