Civic Intelligence

Third Coast Reinsurance LLC

990 • Fiscal year 2022 • EIN 47-3260067

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 15, 2023

109 Northpark Blvd Ste 300Covington, LA 70433

(985) 898-2022

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

60th percentile

0.06x

Higher debt load relative to assets than 60% of similar nonprofits.

2022 filings • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

79th percentile

0.36x

Higher debt load relative to revenue than 79% of similar nonprofits.

2022 filings • $1M-$5M nonprofits • Source year 2022

Net Margin

97th percentile

99%

Higher net margin than 97% of similar nonprofits.

2022 filings • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

46th percentile

$0

Higher top officer pay than 46% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2022 filings • $1M-$5M nonprofits • Source year 2022

Asset Growth

22nd percentile

-8.3%

Faster asset growth than 22% of similar nonprofits.

2022 filings • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

65th percentile

15%

Faster revenue growth than 65% of similar nonprofits.

2022 filings • $1M-$5M nonprofits • Annualized from 2021 to 2022

Assets

Down

$2,415,208

Down $219,709 (-8.3%) from 2021

Net Assets

Up

$2,261,758

Up $305,513 (+16%) from 2021

Liabilities

Down

$153,450

Down $525,222 (-77%) from 2021

Revenue

Up

$431,222

Up $57,039 (+15%) from 2021

Expenses

Down

$3,490

Down $738,886 (-100%) from 2021

Net Income

Up

$427,732

Up $795,925 (+216%) from 2021

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$3.0M$2.0M$1.0M$0Assets 2020: $2,383,365Liabilities 2020: $116,064Net Assets 2020: $2,267,3012020Assets 2021: $2,634,917Liabilities 2021: $678,672Net Assets 2021: $1,956,2452021Assets 2022: $2,415,208Liabilities 2022: $153,450Net Assets 2022: $2,261,7582022Assets 2023: $0Liabilities 2023: $0Net Assets 2023: $02023

Highlighted filing

2022

Assets$2,415,208
Liabilities$153,450
Net Assets$2,261,758

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.0M$500K$0-$500KRevenue 2020: $0Expenses 2020: $0Net Income 2020: $02020Revenue 2021: $374,183Expenses 2021: $742,376Net Income 2021: -$368,1932021Revenue 2022: $431,222Expenses 2022: $3,490Net Income 2022: $427,7322022Revenue 2023: $136,535Expenses 2023: $72,224Net Income 2023: $64,3112023

Highlighted filing

2022

Revenue$431,222
Expenses$3,490
Net Income$427,732
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 15, 2023
Return Version
2022v5.0
Gross Receipts
$431,222
Mission and Program 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 unavailable affordable coverage.

To provide an optimal approach to shifting away from commercially purchased coverage until over time, the captive can provide a greater resource for property coverage

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$2,279,071$2,103,932▼ $175,139
Rtn Earn Endowment Incm Other Fnds$1,456,245$1,761,758▲ $305,513
Cap Stk Tr Prin Current Funds$500,000$500,000→ $0
Cash and Non-Interest-Bearing Accounts$345,589$305,885▼ $39,704
Savings and Temporary Cash Investments$0$0→ $0
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$2,634,917$2,415,208▼ $219,709
Other Assets Total$10,257$5,391▼ $4,866
Liabilities
Other Liabilities$676,958$131,382▼ $545,576
Accounts Payable and Accrued Expenses$1,714$22,068▲ $20,354
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$678,672$153,450▼ $525,222
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,956,245$2,261,758▲ $305,513
Total Liabilities and Net Assets / Fund Balance$2,634,917$2,415,208▼ $219,709
Compensation and Service Providers

Board Members and Trustees

NameTitle
Marty MayerPresident
Jared LauderdaleBoard Member
Jimmy MaurinBoard Member
Michael LebovitzBoard Member
Stephen SongyBoard Member
Trent SandahlBoard Member
Patrick MalikSecretary
Grady BrameTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$399,553
Investment Income
$31,669
Other Revenue
$0
Change in Net Assets
$427,732
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,490
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other-$35,000-$35,000
Fees for Service Investment Mgmnt Fees-$19,831-$19,831
Fees for Services Management-$17,199-$17,199
Fees for Services Accounting-$15,150-$15,150
Fees for Services Legal-$2,854-$2,854
Depreciation Depletion-$2,491-$2,491
Other Expenses$-95,808$515-$515
All Other Expenses-$8-$8
Total Functional Expenses$-95,808$99,298$0$3,490
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Unearned Premium Reserve$131,382
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
Yes

Governance Explanations

FORM 990, PART VI, SECTION A, LINE 3:

Management dutries are delegated to somers risk consulting, llc.

