The American Bankers Association today announced that American Bankers Mutual Insurance, Ltd., the reinsurer for the ABA-endorsed insurance program, has declared a $3 million distribution to be shared by qualified ABA member banks insured through ABA Insurance Services, a member of Great American Insurance Group.
This is the 32nd consecutive year that the industry’s leading professional liability and bond insurance provider has declared distributions to eligible ABA member banks, bringing the total to $94.3 million since the program’s inception. ABA member banks that purchase their directors and officers, bond, cyber and related insurance from this program are eligible to receive a distribution.
“For more than three decades, the American Bankers Mutual Insurance program has been one of the many ways ABA provides significant value to its member institutions,” said Rob Nichols, ABA president and CEO. “We take great pride in offering participating member banks both high-quality insurance products and meaningful distributions that have been paid year after year.”
“This is a truly unique program, providing a long-term, stable source of insurance and risk services to the banking industry while declaring distributions to eligible ABA member banks for the past 32 years,” said Gary Hemmer, chairman of American Bankers Mutual Insurance Ltd. and chairman of the board of First National Bank of Waterloo in Waterloo, Ill.
In order to receive a distribution, a bank must be a member of ABA and have D&O, financial institution bond, and/or cyber insurance with ABA Insurance Services on Tuesday, Jan 18, 2022. Distributions will take place mid-February 2022.
About the American Bankers Association
The American Bankers Association is the voice of the nation’s $23.6 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $19.4 trillion in deposits and extend $12 trillion in loans.
About ABA Insurance Services
ABA Insurance Services, a Member of Great American Insurance Group, serves the banking industry by offering professional liability, bond, cyber and property and casualty insurance, endorsed by American Bankers Association. This unique program has been a market leader since 1987, and is recognized by insurance and banking professionals as a secure, stable and affordable source of coverage. For more information about ABA Insurance Services, call 800-274-5222 or visit www.abais.com.
About American Bankers Mutual Insurance, Ltd.
American Bankers Mutual Insurance, Ltd. is a bank-owned, mutual insurance company that reinsures policies written for the ABA-endorsed insurance program.