North Carolina Insurance
501(c)(6)
Strong reserves Growing revenue
North Carolina Insurance is a 501(c)(6) organization based in Raleigh, North Carolina, registered in 1971, with $570,779,362 in FY2024 revenue.
751 Corporate Center Dr Ste 200, Raleigh, NC, 27607 EIN 23-7102759 Since 1971
Revenue (FY2024)
$570.8M
▲ 27.7% vs prior year
Expenses (FY2024)
$316.8M
Net assets
$1.4B
Employees
0
CharityIndex rating
One independent A+ to F grade from four published criteria, each scored separately from IRS filings and combined by weight.
A
—Program efficiency40% of the ratingNo expense breakdown in filings
Measures how much of every dollar spent actually reaches programs, plus what it costs to raise $100 of donations. The worse of the two measures sets the letter (85%+ to programs is an A; under $15 to raise $100 is an A), averaged over the three most recent filings. Not scored for North Carolina Insurance— this filing type doesn't report it, and the rating simply skips it (never counts it against the organization). See the exact thresholds →
AFinancial health25% of the rating52 mo reserves · +44% margin
Measures whether the organization is built to last: how many months its reserves would cover expenses (3+ months earns an A-range score, but hoarding 5+ years of budget is capped) and whether it runs a surplus or a deficit. For North Carolina Insurance: 52 mo reserves · +44% margin earns a A on this criterion. See the exact thresholds →
AGovernance25% of the rating5 of 6 checks met
Checks how the organization is run, from its own Form 990: an independent board majority, a board of five or more, conflict-of-interest, whistleblower and document-retention policies, and independently audited financials. The share of disclosed checks that pass sets the letter. For North Carolina Insurance: 5 of 6 checks met earns a A on this criterion. See the exact thresholds →
ATransparency10% of the rating4 of 5 disclosure signals
Counts five disclosure signals: a recent filing, a mission statement, program descriptions, a listed website, and the full expense breakdown. More disclosure, better letter. For North Carolina Insurance: 4 of 5 disclosure signals earns a A on this criterion. See the exact thresholds →
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Mission
In 1969, the north carolina general assembly established the association as a market of last resort to provide property insurance in the beach and coastal areas of north carolina for individuals and businesses who are unable to buy it in the standard insurance market. all property and casualty insurance companies doing business in north carolina are required by statute to participate in funding the operations of the association, and they share in its losses on pro rata basis. the association is not an agency of the state government, but its regulated by the north carolina commissioner of insurance.
Contact & location
- Address
- 751 Corporate Center Dr Ste 200, Raleigh, NC, 27607
- City
- Raleigh
- State
- North Carolina
- Category
- —
- Subcategory
- —
- Phone
- …
- Website
- …
Financial trends
Revenue grew from $197.4M (FY2013) to $570.8M (FY2024) across 12 reported years.
Financial snapshot
Financial health & position (FY2024)
Liabilities $463.7MNet assets $1.4B
Operating margin
44.5%
Revenue exceeded expenses in the latest fiscal year.
