ICBA News Release
FOR IMMEDIATE RELEASE
ICBA/Travelers Program Pays Policyholder Dividend to ICBA Members
Washington, D.C. (January 9, 2008)—The Independent Community Bankers of America (ICBA) announced that 1,076 member banks will share a $4.2 million policyholder dividend as part of their participation in the ICBA/Travelers Insurance Program with SelectOneSM. The dividend is the highest amount and sixth consecutive that participating banks have enjoyed from the program.
"ICBA is extremely pleased to offer a program that has provided tremendous value to its member community banks for nearly three decades," said Camden Fine, ICBA president and CEO. "We pride ourselves on partnering with companies like Travelers to offer advanced products and services to community banks."
"As we celebrate our 25-year anniversary of this partnership, we are pleased to share the largest dividend in the program's history," said Gary Erickson, vice president of financial institutions, Travelers. "This insurance program has generated more than $23 million in policyholder dividends to ICBA members since its inception in 1983."
The dividend, which applies to the 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 ICBA/Travelers Insurance Program with SelectOne, offered to members through independent insurance agents that represent Travelers.
"Member banks receive two-fold value from this ICBA preferred services program," said Frank Suellentrop, chairman of ICBA's Bank Services Committee and president of Legacy Bank in Wichita, Kan. "Through this program, Travelers offers community banks a range of insurance products at competitive rates plus the potential for the bank to receive a dividend for their participation. This is one of the tremendous benefits that accrue to community banks when they use ICBA's preferred services."
"Member banks enjoy the reassurance of using superior service providers like Travelers while enjoying exclusive membership benefits," added Dan Clancy, ICBA Services Network senior vice president. "Individual bank dividends can be significantly more than membership dues."
The ICBA/Travelers Insurance Program with SelectOne offers an extensive selection of products to cover many of the risks community banks may face. The program features the following coverage options: directors and officers liability, financial institution bond, banker professional liability, kidnap and ransom, fiduciary liability, employment practices liability, lender liability, trust errors and omissions liability, Internet liability, computer property protection, identity fraud, general liability, excess depository bonds, property, workers compensation and auto liability. Currently 35 percent of ICBA members purchase one or more these products through Travelers.
ICBA members eligible for the dividend should receive a check from their independent agent in early 2008.
Travelers understands that life and business are inherently dynamic and that the best way to serve agents, brokers and policyholders is to deliver insurance that evolves to stay in-synch with life and business as they change. For more information on being in-synch, visit www.travelers.com.
The Travelers Companies, Inc. (NYSE: TRV) is a leading property casualty insurer selling primarily through independent agents and brokers. The company's diverse business lines offer its global customers a wide range of coverage in both the personal and commercial settings, including automobile, homeowners, construction, small business, oil and gas, ocean marine, surety and management liability, global technology and public sector services. Travelers is a Fortune 100 company, with 2006 revenues of $25.09 billion and total assets of $113.76 billion. The company has approximately 33,000 employees.