San Antonio (March 16, 2017)—ICBA Reinsurance, the captive insurance company of the Independent Community Bankers of America® (ICBA), has returned more than $2.5 million in tax-advantaged dividends to participating community banks. The company has paid its 14th consecutive dividend, representing 5.4 percent of shareholders’ earned surplus. Nearly 70 percent of ICBA Reinsurance shareholders received this most recent dividend based on the successful underwriting results of their business.
“Community banks take pride in offering their customers the best possible products and services. As community banks help guide their customers in creating a financial plan to address unexpected life events, credit life and disability insurance products are at the top of the list,” said ICBA Reinsurance President and CEO Stephen Ello, CAE. “ICBA is pleased to offer community banks the opportunity to work with A-rated insurance carriers so they can make these products available to their customers while growing their business.”
Through ICBA Reinsurance, community banks offer their customers competitively priced, first-rate credit life and disability insurance products from two highly rated, nationally known and respected insurance companies. Program participants continue to earn competitive commission income and now have the opportunity to share insurance underwriting earnings and investment income on their premium reserves through ICBA’s captive insurance company. Since its inception, ICBA Reinsurance has paid more than $25 million in commission income and $16.8 million in claims on behalf of community banks to their customers.
“ICBA Reinsurance is an excellent program that fits the needs of community banks looking to protect their customers’ assets and the bank’s installment lending portfolio,” said Marti Rodamaker, ICBA Reinsurance chairman and president and CEO of First Citizens Bank in Mason City, Iowa. “Credit insurance is an invaluable product and one that can be a tremendous source of support for our customers during difficult and stressful times.”
The Independent Community Bankers of America®, the nation’s voice for more than 5,800 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit ICBA’s website at www.icba.org.