Overview
What is Five Pointe Professional Liability Insurance Company Co Wilmington Trust?
Five Pointe Professional Liability Insurance Company Co Wilmington Trust is a non-profit sponsored captive insurance company based in Wilmington, Delaware. The organization, which has 369 employees, functions as a self-insurance vehicle for tax-exempt member hospitals and healthcare organizations by providing reinsurance through common ownership. This arrangement helps manage and fund professional liability risks, protecting these institutions from financial and legal liabilities. The company can establish and maintain separate protected cells, ensuring the assets and liabilities of each cell remain financially and legally distinct from others. Five Pointe insures the risks of its members according to membership agreements and segregates these risks into protected cells for separate accounting. The company's core activities, which consist of assets and liabilities not belonging to any specific protected cell, support and further the charitable purposes of its mainline hospital and related healthcare organization members.
Is Five Pointe Professional Liability Insurance Company Co Wilmington Trust legitimate?
Five Pointe Professional Liability Insurance Company Co Wilmington Trust is a legitimate nonprofit organization registered as a 501(c)(3) entity. Five Pointe Professional Liability Insurance Company Co Wilmington Trust 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.
Here are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of Five Pointe Professional Liability Insurance Company Co Wilmington Trust?
Five Pointe Professional Liability Insurance Company Co Wilmington Trust is a non-profit captive insurance company established to serve as a charitable entity for its member organizations. The corporation operates exclusively for the benefit of its members, which include mainline hospitals and related healthcare organizations described under IRC Section 501(C)(3). The company furthers the charitable purposes of its members by providing "self-insurance" professional liability coverage for specified hospitals and healthcare entities. By doing so, it plays an integral role in supporting these organizations in fulfilling their exempt purposes. The member hospitals include Riddle Memorial Hospital, Thomas Jefferson University Hospitals, and Magee Rehabilitation Hospital.
What is the revenue of Five Pointe Professional Liability Insurance Company Co Wilmington Trust?
Five Pointe Professional Liability Insurance Company Co Wilmington Trust's revenue in 2022 was $47,889,541.
Who are the executives of Five Pointe Professional Liability Insurance Company Co Wilmington Trust and what are their salaries?
- John J Lynch Iii (Director)
- Peter L Deangelis Jr (Director, Treasurer)
- Michael B Walsh (Director)
- Edmund D Pribitkin (Director)
- Michael J Buongiorno (Director, Chairman)
- Alfred C Salvato (Chief Investment Officer)
- Jonathan L Gleason (Director (Through 12/3/21))
- Brian T Corbett (Director, Secretary)
- Neil G Lubarsky (Former Director, Treasurer)
- Dianne P Salter (Director, President)
- Lisa Ramthun (Director)
- Kirk E Gorman (Director)
- Marcy Waterfall (Assistant Secretary (Through 4/15/22))
Where can I find the form 990 for Five Pointe Professional Liability Insurance Company Co Wilmington Trust?
The Five Pointe Professional Liability Insurance Company Co Wilmington Trust’s most recent form 990 was submitted in 2022 and can be accessed here
Mission Statement of Five Pointe Professional Liability Insurance Company Co Wilmington Trust
Five Pointe Professional Liability Insurance Company Co Wilmington Trust is a captive insurance company established to support the charitable purposes of its member organizations. This non-profit organization is operated exclusively for the benefit of its members, primarily charitable hospitals and related healthcare entities described under IRC Section 501(C)(3).
The mission of Five Pointe Professional Liability Insurance Company Co Wilmington Trust is to serve as an integral part of its members and further their exempt purposes. The company achieves this through the provision of self-insurance professional liability coverage for specific hospitals and healthcare entities. By doing so, it enables these organizations to effectively manage and mitigate potential risks associated with their professional services.
The members of Five Pointe Professional Liability Insurance Company Co Wilmington Trust include Main Line Hospitals, Inc., Riddle Memorial Hospital, Thomas Jefferson University Hospitals, Inc., and Magee Rehabilitation Hospital. This collaboration among leading healthcare organizations allows the company to strengthen their collective efforts in providing exceptional healthcare services and protecting their reputations. Together, they share the common goal of advancing the healthcare sector and ultimately improving patient care.
Impact
This information is meant to be a general summary of Five Pointe Professional Liability Insurance Company Co Wilmington Trust. Please take the time to review official sources before making any decisions based upon the content provided here.
Thursday, August 15, 2024
Five Pointe Professional Liability Insurance Company Co Wilmington Trust has a significant impact by providing essential reinsurance to Mountain Laurel Risk Retention Group, Inc. This support enables the provision of general liability and professional liability insurance to tax-exempt member hospitals and healthcare organizations. By functioning as a self-insurance vehicle for these entities, Five Pointe plays a vital role in managing and funding professional liability risks in the healthcare sector.
Moreover, as a sponsored captive insurance company, Five Pointe is structured to establish separate protected cells within the organization. This segregation of assets and liabilities ensures financial and legal protection for each cell, thereby safeguarding the interests of the member hospitals and healthcare organizations. The company's activities contribute directly to the charitable purposes and exempt missions of its members, which include prominent healthcare institutions like Main Line Hospitals, Inc., Riddle Memorial Hospital, Thomas Jefferson University Hospitals, Inc., and Magee Rehabilitation Hospital.
In essence, Five Pointe Professional Liability Insurance Company Co Wilmington Trust's operations not only enhance the risk management capabilities of its member organizations but also support the broader goal of providing quality healthcare services through effective self-insurance mechanisms.
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.
- Assets and Liabilities:
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PREMIUMS EARNED
Revenue
$38,154,841
Organization Details
Founding Year
2006
Phone
(802) 864-2037
Main Address
1105 N Market Street 1300, Wilmington, DE, 19899
NTEE Category
Code: Y20 - Mutual benefit
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