ICBA News Release
FOR IMMEDIATE RELEASE
ICBA Extends Relationship with Travelers
Phoenix, Ariz. (March 18, 2009)—The Independent Community Bankers of America (ICBA) announced today, during the ICBA National Convention and Techworld in Phoenix, that it is extending its strategic relationship with The Travelers Companies, Inc. The new three-year agreement, extended through 2012, means that ICBA members can continue to participate in the ICBA/Travelers Insurance Program with SelectOneSM, which offers community banks coverage options and protection for four primary areas of exposure including corporate management, crime, e-business and property/casualty.
“ICBA is delighted that this program, which provides members with unrivaled expertise in community bank underwriting and superior service, has endured and thrived for more than 25 years,” said Dan Clancy, ICBA senior vice president of services. “This relationship has been mutually beneficial for both our nation’s community bankers and Travelers for the last quarter century.”
Travelers has been an ICBA Preferred Service Provider since 1983, offering a complete line of insurance products to cover the risks community banks may face. The program features a variety of coverage options specific to the needs of community banks including 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. Currently, 35 percent of ICBA’s members purchase one or more of these products through Travelers.
“Our relationship with ICBA continues to be strong and one that has grown in a positive manner over the years,” said Gary Erickson, vice president of Financial Institutions, Travelers. “Through our continued partnership, ICBA members can have access to a vast array of Travelers insurance products and services to meet their diverse needs.”
One of the benefits of participating in the program, offered to members through independent insurance agents that represent Travelers, is the opportunity to earn a “safety group” dividend, which applies only to property and casualty coverages and is the result of efforts by participating ICBA member banks in managing various insurance exposures in the workplace and reducing insurance claims.
In January 2009, the ICBA and Travelers announced that nearly 1,200 member banks shared a $3.46 million policyholder dividend as part of their participation in the ICBA/Travelers Insurance program with SelectOne. The dividend is the seventh consecutive dividend that participating banks have received through the program.
The Travelers Companies, Inc. (NYSE: TRV) is a leading property casualty insurer selling primarily through independent agents and brokers. Travelers understands that life and business are inherently dynamic and that the best way to serve customers is to deliver insurance in-synch with evolving risks. The company’s diverse business lines offer its global customers a wide range of coverage in the auto, home and business settings. Travelers is a Fortune 100 company, with 2008 revenues of approximately $24 billion. The company has more than 33,000 employees. For more information on being in-synch, visit www.travelers.com.