FOR IMMEDIATE RELEASE
February 20, 2012
ABA Media Contact: John Hall
(202) 663-5473
E-mail: jhall@aba.com
Follow us on Twitter: @ABABankingNews
Total Distribution Tops $76.8 Million Since 1991
WASHINGTON– The American Bankers Association has announced that the
reinsurer of its sponsored insurance program, American Bankers Mutual Insurance, Ltd., will distribute $1.3 million to be shared by 1,009 ABA member banks insured through ABA Insurance Services.
American Bankers Mutual Insurance, Ltd. has declared $76.8 million in distributions to eligible member banks since 1991. Banks that are insured through the program and are also ABA members are automatically members of this company. The program offers directors & officers liability, financial institution bond, Internet banking liability, employment practices liability and other related insurance products to community banks. This month marks the 25th anniversary of when the program wrote its first policy. Today, there are more than 1,600 community banks insured in the program, making it one of the largest single providers of professional and management liability insurance in the community bank market.
"As our industry continues to be a positive driving force to our nation's economic recovery, it has never been more important that our members receive the peace of mind that comes from having a reliable and stable source of Bond and D&O protection," commented Frank Keating, ABA President and CEO. "ABA Insurance Services does just that, for 25 years now, and continues to be managed prudently and conservatively so that our members can have confidence that their program will continue to be available to them for many more years to come."
"This marks the 22ndconsecutive year that the reinsurance company has declared a distribution to our member banks," said John Manor, chairman of American Bankers Mutual Insurance Ltd. "That is a major achievement that is a source of pride for our company and a valuable benefit for ABA members."
About American Bankers Mutual Insurance, Ltd.
American Bankers Mutual Insurance, Ltd. is a bank-owned, mutual insurance company that reinsures policies written by ABA Insurance Services.
About ABA Insurance Services
Endorsed by the American Bankers Association through its subsidiary, Corporation for American Banking, ABA Insurance Services serves the banking industry by offering D&O, bond and related insurance to community banks across the country. This unique bank owned and directed insurance program has been a market leader for twenty-five years and is recognized by insurance and banking professionals as a secure, stable and affordable source of coverage. For more information about ABA Insurance Services, visit www.abais.com or call 800-274-5222.
About American Bankers Association
The American Bankers Association represents banks of all sizes and charters and is the voice for the nation's $13 trillion banking industry and its 2 million employees. The majority of ABA's members are banks with less than $165 million in assets. Learn more at www.aba.com.