NEWS RELEASE 2007
ABA Media Contact: John Hall
(202) 663-5473
E-mail: jhall@aba.com

WASHINGTON, February 19 – The American Bankers Association today announced that the ABA-sponsored insurance program, underwritten by Progressive Casualty Insurance Co., has introduced a new privacy liability and expense coverage to address bankers' concerns regarding privacy and identity theft issues.

The new product covers banks' liability arising from unauthorized access to confidential customer data and also provides reimbursement for expenses incurred by banks when notifying customers, reissuing accounts and providing credit monitoring services to monitor potential fraud.

 "We're pleased to offer banks an insurance solution to their concerns regarding privacy and identity theft exposures," said Edward L. Yingling, ABA president and CEO. "This new coverage is yet another example of our program addressing community banks' needs in a comprehensive yet cost-effective manner."

The ABA-sponsored insurance program, which celebrates its 20-year anniversary this month, offers directors and officers' liability, financial institution bond, Internet banking liability, employment practices liability and other related insurance products for community banks.

The program will also deliver checks this month to 900 ABA member banks sharing $4.5 million in profits from the American Bankers Professional and Fidelity Insurance Company, the bank-owned, mutual insurance company that reinsures the program.

The American Bankers Association, on behalf of the more than two million men and women who work in the nation's banks, brings together all categories of banking institutions to best represent the interests of this rapidly changing industry.  Its membership-which includes community, regional and money center banks and holding companies, as well as savings associations, trust companies and savings banks-makes ABA the largest banking trade association in the country.  ABA can be found on the Internet at www.aba.com.

The American Bankers Professional and Fidelity Insurance Company is a bank-owned, mutual insurance company that reinsures coverages underwritten by the Progressive Casualty Insurance Company (Progressive) in Mayfield Village, Ohio.

Progressive has earned an "A+" (Superior) rating from A.M. Best Company and can be accessed by independent insurance agents.  An A+ rating by Best's reflects the strength of a company's balance sheet, operating performance and business profile. For more information call Judi Kovach at (800) 274-5222 or visit the Web site at www.banks.progressive.com.

# # #