The American Bankers Association has announced that American Bankers Mutual Insurance Ltd., the reinsurer for the ABA-endorsed insurance program, will distribute $1.1 million to be shared by qualified ABA member banks insured through ABA Insurance Services Inc.
This declaration marks the 25th consecutive year that the industry’s leading professional liability insurance provider has declared distributions to eligible ABA member banks, bringing the total to $80.1 million in distributions since the program’s inception. Banks that purchase their directors and officers, bond and related insurance from this program and are current ABA members are eligible to receive a distribution.
“The ABA-endorsed insurance program is a unique and valuable ABA member resource,” said Frank Keating, ABA president and CEO. “It’s the banking industry’s only professional liability insurance mutual company owned by the insureds – our participating ABA member banks. Further, they can have peace of mind with coverage from an A+ rated insurance carrier (A.M. Best), and the distributions when declared are a value-added and appreciated benefit.”
“Offering our industry a source of stable and reliable mission-critical insurance continues to be the hallmark of the ABA-endorsed insurance program,” said Steve Wilson, chairman of American Bankers Mutual Insurance Ltd. and chairman and CEO, LCNB National Bank in Lebanon, Ohio.
“The board of directors of American Bankers Mutual Insurance is pleased to announce a distribution of $1.1 million – the 25th consecutive year a distribution has been declared to be shared by eligible ABA member banks – helping to demonstrate the continuity of the program’s strength and commitment to the banking industry.”
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.