American Bankers Mutual Insurance Surpasses $100 Million in Total Distributions

WASHINGTON, Nov. 22 -- The American Bankers Association issued the following news release on Nov. 21, 2023:

The American Bankers Association today announced that American Bankers Mutual Insurance, Ltd., 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 is the 34th 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 $100.8 million since the program's inception. ABA member banks that purchase their directors and officers (D&O), bond, cyber, property & casualty, and related insurances from this program are eligible to receive a distribution.

"We are incredibly proud of this program and its major milestone achievement of more than $100 million distributed to participating member banks," said Rob Nichols, ABA president and CEO. "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."

"Year after year, for more than three decades, this program has provided eligible ABA members with meaningful distributions and a long-term, stable source of quality insurance and risk services," said Gary Hemmer, chairman of American Bankers Mutual Insurance Ltd. and chairman of the board of First National Bank of Waterloo in Waterloo, Ill. "We hope members will look closely at the ABMI offerings as they evaluate their insurance needs going forward."

In order to receive a distribution, a bank must be a member of ABA and have D&O, financial institution bond, property & casualty, and/or cyber insurance with ABA Insurance Services on Tuesday, January 16, 2024. Distributions will take place mid-February 2024.

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About the American Bankers Association

The American Bankers Association is the voice of the nation's $23.5 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2.1 million people, safeguard $18.6 trillion in deposits and extend $12.3 trillion in loans.

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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.

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About ABA Insurance Services

ABA Insurance Services, a Member of Great American Insurance Group, serves the banking industry by offering professional liability, bond, cyber and property and casualty insurance, endorsed by American Bankers Association. This unique 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.

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Original text here: https://www.aba.com/about-us/press-room/press-releases/abmi-surpasses-100-million-in-total-distributions