Executive Compensation at the National Insurance Crime Bureau
The National Insurance Crime Bureau (NICB) is a tax-exempt, non-profit trade organization (for the insurance industry) based in Des Plaines, Illinois (although there are also seven regional offices throughout the US) . A 501 (c) 4, NICB was established to address insurance fraud and consequently works closely with law enforcement agencies.
NICB has 14 members in its governing body, all of whom are independent. However, due to timing differences, 19 members of the governing body are listed on the Form 990, 15 (79%) of whom are male while 4 (21%) are female.
In 2018, NICB reported total revenue of $64 million annually which primarily came from membership dues ($51 million) and member assessments ($8 million). Expenses totaled $61 million with the three largest expenses being compensation ($41 million), office-related expenses ($8 million), and geospatial imagery ($7 million). Net assets at year-end were $24 million. It is interesting to note the largest liability on NICB’s balance sheet is $19 million in post-retirement benefits for employees and former employees.
434 employees received $41 million in compensation in 2018, which equates to an average compensation of $95,000. 40 employees received more than $100,000 in compensation with the 16 most highly compensated reported to be:
- $718,298: Joseph Wehrle, CEO
- $356,531: James Schweitzer, COO
- $349,179: James Hertz, Associate General Counsel*
- $343,473: Daniel Abbott, CIO
- $334,761: Robert Jachnicki, CFO/Treasurer*
- $305,836: Andrew Sosnowski, General Counsel/Secretary*
- $239,332: Brian Smidt, VP, Data Analytics
- $236,537: Roger Morris, VP, Communications
- $225,695: Barbara Low, VP, HR
- $214,636: Karen Graczyk, VP, ITD
- $213,262: George Worsham, VP, Membership
- $208,945: Thomas Welsh, Training Director*
- $205,542: Alan Haskins, VP, Gov’t Affairs
- $180,423: Frederick Lohmann, Director, Field Operations
- $176,043: Robert Jones, Director, Field Operations
- $168,555: Dana MacDonald, Director, Field Operations
A “*” indicates a small portion of the compensation was from a related/affiliated organization (appear to be the National Insurance Crime Training Academy).
The 16 most highly compensated employees received more than $4 million in compensation. 13 of the 16 (81%) most highly compensated employees are male while 3 (19%) are female.
1 independent contractor received more than $100,000 in compensation: $320,000: Ryan C Bank, of Chicago, IL for “GEOSP Intel Consg.”
To read the IRS Form 990 (2018), click here.