ABA INSURANCE PROGRAM DISTRIBUTES $4 MILLION TO ABA MEMBER BANKS
Reinsurer changes name from ABPFIC to American Bankers Mutual Insurance Ltd.

WASHINGTON – The American Bankers Association today announced that the reinsurer of its sponsored insurance program, ABA Insurance Services, will distribute
$4 million in underwriting profits to insured member banks in the program.  It also announced that the reinsurer, American Bankers Professional and Fidelity Insurance Co. has changed its name to American Bankers Mutual Insurance Ltd., effective immediately.

American Bankers Mutual Insurance Ltd. has declared $71.5 million in distributions to eligible member banks since 1991.  Insured banks that are ABA members are automatically members of the company.  The program offers directors & officers liability, financial institution bond, Internet banking liability, employment practices liability and other related insurance products to community banks. 
   
“Especially during these challenging economic times, we’re pleased to once again offer profit distributions back to our members through this well-established insurance program," said Edward L. Yingling, ABA president and CEO.  “Designed and directed by bankers, ABA Insurance Services continues to provide reliable and innovative insurance policies to address increasingly complex insurance needs of community banks.”
   
“Our program is the only one of its kind that distributes profits directly to member banks,” said John Manor, chairman of American Bankers Mutual Insurance Ltd.  “True to the mutual concept, insured ABA members benefit from the company’s profitability as well as the vital insurance protection we offer.  That is a major achievement that is a source of pride for our company and a valuable benefit for ABA members.”


American Bankers Association brings together banks of all sizes and charters into one association.  ABA works to enhance the competitiveness of the nation's banking industry and strengthen America’s economy and communities. Its members – the majority of which are banks with less than $125 million in assets – represent over 95 percent of the industry’s $13.3 trillion in assets and employ over 2 million men and women.

American Bankers Mutual Insurance Ltd. is a bank-owned, mutual insurance company that reinsures coverages for ABA Insurance Services.  

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