American Bankers Mutual Insurance Ltd. — the reinsurer for ABA’s endorsed insurance program — will distribute $1.5 million to be shared by qualified member banks insured through ABA Insurance Services, Inc., the association announced today.
This is the 27th consecutive year that the insurance provider has announced a distribution, and it brings the total amount the program has distributed since its inception to $82.7 million. Banks that purchase their directors and officers, bond and related insurance from this program and are current ABA members will receive distributions.
“In 1986, the ABA revolutionized the industry by creating an insurance program specifically for banks and directed by bankers. Thirty years later, this program continues to provide innovative insurance policies that address our industry’s complex risk management environment,” said ABA President and CEO Rob Nichols. “We are proud that we can continue to provide this stable, reliable source of insurance that offers distributions to ABA members.”