Alliance of Nonprofits for Insurance, Risk Retention Group (ANI) is a member-governed 501(c)(3) charitable risk pool created and operated exclusively for the benefit of other 501(c)(3) tax-exempt nonprofits. Now more than 8,000 members strong, ANI holds an A (Excellent) VIII rating from A.M. Best.
ANI and its affiliate Nonprofits Insurance Alliance of California (NIAC) are examples of the power of nonprofits working together. In addition to offering stable and affordable liability coverage, specialized claims service, and a variety of resources to help members avoid accidents, ANI is delighted to be able to establish this Dividend Plan to reward member loyalty and commitment to loss control.
ANI’s financial results vary depending on the claims experience of its members. When ANI’s financial results are better than expected, we believe that it is in the best interests of our members to outline how we propose to share this success with them. However, ANI’s Board of Directors wants to make it very clear that we believe that it is also in the best interests of ANI and its members for ANI to be assigned an A (Excellent) VII rating from AM Best prior to declaring any dividends. This would require ANI to have at least $50 million in surplus. Consequently, ANI will not be in a position to declare a dividend for many years to come.
However, to let members know how such dividends will be calculated when ANI has reached a size when dividends may be declared, ANI has developed a Dividend Plan. A summary of the plan is provided below:
In any year that a Company-wide Dividend is declared by the ANI Board of Directors, members that qualify will receive a Member Dividend check within 30 days of their subsequent policy renewal with ANI. The amount of that check will vary depending on the premium size paid by a member, their claims experience, and the length of time they have been insured by ANI. Members begin accruing Loyalty Credits immediately. Loss Ratio Credits begin accruing after six years of continuous membership with ANI. Each member’s check will be a pro-rata portion of the Company-wide Dividend declared by the board of directors. A qualifying member is eligible for a dividend beginning the January 1 following three full policy years of continuous ANI membership.
For complete details about how each Dividend is calculated, including the timing of any payments, please review the full Dividend Plan linked below. Please refer any questions about this plan to Pamela Davis, 831-621-6018 or pdavis@insurancefornonprofits.org.
For complete details click here
For a brief Q & A of the plan click here