Cause IQ organization profile

Guaranty Association Benefits Company (GABC)

Program areas | Form 990s | Financials | Vendors | Personnel | Peers

GABC is a insurance company based in Washington, DC that was founded in 2011. As of 2019 they had $61 million in revenue and $1.5 billion in assets.

The GABC is the company formed by state life and health insurance guaranty associations to pay benefits to former payees and certificate holders of Executive Life Insurance Company of New York (ELNY), in liquidation.

EIN:
45-3635388
City:
State:
Metro:
Website:
Phone:
800-421-8850
Founded:
2011
Type:
501(c)(6)
NTEE:
Revenue:
$61,227,282
Assets:
$1,504,883,273
Employees:
0
Fiscal year end:
December
Revenue trends:
Asset trends:

Program areas at GABC

The Organization operates to protect, in accordance with a court-approved liquidation plan, individuals relying upon annuities issued by insolvent Executive Life Insurance Company of New York ("ELNY"), in furtherance of the common interests of the state guaranty associations and their members. The Organization's obligations commenced on August 8, 2013, when the order of liquidation against ELNY became effective. The organization met its obligations in 2018 by providing annuity benefit payments in the amounts set forth above.

Form 990s for GABC

Fiscal year endingDate received by IRSFormPDF link
2018-12Sep 20, 2019990View PDF
2017-12Oct 16, 2018990View PDF
2016-12Oct 20, 2017990OView PDF
2015-12Dec 9, 2016990OView PDF
2014-12Sep 17, 2015990OView PDF
...and one more Form 990 PDF

Financials for GABC

Field2018
Total grants, contributions, etc.$0
Program services$0
Investment income and dividends$61,210,987
Tax-exempt bond proceeds$0
Royalty revenue$0
Net rental income$0
Net gain from sale of non-inventory assets$0
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous revenues$16,295
Total revenues$61,227,282

Vendors for GABC

VendorServicesAmount paidDate
Microsoft ServicesSoftware2020-04-23
██████Fundraising software2020-04-10
███████ ███ ████Fundraising software; Payment processing2020-04-10
███████████ ███Tax accounting2019-07-26
██████ █████ ███████ ███Legal Services$755,5852018-12-01
█████ ███████ ██████ ██████████ ██████Investment Management$1,626,7602018-12-01
█████ █ ██████VP of Operations$378,1202018-12-01
████ ██████████ ████████Investment Advisors$1,010,1322018-12-01
...and one more vendors

Personnel at GABC

NameTitleCompensationMost recent data
Lynda G LoomisVice President Operations / Vice Pres Operations$378,120Sept. 20, 2019
Peter G GallanisDirector , President$84,221Dec. 31, 2018
████ █ ██████████Director , Chairman , Secretary$0Dec. 31, 2018
███████ ████████Treasurer$0Dec. 31, 2018
████ █ ███████Treasurer Effective 12 and 31 and 2018$0Dec. 31, 2018
████ █ ████Former Vice President Operations$278,045Dec. 31, 2016

Peer insurance providers

 NameTypeRevenueLocation
1Georgia Insurers Insolvency Pool501(c)(6)$17 millionDuluth, GA
2Wisconsin Workers Compensation Insurance Pool (WCRB)501(c)(6)$102 millionWaukesha, WI
3Virginia Life Accident & Sickness Insurance Guaranty Association501(c)(6)$43 millionHenrico, VA
4Mississippi Insurance Guaranty Association501(c)(6)$19 millionRidgeland, MS
5Connecticut Insurance Guaranty Association (CIGA)501(c)(6)$15 millionBoston, MA
6Texas Life and Health Insurance Guaranty Association501(c)(6)$139 millionAustin, TX
7Fiat Lux Risk and Insurance Company501(c)(3)$250 millionWashington, DC
8New Jersey Life and Health Insurance Guaranty Association (NJLHIGA)501(c)(6)$155 millionRed Bank, NJ
9North Carolina Life and Health Insurance Guaranty Association501(c)(6)$100 millionRaleigh, NC
10Life and Health Insurance Guaranty Corporation501(c)(6)$30 millionAberdeen, MD
11Iowa Life and Health Insurance Guaranty Association501(c)(6)$18 millionDes Moines, IA
12Providers Insurance Corporation501(c)(3)$17 millionHonolulu, HI
13Non Profits United Workers Compensation501(c)(3)$25 millionSacramento, CA
14Nonprofit Insurance Trust501(c)(3)$15 millionLakeville, MN
15RVC Insurance Company501(c)(3)$25 millionRockville Ctr, NY
16Hills Insurance Company501(c)(3)$20 millionMishawaka, IN
17United Church Insurance Company501(c)(3)$24 millionCleveland, OH
18College Insurance Company501(c)(3)$22 millionColchester, VT
19Tuscarora Intermediate Unit Capital Insurance Trust (TIUCIT)501(c)(4)$19 millionBellefonte, PA
20Five Pointe Professional Liability Insurance Company501(c)(3)$39 millionWilmington, DE
21Alliance of Nonprofits for Insurance Risk Retention Group501(c)(3)$36 millionSanta Cruz, CA
22Comprehensive Health Insurance Association501(c)(26)$75 millionGreat Bend, KS
23Container Royalty Fund501(c)(6)$84 millionJersey City, NJ
24Med- Project501(c)(6)$17 millionWashington, DC
25Certified Automotive Parts Association (CAPA)501(c)(6)$15 millionWashington, DC