A consortium of prominent foundations collaborates in support of Nonprofits Insurance Alliance and the nonprofit sector it serves.
By Nonprofits Insurance Alliance
Nine prominent foundations have joined together to provide $25 million in support of Nonprofits Insurance Alliance (NIA), a nonprofit insurance cooperative that serves more than 25,000 nonprofits across the country. NIA is a 37-year-old group of nonprofit-governed insurers, built by nonprofits, that exists solely to provide the property and casualty insurance the nonprofit sector needs.
“We are pleased to join eight other foundations in committing funds to support Nonprofits Insurance Alliance,” said Shelley Trott, Rainin Foundation Executive Director. “NIA is an essential part of nonprofit infrastructure, helping organizations, including our grantees, access the coverage they need to keep serving their communities.”
This support recognizes NIA as an essential part of the nonprofit sector’s infrastructure at a time when insurance has become difficult for many organizations to secure and afford and will allow NIA to continue to be a buffer against unpredictable market changes in a period of rapid growth and change.
“Commercial insurers have a model that benefits from going in and out of markets to bolster profits and shed perceived risk,” said Pamela Davis, Founder, President and CEO of Nonprofits Insurance Alliance. “That works fine for them, but it does not work for nonprofits and their insurance brokers, who need to scramble when coverage is unexpectedly nonrenewed. Unlike commercial insurers, NIA is dedicated solely to the nonprofit sector.”
The foundations’ support helps to address these insurance market challenges and expands an essential source of insurance for nonprofits, now and into the future.
The nine foundations providing funds are the Robert Wood Johnson Foundation, the John D. and Catherine T. MacArthur Foundation, The California Endowment, The Kresge Foundation, the Surdna Foundation, the Soros Economic Development Fund, the Kenneth Rainin Foundation, the California Wellness Foundation and the Rockefeller Brothers Fund.
“We are grateful to these visionary foundations for recognizing that insurance access is essential to the nonprofit sector’s ability to serve communities,” Davis said. “Their support helps NIA address nonprofits’ growing need for stable, sector-focused coverage to support their community-based missions.”
Read the full press release and member stories from NIA.
