2010 Annual Report Chairman's Letter,
American Bankers Mutual Insurance, Ltd,
As Chairman of American Bankers Mutual Insurance, Ltd., I’m pleased to report that 2010 was another successful year for the company’s financial performance. Impressively, the company was able to achieve these favorable results amidst our country’s worse economic downturn in more than 50 years. It was also a year for significant strategic planning that positions the American Bankers Mutual Insurance for sustained future growth.
Evidence of the program’s continued strength includes the enthusiastic support and interest that American Bankers Mutual Insurance receives from our community bank members. In 2010, our excellent customer service and responsive coverages attracted 160 new bank customers to the program. Another sign of success:2010 marks the 21st consecutive year that the reinsurance company has been able to distribute profits directly back to our member banks, representing a major achievement and point of pride of our member-owned company, and a tremendous value to our customers. This year, another $4 million in distributions was declared, bringing the total amount to $75.5 since the program’s inception.
Banker input and oversight continues to be the overarching guiding principal for American Bankers Mutual Insurance. The company is also well represented by leadership from state bankers associations and other industry experts. And, the team of experienced underwriters, claims experts and administrators at ABA Insurance Services Inc. share our dedication to serving the insurance needs of the community bank market.
Our company’s sound management principals, coupled with unparalleled industry expertise, has resulted in the strong financial and market position we enjoy today. Now, with a solid foundation of nearly 25 years of successful operations, American Bankers Mutual Insurance is in an excellent position for future growth. Looking at 2011 and beyond, we plan to strategically increase the program’s footprint and add important new coverages to meet the emerging needs of an industry faced with fast changing technology, expanding markets, and increasing regulatory demands. You’ll see some of these new products unveiled in 2011 and we look forward to hearing from you on how these innovations are addressing your bank’s liability challenges.
In closing, I’d like to personally thank you for your bank’s business. We value your relationship with American Bankers Mutual Insurance and look forward to another successful year together in 2011.
John Manor
Chairman and President
American Bankers Mutual Insurance, Ltd.