American Bankers Mutual Insurance Ltd. — the reinsurer for ABA’s endorsed insurance program — will distribute $1.6 million to be shared by qualified member banks insured through ABA Insurance Services Inc., the association announced today.
This is the 28th consecutive year that the insurance provider has announced a distribution, and it brings the total amount the program has distributed since its inception to $84.3 million. Banks that purchase their directors and officers, bond, cyber and related insurance from this program and are current American Bankers Association members will receive a distribution.
“ABA Insurance Services continues to provide innovative policies that address the ever-changing needs of our members in today’s complex risk management environment,” said ABA President and CEO Rob Nichols. “We’re proud to offer banks a stable and reliable source of insurance, and to be able to share a distribution back to them.”