FORM 990, PART VI, SECTION A, LINE 6:

The organization has stockholders.

FORM 990, PART VI, SECTION A, LINE 7A:

Stockholders and members can elect board members.

FORM 990, PART VI, SECTION A, 7B:

Governing decisions are subject to approval by members and stockholders.

FORM 990, PART VI, SECTION B, LINE 11B:

The 990 will be reviewed by the board of directors prior to filing.

Form 990. Part VI. Section B, Line 12C

The organization regularly monitors compliance with the conflict of interest policy.

FORM 990, PART VI, SECTION C, LINE 18:

AVAILABLE UPON REQUEST.

FORM 990, PART VI, SECTION C, LINE 19:

AVAILABLE UPON REQUEST.

Filing and Contact Details

Filer

Filer Name
Third Coast Reinsurance LLC
EIN
47-3260067
In Care Of
% STIRLING PROPERTIES LLC
Phone
9858982022
Address
109 NORTHPARK BLVD STE 300, Covington, LA 70433

Signing Officer

Name
Grady Brame
Title
Treasurer
Phone
9858982022
Signed
2023-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Grady Brame
Formed
2014
Legal Domicile
Tn
Voting Board Members
8
Independent Board Members
8
Employees
0
Volunteers
8

Preparer

Firm
Armanino Llp
Address
6 CITYPLACE DRIVE SUITE 900, ST LOUIS, MO 63141
Preparer
Alan J Fine
Phone
3149831200
Supplemental Narrative

Additional Explanations

FORM 990, PART I, LINE 1, DESCIPTION OF ORGANIZATION MISSION:

Provide an optimal approach to shifting away from commercially purchased 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 unavailable affordable coverage.

FORM 990. PART III, LINE 1, DESCRIPTION OF ORGANIZATION MISSION:

Provide an optimal approach to shifting away from commercially purchased 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 unavailable affordable coverage.

FORM 990, PART XI, LINE 9, CHANGE IN NET ASSETS:

Book/tax difference of amortization expense: 2491

FORM 990, PART XII, LINE 2C:

The process has not changed from prior years.

