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For Immediate Release
October 11, 2018
ABA Media Contact: Blair Bernstein
(202) 663-5468
Email: bbernste@aba.com
Follow us on Twitter: @ABABankers

ABA Insurance Services to be Acquired by American Financial Group, Inc.

 

​WASHINGTON — The American Bankers Association (ABA) today announced that American Bankers Mutual Insurance, Ltd. (ABMI) has reached an agreement to sell ABA Insurance Services Inc. (ABAIS) to American Financial Group, Inc. (NYSE: AFG). Based in Shaker Heights, Ohio, ABA Insurance Services is the ABA-endorsed provider of D&O and other complementary insurance solutions for banks.  The company also offers insurance for small businesses and nonprofit organizations.
 
Following the sale, ABA Insurance Services will continue to operate under the ABAIS brand and will become a member of AFG’s Great American Insurance Group as its 34th specialty property and casualty (P&C) business unit. The transaction is expected to close in the fourth quarter, following customary regulatory approvals.
 
“Under Great American Insurance Group, ABAIS will continue to provide innovative policies that address the ever-changing needs of our members in today’s complex risk management environment,” said Rob Nichols, ABA president and CEO. “We’re pleased that our member banks will continue to have access to high-quality and reliable insurance they can depend on.”
 
“With the acquisition of ABAIS, we will expand our ability to offer specialty P&C insurance offerings through the long-standing leadership of ABAIS in the banking industry and their focus on commercial coverages for small businesses and nonprofits. ABAIS has a long track record of underwriting success and profitability. We are pleased with this addition to our portfolio of diversified, specialty P&C businesses,” said Carl H. Lindner III, Co-CEO of American Financial Group.
 
“This transaction will allow ABAIS to offer even more products and services to banks across the country, while providing insureds with the same great experience they have come to expect from ABAIS’ talented team of underwriting, claims and customer service professionals,” said Jeff Plagge, chairman of the ABMI board of directors and CEO of Northwest Financial Corp. in Arnolds Park, Iowa. “ABMI will continue to serve the banking industry as the primary reinsurer of the ABAIS program, keeping the company involved in this great program in a meaningful way as it has been for over 30 years.”
 
ABA member banks insured through ABAIS will remain eligible to receive distributions from ABMI as they are declared. In addition, ABAIS will continue to be endorsed by ABA and 31 state bankers associations.
 
Marsh, Berry & Company, Inc. served as the financial advisor to ABA Insurance Services Inc. 
 
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.
 
About ABA Insurance Services Inc.
ABA Insurance Services Inc. serves the banking industry by offering D&O, bond, cyber, P&C, and related insurance to banks across the country. Endorsed by the American Bankers Association through its subsidiary, Corporation for American Banking, the 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 Association
The American Bankers Association is the voice of the nation’s $17 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $13 trillion in deposits and extend nearly $10 trillion in loans. Learn more at aba.com.
 
About American Financial Group, Inc.
American Financial Group is an insurance holding company, based in Cincinnati, Ohio with assets over $60 billion. Through the operations of Great American Insurance Group, AFG is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses, and in the sale of fixed, fixed-indexed and variable-indexed annuities in the retail, broker dealer, financial institutions and registered investment advisor markets. Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company.
 
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