The American Bankers Association (ABA) has announced that American Bankers Mutual Insurance (ABMI), the reinsurer for the ABA-endorsed insurance program, has declared a $3 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 33rd 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 $97.3 million since the program’s inception. ABA member banks, that purchase their directors and officers (D&O), bond, cyber and related insurance from this program, are eligible to receive a distribution.
“The American Bankers Mutual Insurance program is a fantastic way for institutions to maximize the value of their ABA membership,” said Rob Nichols, ABA president and CEO. “On top of offering high-quality insurance products, the program has reliably paid out distributions for more than three decades. We hope members will consider participating as they evaluate their insurance needs.”
“This program provides the banking industry with a long-term, stable source of insurance and risk services, as well as meaningful distributions for eligible ABA member banks,” said Gary Hemmer, chairman, ABMI and chairman of the board of First National Bank of Waterloo in Waterloo, Ill.
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