$97.3 million has been declared in total distributions since 1991.
American Bankers Mutual Insurance, Ltd., the reinsurer for the directors and officers (D&O), bond and cyber insurance program co-endorsed by American Bankers Association (ABA) and Wisconsin Bankers Association (WBA), 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 33rd 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 $97.3 million since the program’s inception. ABA member banks that purchase their directors and officers (D&O), bond, cyber and related insurance from this program are eligible to receive a distribution.
“The American Bankers Mutual Insurance program is a fantastic way for institutions to maximize the value of their ABA membership,” said Rob Nichols, ABA president and CEO. “On top of offering high-quality insurance products, the program has reliably paid out distributions for more than three decades. We hope members will consider participating as they evaluate their insurance needs.”
“For the 33rd year in a row, this program has delivered for its participating members. It provides the banking industry with a long-term, stable source of insurance and risk services, as well as meaningful distributions for eligible ABA member banks,” said Gary Hemmer, chairman of American Bankers Mutual Insurance Ltd. and chairman of the board of First National Bank of Waterloo in Waterloo, Ill.
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, January 17, 2023. Distributions will take place mid-February 2023.
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
ABA Insurance Services, a Member of Great American Insurance Group, serves the banking industry by offering D&O, bond, cyber, and related insurance to financial institutions across the country. Co-endorsed by American Bankers Association and Wisconsin Bankers Association, this unique insurance 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 $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.