American Bankers Mutual Insurance, Ltd. Surpasses $100 million in Total Distributions

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.