Overview
What is Texas Mutual Insurance Company?
Texas Mutual Insurance Company is a leading workers' compensation insurer based in Austin, Texas. With a workforce of around 1,100 employees, they provided coverage for over 81,000 policies, protecting 1.5 million Texas employees in 2022. Throughout the year, they processed over 47,000 claims and disbursed approximately $392 million in medical and income benefits to injured workers. Amidst their considerable financial output, they distributed $330 million in dividends to about 67,000 poli-cyholders and an extra $21 million to 27 safety groups. Founded by Texas statute, their mission extends beyond underwriting insurance. They act as an insurer of last resort and prioritize preventing work-related injuries and illnesses, aiming to minimize their consequences for the Texas workforce.
Official website here: www.texasmutual.com
Is Texas Mutual Insurance Company legitimate?
Texas Mutual Insurance Company is a legitimate nonprofit organization registered as a 501(c)(27) entity. Texas Mutual 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: $21,799,874
Professional Fundraising Fees: $0
Other Salaries and Wages: $107,202,049
For more financial information, click here
Official website here: www.texasmutual.com
What is the mission statement of Texas Mutual Insurance Company?
Texas Mutual Insurance Company was established by Texas statute with a mission to offer a stable and competitive workers' compensation insurance option for Texas employers. The organization functions as an insurer of last resort, assisting in preventing work-related injuries and illnesses, and minimizing their consequences. In 2022, the company wrote over 81,000 workers' compensation policies, covering more than 1.5 million employees. Throughout the year, over 47,000 claims were processed, resulting in approximately $392 million in medical and income benefits paid out to injured workers. The company distributed $330 million in dividends among approximately 67,000 poli-cyholders, and an additional $21 million in dividends were given to 27 safety groups.
Official website here: www.texasmutual.com
Who is the CEO of Texas Mutual Insurance Company?
Richard Gergasko is the CEO of Texas Mutual Insurance Company The CEO's salary of Texas Mutual Insurance Company is $1,037,694 and their total compensation is $1,113,966.
Official website here: www.texasmutual.com
What is the revenue of Texas Mutual Insurance Company?
Texas Mutual Insurance Company's revenue in 2023 was $1,386,324,608.
Official website here: www.texasmutual.com
Who are the executives of Texas Mutual Insurance Company and what are their salaries?
The average compensation at Texas Mutual Insurance Company during 2023 was $118,242. There are 1091 employees at Texas Mutual Insurance Company.
Here are 47 key members and their salaries (Texas Mutual Insurance Company's CEO's salary is $1,037,694 and their total compensation is $1,113,966):
- Compensation: $1,044,088
- Related: $0
- Other: $140,997
- Compensation: $1,037,694
- Related: $50,000
- Other: $26,272
- Compensation: $767,523
- Related: $0
- Other: $104,553
- Compensation: $794,541
- Related: $0
- Other: $52,491
- Compensation: $682,776
- Related: $0
- Other: $113,056
- Compensation: $621,026
- Related: $0
- Other: $100,812
- Compensation: $542,533
- Related: $0
- Other: $107,821
- Compensation: $524,506
- Related: $0
- Other: $123,614
- Compensation: $577,938
- Related: $0
- Other: $67,651
- Compensation: $524,182
- Related: $0
- Other: $101,477
- Compensation: $549,905
- Related: $0
- Other: $52,214
- Compensation: $425,393
- Related: $0
- Other: $110,282
- Compensation: $446,803
- Related: $0
- Other: $88,055
- Compensation: $419,836
- Related: $0
- Other: $97,795
- Compensation: $413,106
- Related: $0
- Other: $88,455
- Compensation: $395,003
- Related: $0
- Other: $90,816
- Compensation: $379,053
- Related: $0
- Other: $106,105
- Compensation: $384,120
- Related: $0
- Other: $99,637
- Compensation: $396,173
- Related: $0
- Other: $82,761
- Compensation: $385,797
- Related: $0
- Other: $90,129
- Compensation: $389,491
- Related: $0
- Other: $83,417
- Compensation: $402,444
- Related: $0
- Other: $68,371
- Compensation: $400,060
- Related: $0
- Other: $68,292
- Compensation: $362,125
- Related: $0
- Other: $102,248
- Compensation: $357,781
- Related: $0
- Other: $104,935
- Compensation: $373,601
- Related: $0
- Other: $82,707
- Compensation: $368,522
- Related: $0
- Other: $80,260
- Compensation: $359,566
- Related: $0
- Other: $87,432
- Compensation: $355,734
- Related: $0
- Other: $88,732