Form 990 Part IX Line 11G

Description:captive management fees total fees:35000

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IRS990/OtherExpensesGrp/Desc1PREMIUM TAXES
IRS990/OtherExpensesGrp/Desc2FRANCHISE & EXCISE TAXES
IRS990/OtherExpensesGrp/Desc3ANNUAL DOMICILE FEE
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt05000
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt11250
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt2515
IRS990/OtherExpensesGrp/ProgramServicesAmt0-95808
IRS990/OtherExpensesGrp/TotalAmt0-95808
IRS990/OtherExpensesGrp/TotalAmt15000
IRS990/OtherExpensesGrp/TotalAmt21250
IRS990/OtherExpensesGrp/TotalAmt3515
IRS990/OtherInd0X
IRS990/OtherLiabilitiesGrp/BOYAmt0676958
IRS990/OtherLiabilitiesGrp/EOYAmt0131382
IRS990/OtherRevenueTotalAmt00
IRS990/OtherSalariesAndWagesGrp/TotalAmt00
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt00
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayrollTaxesGrp/TotalAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt00
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt00
IRS990/PrincipalOfficerNm0GRADY BRAME
IRS990/PriorPeriodAdjustmentsAmt0-9
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0531390
IRS990/ProgramServiceRevenueGrp/Desc0NET PREMIUMS EARNED
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0399553
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0399553
IRS990/ProgSrvcAccomActy2Grp/Desc0IN REGARD TO RECOVERY EFFOTS, THIRD COAST COVERAGE SUPPORTS OUR ABILITY TO QUICKLY RESTORE PROPERTIES WITH DAMAGE TO PERMIT COMMERICAL ACTIVITES TO RESUME QUICKLY AND RESUME EMPLOYMENT FOR TENANT BUSINESSES. WHILE MINIMIZING DONWTIMINE FOR LOCAL EMPLOYERS.
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt058666
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt0742376
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt0315517
IRS990/PYRevenuesLessExpensesAmt0-368193
IRS990/PYSalariesCompEmpBnftPaidAmt00
IRS990/PYTotalExpensesAmt0742376
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0374183
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvblFromDisqualifiedPrsnGrp/BOYAmt00
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/BOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0427732
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RentalIncomeOrLossGrp/PersonalAmt00
IRS990/RentalIncomeOrLossGrp/RealAmt00
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0false
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt01456245
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt01761758
IRS990/SavingsAndTempCashInvstGrp/BOYAmt00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/FederalIncomeTaxLiabilityAmt00
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0131382
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0UNEARNED PREMIUM RESERVE
IRS990ScheduleD/TotalLiabilityAmt0131382
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0PROVIDE AN OPTIMAL APPROACH TO SHIFTING AWAY FROM COMMERCIALLY PURCHASED 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 UNAVAILABLE AFFORDABLE COVERAGE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1PROVIDE AN OPTIMAL APPROACH TO SHIFTING AWAY FROM COMMERCIALLY PURCHASED 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 UNAVAILABLE AFFORDABLE COVERAGE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2MANAGEMENT DUTRIES ARE DELEGATED TO SOMERS RISK CONSULTING, LLC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION HAS STOCKHOLDERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4STOCKHOLDERS AND MEMBERS CAN ELECT BOARD MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5GOVERNING DECISIONS ARE SUBJECT TO APPROVAL BY MEMBERS AND STOCKHOLDERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE 990 WILL BE REVIEWED BY THE BOARD OF DIRECTORS PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7THE ORGANIZATION REGULARLY MONITORS COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt10BOOK/TAX DIFFERENCE OF AMORTIZATION EXPENSE: 2491
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt11THE PROCESS HAS NOT CHANGED FROM PRIOR YEARS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt12DESCRIPTION:CAPTIVE MANAGEMENT FEES TOTAL FEES:35000
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART I, LINE 1, DESCIPTION OF ORGANIZATION MISSION:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990. PART III, LINE 1, DESCRIPTION OF ORGANIZATION MISSION:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION A, LINE 3:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION A, LINE 6:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION A, LINE 7A:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION A, 7B:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART VI, SECTION B, LINE 11B:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990. PART VI. SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990, PART VI, SECTION C, LINE 18:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc9FORM 990, PART VI, SECTION C, LINE 19:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc10FORM 990, PART XI, LINE 9, CHANGE IN NET ASSETS:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc11FORM 990, PART XII, LINE 2C:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc12FORM 990 PART IX LINE 11G
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondLiabilitiesGrp/BOYAmt00
IRS990/TaxExemptBondLiabilitiesGrp/EOYAmt00
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt02634917
IRS990/TotalAssetsEOYAmt02415208
IRS990/TotalAssetsGrp/BOYAmt02634917
IRS990/TotalAssetsGrp/EOYAmt02415208
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt099298
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0-95808
IRS990/TotalFunctionalExpensesGrp/TotalAmt03490
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0678672
IRS990/TotalLiabilitiesEOYAmt0153450
IRS990/TotalLiabilitiesGrp/BOYAmt0678672
IRS990/TotalLiabilitiesGrp/EOYAmt0153450
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01956245
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt02261758
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceRevenueAmt0399553
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0431222
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0431222
IRS990/TotalVolunteersCnt08
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt02634917
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt02415208
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/TotalAmt00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt00
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0109 NORTHPARK BLVD STE 300
IRS990/USAddress/CityNm0Covington
IRS990/USAddress/StateAbbreviationCd0LA
IRS990/USAddress/ZIPCd070433

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