BERMUDA February 15, 2021: American Bankers Mutual Insurance, Ltd., the reinsurer for the directors and officers (D&O), bond and cyber insurance program co-endorsed by American Bankers Association (ABA) and Idaho Bankers Association (IBA), declared a $2.5 million distribution to be shared by qualified ABA member banks insured through ABA Insurance Services, a member of Great American Insurance Group.
This is the 31st consecutive year that the industry’s leading professional liability and bond insurance provider has declared distributions to eligible ABA member banks, bringing the total to $91.3 million since the program’s inception. Banks that purchase their directors and officers, bond, cyber and related insurance from this program and are current ABA members are eligible to receive a distribution.
“Even during periods of economic uncertainty, this program provides a stable source of insurance and continues to offer meaningful distributions for our members,” said Rob Nichols, ABA president and CEO. “This is one of the many ways an ABA membership can add value for your institution.”
“This is a testament to the hard-working team at ABA Insurance Services that continues to focus on providing high-quality service to our bank clients during the pandemic,” said Gary Hemmer, chairman of American Bankers Mutual Insurance Ltd. and chairman of the board of First National Bank of Waterloo in Waterloo, IL.”
About American Bankers Mutual Insurance, Ltd.
American Bankers Mutual Insurance, Ltd. is a bank-owned, mutual insurance company that reinsures policies written for the ABA-endorsed insurance program.
About ABA Insurance Services
ABA Insurance Services, a Member of Great American Insurance Group, serves the banking industry by offering D&O, bond, cyber, and related insurance to financial institutions across the country. Co-endorsed by American Bankers Association and Idaho Bankers Association, this unique insurance program has been a market leader since 1987 and is recognized by insurance and banking professionals as a secure, stable, and affordable source of coverage. For more information about ABA Insurance Services, call 800-274-5222 or visit www.abais.com.
About American Bankers Association
The American Bankers Association is the voice of the nation’s $21.2 trillion banking industry, which is composed of small, regional, and large banks that together employ more than 2 million people, safeguard $17 trillion in deposits and extend nearly $11 trillion in loans.