Food Industry Self Insurance Fund

What Food Industry Self Insurance Fund does

Food Industry Self Insurance Fund of New Mexico (FISIF) is a not-for-profit, member-owned self-insurance fund that provides statutory workers' compensation coverage exclusively to food industry businesses in New Mexico. Founded in 1989 through a joint initiative of the New Mexico Restaurant Association (NMRA) and the New Mexico Grocers Association (NMGA), FISIF enables eligible restaurant, grocery, and (since the 2016 New Mexico Supreme Court ruling) agricultural employer members to pool their workers' compensation risk as an alternative to commercial insurance carriers. Membership is gated by association affiliation, and the fund is governed by a Board of Trustees composed of four restaurateurs and four grocers. As of the most recent disclosure, FISIF covers 450+ member businesses operating 1,200+ locations statewide, protecting approximately 35,000 New Mexico employees and more than $500 million in covered payroll, making it the second largest self-insurance fund in the state.

The core product is workers' compensation coverage delivered through a dedicated technology stack that includes a web-based member portal for claims filing, account management, loss reporting, and certificate of insurance requests; an agent services platform for quote submission, premium estimation, and commission reporting; and a PCI Level 1 compliant online payment portal supporting ACH and credit card transactions. The fund has operated in-house claims administration with food-industry-specialized adjusters since 1996, and its wholly owned subsidiary Adjusting Alternatives, LLC extends this claims capability into third-party administration services for other carriers and self-insured entities. Coverage is distributed exclusively through a network of 40+ licensed insurance agents and brokers across New Mexico, including Hub International, Arthur J. Gallagher, Brown & Brown, and several local agencies.

FISIF's business model is membership-based and not-for-profit: members pay annual premiums calibrated to estimated payroll, class codes, and 3-5 years of loss history, and surplus premiums remaining after claims payments and administrative expenses are returned to members as lower rates, discounts, and Surplus Funds Distributions as determined by the Board of Trustees. To date, the fund has returned over $23.2 million in cumulative Surplus Funds Distributions to members. Pricing is per-member and annual, with no interest charges on premium payment plans. The organization maintains a small administrative staff (11-50 employees) and is headquartered in Albuquerque, New Mexico.

Name

Food Industry Self Insurance Fund

Legal name

Food Industry Self Insurance Fund of New Mexico

Website

https://fisif.ssl.teamweb.us

Company type

Private

Founded year

1989

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Workers' Compensation Insurance

NAICS

Other Insurance Funds (525190), Other Insurance Funds (52519), Insurance Carriers and Related Activities (524)

SIC

Insurance Carriers, Nec (6399)

akta.pro primary industry

Self-Insured Workers’ Compensation Programs (FSAJAEAD)

Keywords

• Workers compensation insurance
• Self insurance fund
• Food industry insurance
• Restaurant insurance coverage
• Grocery workers compensation

Headquarters

HQ city

Albuquerque

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Workers' Compensation Premiums: Members pay insurance premiums to the fund instead of commercial carriers. Premiums fund claims payments and administrative expenses. As a not-for-profit entity, surplus premiums may be returned to members through lower rates, discounts, and Surplus Funds Distribution.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Food Industry Self Insurance Fund (FISIF) is a member-owned, not-for-profit self-insurance fund that provides statutory workers' compensation coverage exclusively to New Mexico food industry businesses (restaurants and grocers) that are members of the New Mexico Restaurant Association or New Mexico Grocers Association. Member businesses pay premiums to the Fund instead of a commercial carrier, and surplus premiums over claims and administrative expenses may be returned as lower rates, discounts, or Surplus Funds Distribution.

Product overview

FISIF operates as a not-for-profit, member-owned self-insurance fund providing statutory workers' compensation coverage exclusively to New Mexico food industry businesses (restaurants and grocers). The core product is workers' compensation coverage delivered through a member-owned alternative to commercial insurance. Members access services via an online member portal for claims filing, payment history, and forms, while agents use a separate platform for quote submission and commission management. The fund also offers an online payment portal, loss prevention services, and safety resources. Because FISIF is not-for-profit, surplus premiums after claims and administrative expenses are returned to members as lower rates, discounts, and Surplus Funds Distributions as determined by the Board of Trustees.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• $23.2 million returned to members in Surplus Funds Distribution
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered core and minor.

• New Mexico Restaurant Association (NMRA)coreStrategic or Co-development PartnerNMRA is a founding partner of FISIF. The association's members are eligible for workers' compensation coverage through the fund. FISIF CEO Carol Wight serves on the FISIF Board of Trustees. The fund was created to serve restaurant industry workers' compensation needs.
• New Mexico Grocers Association (NMGA)coreStrategic or Co-development PartnerNMGA is a founding partner of FISIF. The association's members are eligible for workers' compensation coverage through the fund. NMGA Executive Director Henry Sandoval serves on the FISIF Board of Trustees. The fund was created to serve grocers' workers' compensation needs.
• Adjusting Alternatives, LLCcoreStrategic or Co-development PartnerFISIF's wholly owned subsidiary providing workers' compensation claims and administration services for other insurance carriers and self-insured entities. This entity was developed from FISIF's in-house claims expertise and now generates revenue through third-party administration services.
• New Mexico Workers' Compensation AdministrationminorOthersFISIF works with the state workers' compensation administration for compliance, poster requirements, and regulatory updates affecting New Mexico employers.

Scale indicators6 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• AmTrust Financial Services: Specialty P&C carrier with material workers' comp exposure, including small-business and association-program distribution similar to FISIF's agent-driven model.
• Chubb Limited: Global P&C insurer that writes workers' comp in New Mexico among many other lines. Represents the broad incumbent category that FISIF undercuts on price via its not-for-profit, single-purpose structure.
• The Hartford Financial Services Group: Large national P&C and workers' comp carrier that competes in the same New Mexico WC market as FISIF, though as part of a much broader product portfolio rather than a specialized, member-owned fund.

Direct peers

• MEMIC (Maine Employers' Mutual Insurance Company): Northeast-focused mutual workers' comp carrier structured similarly to FISIF — policyholder-owned, specializing in WC for employer groups with industry-aligned service and underwriting.
• Texas Mutual Insurance Company: State-created, policyholder-owned workers' compensation mutual providing WC coverage to Texas employers — analogous to FISIF in its mutual/member-owned structure and industry-specialized carrier model.
• Employers Holdings, Inc. Public specialty workers' comp insurer (formerly EIIA) focused on small business WC. Operates a model parallel to FISIF (specialized WC for defined employer segments) and represents a scaled, public-market comparable.
• Zenith Insurance Company: Workers' compensation specialty carrier focused on underwriting mid-market and complex WC risks. Competes with FISIF in adjacent employer segments and represents a scalable analog of a specialized WC underwriter.
• New Mexico Mutual: New Mexico's largest workers' compensation carrier, providing similar statutory WC coverage to New Mexico employers and competing head-on with FISIF for the same geographic employer base.
• AF Group / Accident Fund Holdings: Workers' comp specialty carrier group that writes coverage for trade and industry association members, mirroring FISIF's association-anchored distribution through NMRA and NMGA.

Regional players

• State Compensation Insurance Fund (California): California's state-run workers' comp fund offering WC coverage to employers in that state. Operates the same self-funded/carrier model as FISIF but at much larger scale and in a different geography.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/food-industry-self-insurance-fund-llc

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Food Industry Self Insurance Fund