ICBA News Release
FOR IMMEDIATE RELEASE
ICBA/Travelers Program Pays Policyholder Dividend to Participating ICBA Members
Washington, D.C. (Jan. 17, 2013)—The Independent Community Bankers of America (ICBA) today announced that more than 1,200 member community banks will share a $3.36 million policyholder dividend resulting from their participation in the Travelers SelectOne® ICBA insurance program during the 2011 program year. It is the 11th consecutive dividend that participating member banks have received through their participation in the program.
“The Travelers SelectOne insurance program for ICBA members provides community banks with enormous value and access to resources to help manage their risk,” said Dan Clancy, ICBA executive vice president of services. “ICBA is delighted to work with Travelers to offer this opportunity to earn a dividend, which banks will use to reinvest in the local community.”
Alvin Kooiman, CEO of the First State Bank Southwest, Pipestone, Minn., and a member of the ICBA Bank Services Committee, finds great value in the program. “Travelers has provided outstanding customer support throughout our relationship, and we appreciate the value that the dividend program, offered through Travelers’ relationship with the ICBA, brings to our bank,” he explained. “We look forward to continuing the mutually beneficial relationship with Travelers and ICBA.”
This year marks the 30th anniversary of the relationship between the ICBA and Travelers, which brings enhanced value to ICBA member community banks through group purchasing power and the SelectOne program. More than one in three ICBA members participates in the program. The dividend applies to property and casualty coverages through the SelectOne program and rewards efforts by participating ICBA member banks to manage insurance exposures in the workplace and reduce insurance claims.
“Protecting community banks so that they can focus on serving the needs of their communities has always been a priority throughout Travelers’ 30-year relationship with ICBA,” said Gary Erickson, vice president of financial institutions for Travelers. “Since the program’s inception in 1983, Travelers has issued more than $40 million in policyholder dividends. We look forward to continuing and strengthening the relationship with ICBA and its member banks.”
Participation in the Travelers SelectOne ICBA insurance program offers community banks access to the Travelers network of agents and brokers as well as ICBA group purchasing power. ICBA member banks participating in the Travelers SelectOne ICBA insurance program also have access to the community bank programs leveraged by ICBA and educational industry resources such as risk management articles and publications. This policyholder dividend is just one feature of the Travelers SelectOne ICBA insurance program offered to members through independent agents.
The Travelers SelectOne ICBA insurance program offers an extensive selection of products to cover the risks community banks could 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.
The Independent Community Bankers of America®, the nation’s voice for more than 7,000 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 www.icba.org.