Total assets
$1.8B
Total liabilities
$463.7M
Net assets
$1.4B
Salaries & benefits
$10.5M
3% of expenses
Board members
14
12 independent
Financials by year
| Fiscal year | Revenue | Expenses | Net assets | Total assets | Form |
|---|---|---|---|---|---|
| 2024 | $570,779,362▲27.7% | $316,794,661▲29.6% | $1,370,958,801▲22.5% | $1,834,664,043▲21.0% | 990 |
| 2023 | $446,830,243▲24.9% | $244,465,418▲32.3% | $1,119,270,786▲21.8% | $1,516,384,288▲22.2% | 990 |
| 2022 | $357,797,739▲13.9% | $184,740,119▲12.2% | $918,914,104▲23.9% | $1,241,045,262▲20.8% | 990 |
| 2021 | $314,057,800▲12.6% | $164,666,796▼18.7% | $741,540,658▲25.6% | $1,027,510,560▲17.0% | 990 |
| 2020 | $279,001,377▼0.9% | $202,513,546▼44.9% | $590,617,742▲14.8% | $878,002,625▲3.2% | 990 |
| 2019 | $281,482,867▼19.5% | $367,397,328▼72.0% | $514,656,476▼14.4% | $851,036,289▼20.1% | 990 |
| 2018 | $349,643,486▲3.7% | $1,312,128,310▲1346% | $601,535,098▼61.0% | $1,064,688,165▼39.2% | 990 |
| 2017 | $337,063,764▲8.1% | $90,730,088▼45.4% | $1,543,126,366▲18.3% | $1,751,460,368▲13.5% | 990 |
| 2016 | $311,782,864▲8.4% | $166,051,229▲75.3% | $1,304,864,519▲12.1% | $1,543,383,621▲11.5% | 990 |
| 2015 | $287,644,574▲13.5% | $94,743,293▼18.2% | $1,164,180,092▲19.1% | $1,384,678,526▲14.4% | 990 |
| 2014 | $253,399,904▲28.4% | $115,842,640▲26.1% | $977,211,165▲16.1% | $1,210,197,349▲13.6% | 990 |
| 2013 | $197,422,735 | $91,870,202▲81.8% | $841,454,384▲18.0% | $1,065,562,770▲9.7% | 990 |
| 2011 | — | $50,534,712▼78.2% | $713,054,021▲12.8% | $971,253,201▲3.6% | 990 |
| 2010 | — | $232,321,741▲248% | $632,009,952▼12.0% | $937,732,952▲3.3% | 990 |
| 2009 | — | $66,759,659 | $718,507,846 | $907,641,641 | 990 |
Original Form 990 PDFs (the Form column) are served by ProPublica Nonprofit Explorer, as filed with the IRS. Create a free account to download the CSV report.
Leadership & compensation (FY2024)
| Name | Title | Hours/week | Compensation |
|---|---|---|---|
| Alex Garate | Board Member | 1 | — |
| Allen Houck | Chair | 1 | — |
| Alvin Ashworth | Chief Operating Officer | 18.75 | — |
| Becky Pollard | Board Member | 1 | — |
| Bill Long | Board Member | 1 | — |
| Charles Wigley | Claims Manager | 18.75 | — |
| Charlotte Hicks | Board Member | 1 | — |
| Chris Frisbie | Board Member (to Jan '24) | 1 | — |
| Dianne Hardy | Chief Executive Officer | 18.75 | — |
| Donald Hornstein | Board Member | 1 | — |
| Eric Hammons | Vice Chair | 1 | — |
| Eric Vaith | Board Member (to Nov '24) | 1 | — |
| Franklin Rouse | Board Member | 1 | — |
| Jerry Achatz | Board Member (from Nov '24) | 1 | — |
| John Miletti | Board Member | 1 | — |
| Mick Quinlan | Director of It | 18.75 | — |
| Nicole Pepicello | Claims Manager | 18.75 | — |
| Robert Eades | Chief Claims Officer | 18.75 | — |
| Rod Evans | Board Member | 1 | — |
| Sarah Maestre | Board Member (from Jan '24) | 1 | — |
Top vendors & contractors (FY2024)
| Contractor | Services | Paid |
|---|---|---|
| Usaa Insurance Agency Inc | Producer Commission | $6,938,191 |
| Towne Insurance Agency LLC | Producer Commission | $2,522,015 |
| Harold W Wells & Son Inc | Producer Commission | $1,698,254 |
| The Huneycutt Group DBA Obxseaside Insu | Producer Commission | $1,688,254 |
| Mcgriff Insurance Services | Producer Commission | $1,661,024 |
Frequently asked questions
- Is North Carolina Insurance a legitimate nonprofit?
- Yes. North Carolina Insurance is a 501(c)(6) organization registered with the U.S. Internal Revenue Service under EIN 23-7102759, based in Raleigh, North Carolina.
- What is North Carolina Insurance's EIN?
- North Carolina Insurance's Employer Identification Number (EIN) is 23-7102759.
- How much revenue does North Carolina Insurance report?
- North Carolina Insurance reported $570,779,362 in total revenue on its fiscal year 2024 IRS Form 990 filing.
- How much does North Carolina Insurance's highest-paid employee make?
- The highest reported compensation on North Carolina Insurance's latest Form 990 is $0, paid to Alex Garate (Board Member).
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Data for North Carolina Insurance (EIN 23-7102759) comes from the IRS Business Master File and e-filed Form 990 returns, via CharityIndex. Figures reflect what the organization reported to the IRS for each fiscal year.