SANTA CRUZ, Calif.--(BUSINESS WIRE)--Nonprofits Insurance Alliance (NIA) today announced that the Board of Directors of Nonprofits Insurance Alliance of California (NIAC), an insurer under the NIA brand, has approved a $3 million dividend for policyholders (members). Since 2007, NIAC has cumulatively returned $47.1 million in dividends to its members, all of whom are 501(c)(3) nonprofits.
“Even in the midst of a national health emergency, the Board declared a dividend due to strong financial performance,” says Tammy Wilson, Chair of the NIAC Board of Directors.
NIAC’s innovative dividend plan for its nonprofits members is based on individual member premiums paid during the dividend period, length of continuous coverage, and favorable claims experience.
“We’re delighted that we can pay our NIAC members a dividend for the 14th consecutive year,” says Pamela Davis, founder, President, and CEO of NIA. “It’s important to us to support the sustainability of the sector and its beneficiaries wherever we can.”
For over 30 years, NIA has provided specialized insurance coverages with stable pricing to 501(c)(3) organizations. NIA also supports the sector through comprehensive, award-winning risk management resources to help reduce claims, which can disrupt the critical services that nonprofits provide to their communities.
Founded in 1989 during an insurance crisis when many social service nonprofits saw cancellation and non-renewals from commercial insurers and were forced to suspend many social service programs, NIAC was the first organization under the NIA group brand and the first multi-line, nonprofit insurance carrier offering coverages exclusively to other 501(c)(3) organizations. Today NIA has 20,000+ members and continues to prove that nonprofits are neither too risky nor poorly-managed to insure. Dividends are just one way NIA continues to support nonprofits and their important work.
About Nonprofits Insurance Alliance
Nonprofits Insurance Alliance (NIA) is the nation’s leading property and casualty insurer exclusively serving nonprofit organizations. Founded in 1989 in Santa Cruz, CA, NIA is a social enterprise developing the long-term sustainability of the nonprofit sector. NIA has one of the best customer retention rates in the industry. NIA members enjoy specialized and stably-priced insurance, specialized insurance coverage, dividends, and innovate risk management and member services. The NIA group brand is comprised of Alliance Member Services (AMS) and three AM Best A VIII (Excellent) rated insurers: Nonprofits Insurance Alliance of California (NIAC), Alliance of Nonprofits for Insurance, RRG (ANI), and National Alliance of Nonprofits for Insurance (NANI). All organizations under the NIA brand are 501(c)(3) nonprofits. Learn more about Nonprofits Insurance Alliance at insurancefornonprofits.org/about.