The American Bankers Association today announced that American Bankers Mutual Insurance, the reinsurer for the ABA-endorsed insurance program, has declared a $3.8 million annual distribution to be shared by qualified ABA member banks insured through ABA Insurance Services, a member of Great American Insurance Group.
This is the 35th consecutive year that the professional liability and bond insurance provider has declared distributions to eligible ABA member banks, bringing the total to $104.6 million since the program’s inception. ABA member banks that purchase their directors and officers (D&O), bond, cyber, property and casualty, and related insurances from this program are eligible to receive a distribution.
“We’re pleased to see this year’s ABMI distribution, which is another great reason to be an ABA member,” ABA President and CEO Rob Nichols said. “Member banks participating in the program benefit both from the quality of the insurance products offered and the reliable distributions. We hope all our member institutions will take a closer look at the insurance offerings and consider participating.”
“This year’s distribution and the nearly $105 million that’s been returned to participating banks since the program’s inception is a testament to the durability of this partnership,” said Gary Hemmer, chairman of American Bankers Mutual Insurance and chairman of the board of First National Bank of Waterloo in Waterloo, Illinois. “We remain committed to expanding member benefits and supporting banks with high-quality insurance and risk solutions.”
In order to receive a distribution, a bank must be a member of ABA and have D&O, bond, property and casualty, and/or cyber insurance with ABA Insurance Services on Wednesday, Jan. 15, 2025. Distributions will take place mid-February 2025.