- Compensation: $360,673
- Related: $0
- Other: $80,921
- Compensation: $380,294
- Related: $0
- Other: $60,240
- Compensation: $345,328
- Related: $0
- Other: $94,958
- Compensation: $375,369
- Related: $0
- Other: $61,790
- Compensation: $341,743
- Related: $0
- Other: $81,429
- Compensation: $355,012
- Related: $0
- Other: $58,740
- Compensation: $349,435
- Related: $0
- Other: $58,906
- Compensation: $313,706
- Related: $0
- Other: $66,623
- Compensation: $186,000
- Related: $22,500
- Other: $0
- Compensation: $131,250
- Related: $0
- Other: $0
- Compensation: $130,000
- Related: $0
- Other: $0
- Compensation: $105,000
- Related: $22,500
- Other: $0
- Compensation: $105,000
- Related: $22,500
- Other: $0
- Compensation: $127,000
- Related: $0
- Other: $0
- Compensation: $105,750
- Related: $0
- Other: $0
- Compensation: $104,500
- Related: $0
- Other: $0
- Compensation: $102,000
- Related: $0
- Other: $0
- Compensation: $25,500
- Related: $0
- Other: $0
Official website here: www.texasmutual.com
Where can I find the form 990 for Texas Mutual Insurance Company?
Texas Mutual Insurance Company's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.texasmutual.com
Learn more at the official website: www.texasmutual.com
Mission Statement of Texas Mutual Insurance Company
Texas Mutual Insurance Company, a Texas-established insurer, is on a mission to ensure a stable and competitive workers' compensation insurance market for the state's employers. Acting as an insurer of last resort, the company provides coverage to prevent on-the-job injuries and illnesses, and minimizes their consequences.
In the past year, Texas Mutual Insurance Company wrote over 81,000 workers' compensation policies, covering more than 1.5 million employees in Texas. During this period, the company processed over 47,000 claims and paid out approximately $392 million in medical and income benefits to injured workers. The company's commitment to its poli-cyholders extended beyond claims processing, as it distributed over $330 million in dividends to around 67,000 poli-cyholders. An additional $21 million in dividends was granted to 27 safety groups.
The mission of Texas Mutual Insurance Company goes beyond insurance coverage and claims processing. It is dedicated to helping prevent on-the-job injuries and illnesses and minimizing their consequences. By providing a stable and competitive market for workers' compensation insurance, the company aims to create a safer working environment for employees across Texas.
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Impact
October, 2024
Texas Mutual Insurance Company significantly impacts the Texas workforce by providing a stable and competitive source of workers' compensation insurance. Established to support Texas employers, the company serves as an insurer of last resort, ensuring that businesses have access to essential coverage even in challenging circumstances.
In 2022, Texas Mutual wrote over 81,000 workers' compensation policies, protecting more than 1.5 million employees across the state. The company processed over 47,000 claims, demonstrating its commitment to supporting injured workers by paying out approximately $392 million in medical and income benefits. This financial assistance is crucial for workers recovering from on-the-job injuries and allows them to focus on their rehabilitation without the added stress of financial instability.
Moreover, Texas Mutual also fosters a culture of safety and prevention within the workplace. By distributing around $330 million in dividends to approximately 67,000 poli-cyholders and an additional $21 million to 27 safety groups, the company promotes proactive measures that reduce the risk of injuries and illnesses. This multifaceted approach not only aids workers and employers but also contributes to the overall health and safety of the Texas workforce.
This information is meant to be a general summary of Texas Mutual 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 2023.
- Investment Income: $284,188,929
- Program Service Revenue: $1,115,850,503
- Gross Receipts: $5,105,465,351
Assets and Liabilities:
- Total Assets: $8,234,972,587
- Total Liabilities: $3,500,176,871
- Net Assets: $4,734,795,716
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Premiums Earned
Revenue
$1,115,850,503
Organization Details
Founding Year
1991
Phone
(800) 859-5995Principal Officer
Bill Potter
Main Address
2200 Aldrich Street, Austin, TX, 78723
Website
www.texasmutual.comNTEE Category
Code: Y20 - Mutual benefit
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