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NEWS RELEASE
Jan. 7, 2009
ABA Media Contact: John Hall
(202) 663-5473
E-mail: jhall@aba.com
ABA INSURANCE PROGRAM DISTRIBUTES $4 MILLION TO ABA MEMBER BANKS
Total Distribution Tops $67.5 Million Since 1991
WASHINGTON – The American Bankers Association today announced that the American Bankers Professional and Fidelity Insurance Company will distribute $4 million in underwriting profits to insured member banks. ABPFIC, the mutual reinsurer for the ABA-sponsored insurance program, has declared $67.5 million in profit distributions to participants since 1991.
The program – underwritten by Progressive Casualty Insurance Co. – offers directors & officers liability, financial institution bond, Internet banking liability, employment practices liability and other related insurance products for community banks. Insured banks that are ABA members are automatically mutual owners of ABPFIC.
“We’re pleased to once again offer profit distributions back to our members through this well-established insurance program," said Edward L. Yingling, ABA president and CEO. “Designed and directed by bankers, the ABPFIC program continues to provide reliable and innovative insurance policies to address today’s needs of community banks.”
“Our program is the only one of its kind that distributes profits directly to member banks,” said John Manor, ABPFIC Chairman. “True to the mutual concept, ABPFIC members benefit from the company’s profitability as well as the vital insurance protections. That is a major achievement that is a source of pride for our company and a valuable benefit for ABA members.”
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.
The American Bankers Association brings together banks of all sizes and charters into one association. ABA works to enhance the competitiveness of the nation's banking industry and strengthen America’s economy and communities. Its members – the majority of which are banks with less than $125 million in assets – represent over 95 percent of the industry’s $13.6 trillion in assets and employ over 2 million men and women. ABA can be found on the Internet at www.aba.com.
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