American Bankers Mutual Insurance Ltd.—the reinsurer for the American Bankers Association’s endorsed insurance program—will distribute $2.5 million to be shared by qualified member banks insured through ABA Insurance Services, the association announced today.
This is the 30th consecutive year that the insurance provider has announced a distribution, and it brings the total amount the program has distributed since its inception to $88.8 million. Banks that purchase their directors and officers, bond, cyber and related insurance from this program and are current ABA members will receive a distribution.
“This program is a fantastic opportunity for banks to maximize the value of their ABA membership,” said Rob Nichols, ABA president and CEO. “Not only does it offer a stable, reliable source of insurance but it provides meaningful distributions year after year.”