American Bankers Mutual Insurance, Ltd. (ABMI), the reinsurer of the ABA-endorsed insurance program, has declared a $1.5 million distribution to current member banks of the American Bankers Association (ABA) that have D&O, Financial Institution Bond and related insurance from ABA Insurance Services. $82.7 million has been declared in total distributions since 1991. Notifications will be sent in November/December for banks to set up their distribution payment for direct deposit and in February to insureds and agents with more information and distribution amounts.
“After 30 years, the ABA-endorsed insurance program proudly stands as the banking industry’s only professional liability insurance mutual company owned by the insureds – our participating ABA member banks,” said Steve Wilson, chairman and president of American Bankers Mutual Insurance Ltd. “The ABMI board of directors is pleased to announce this 27th consecutive distribution to be shared by eligible ABA member banks, demonstrating the continuity of the program’s strength and commitment to the banking industry.”
Read the press release from the American Bankers Association.