ABA NEWS RELEASE
April 5, 2010
ABA Media Contact: John Hall
(202) 663-5473
E-mail: jhall@aba.com

ABA INSURANCE SERVICES INC. IS NEW MANAGING GENERAL AGENCY FOR
ABA INSURANCE PROGRAM

WASHINGTON – The American Bankers Association has announced that American Bankers Mutual Insurance, Ltd. has completed the formation of its managing general agency, ABA Insurance Services Inc. based in Mayfield Heights, Ohio.  

ABA Insurance Services offers directors & officers liability, financial institution bond, Internet banking liability, employment practices liability and other related insurance products to community banks.  Approximately 1,700 banks across the nation are insured through the program. 

ABA Insurance Services Inc. was formed and is owned by American Bankers Mutual Insurance as a successor of the ABA-Sponsored Insurance Program.  ABA Bankers Mutual Insurance is the reinsurer for the program.  John N. Wells has been named president and CEO of ABA Insurance Services Inc. 

"For more than 23 years, the ABA's sponsored insurance program has been providing a reliable and stable source of professional liability and bond insurance to the community bank market," said John Manor, chairman of ABMI and ABA Insurance Services.  "It's gratifying that we can now offer these services under the ownership of the banker-owned and directed reinsurance company, American Bankers Mutual Insurance, Ltd.  At the same time, we're delighted to have John Wells continue with the program as president and CEO of ABA Insurance Services Inc.  Our customers can be assured that everything about the program remains the same, including staff, underwriting philosophy, pricing philosophy and coverages." 

The 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 trillion in assets and employ over 2 million men and women. Learn more at www.aba.com.
     
American Bankers Mutual Insurance, Ltd is a bank-owned, mutual insurance company that reinsures coverages for ABA Insurance Services.  It was created in 1987 to address a lack of available insurance coverage for banks at a reasonable price and to be a stabilizing force in the market.  Since its inception, ABMI has reinsured over 4,000 banks.  In addition, ABMI has declared $71.5 million in profit-sharing distributions to insured banks that are ABA members.

ABA Insurance Services Inc. is a Managing General Agency based in Mayfield Heights, Ohio and is the underwriter and claims administrator for ABA Insurance Services, an ABA-Sponsored program.  Program information can be found on www.abais.com.

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