The American Bankers Association today announced that American Bankers Mutual Insurance—the reinsurer for the ABA-endorsed insurance program—has declared a $3.5 million annual distribution to be shared by qualified ABA-member banks insured through ABA Insurance Services, a member of Great American Insurance Group.
This year marks the 34th consecutive year that the professional liability and bond insurance provider has declared distributions to eligible ABA member banks, bringing the total to $100.8 million since the program’s inception. ABA member banks that purchase their directors and officers, bond, cyber, property and casualty, and related insurances from this program are eligible to receive a distribution. A bank must be an ABA member and have insurance with ABA Insurance Services on Tuesday, Jan. 16, 2024. Distributions will take place in mid-February 2024.
“We are incredibly proud of this program and its major milestone achievement of more than $100 million distributed to participating member banks,” ABA President and CEO Rob Nichols said. “Between the reliable, annual distributions and the high-quality insurance products available, we know ABA members find tremendous benefit from this program, and hope other institutions will consider participating.”