American Bankers Mutual Insurance, Ltd. Board of Directors

American Bankers Mutual Insurance, Ltd (ABMI) is a Bermuda-based mutual insurance company formed in December, 1986 as American Bankers Professional Fidelity Insurance Company (ABPFIC) and joined forces with Progressive Insurance to create an insurance program to assist banks in obtaining coverage during the banking crisis. In 2010, the company bought Progressive's stake in the program, gaining full ownership and changed its company name to American Bankers Mutual Insurance, Ltd.

American Bankers Mutual Insurance serves two roles as the mutual reinsurer of the ABA Insurance Services Program: As reinsurer, ABMI does not write insurance directly but reinsures the policies written by ABA Insurance Services. As a mutually held company, banks which purchase coverage from ABA Insurance Services and are members of the American Bankers Association (ABA) are automatically shareholders of ABMI and benefit from ABMI's profitability. To date, $76,800,000 has been declared in distributions to participating banks. This program feature continues to be a unique offering among bank D&O and bond programs. A bank however, does not need to be a member of the ABA to be insured by the program's A.M. Best A+ rated carrier.

From its founding to present day, bankers have guided the program by serving on its board of directors and operating committees, working in cooperation with ABA Insurance Services. Banker input and involvement has always been vital, helping ABMI provide for the current insurance needs of banks and anticipate industry-related issues with program and coverage enhancements. In addition to bank presidents and leaders in the banking industry, the ABMI board also includes representation from state bankers associations which support the ABA Insurance Services program.