FOR IMMEDIATE RELEASE
ICBA/Travelers Program Pays Policyholder Dividend to ICBA Members
Washington, D.C. (December 13, 2010)-The Independent Community Bankers of America (ICBA) today announced that nearly 1,200 member community banks will share a $3.41 million policyholder dividend as part of their participation in the Travelers SelectOne® ICBA insurance program. The dividend is the ninth consecutive dividend that participating banks have gained through the program.
“The Travelers SelectOne ICBA insurance program provides our members with enormous value and access to resources to help manage their risk,” said Dan Clancy, ICBA senior vice president of Services. “ICBA is pleased to be able to offer participating community banks this dividend for nine years in a row to help them reinvest in their bank.”
The dividend, which applies to property and casualty coverages, is the result of efforts by participating ICBA member banks in managing various insurance exposures in the workplace and reducing insurance claims. This policyholder dividend is just one feature of the Travelers SelectOne ICBA insurance program, offered to members through independent agents.
“Travelers’ 27-year relationship with the ICBA helps provide the insurance protection community banks seek, especially as they navigate through a challenging economic climate,” said Gary Erickson, vice president of financial institutions of Travelers. “We’re very proud to work so closely with the ICBA and its member banks. Since the program’s inception in 1983, we’ve paid more than $32 million in policyholder dividends.”
The Travelers SelectOne ICBA insurance program offers an extensive selection of products to cover the risks community banks may face. The program features the following coverage options: directors and officers liability, financial institution bonds, bankers professional liability, kidnap and ransom, fiduciary liability, employment practices liability, lender liability, trust errors and omissions liability, cyber liability, computer property protection, identity fraud expense reimbursement, general liability, excess depository bonds, property, workers compensation and auto liability. ICBA members that are eligible for the dividend should receive a check from their independent agent in early 2011.