ICBA News Release
FOR IMMEDIATE RELEASE
ICBA/Travelers Program Pays Policyholder Dividend to ICBA Members
Washington, D.C. (December 17, 2009)—The Independent Community Bankers of America (ICBA) today announced that nearly 1,200 member community banks will share a $3.64 million policyholder dividend as part of their participation in the Travelers SelectOne® ICBA Insurance Program. The dividend is the eighth consecutive dividend that participating banks have gained through the program.
“For nearly three decades, the Travelers SelectOne® ICBA Insurance Program has continued to be an enormous value for ICBA member community banks,” said Dan Clancy, ICBA senior vice president of Services. “ICBA takes tremendous pride in partnering with companies like Travelers to offer advanced products and services to Main Street community banks that continue to serve the needs of their communities in cities and towns throughout the country.”
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.
“The partnership between Travelers and the ICBA has generated more than $29 million in policyholder dividends to ICBA members since its inception in 1983,” said Gary Erickson, vice president of financial institutions, Travelers. “Our 26-year relationship with the ICBA provides ICBA policyholders with the peace of mind that comes with participating in a program offering the protection that community banks seek.”
The Travelers SelectOne® ICBA Insurance Program offers an extensive selection of products to cover many of the risks community banks could possibly 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. Currently, 35 percent of ICBA members purchase one or more of these products through Travelers.
“ICBA community bank members receive tremendous value from this ICBA preferred services program, which are even more appreciated during these trying economic times,” 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 plus the potential for the bank to receive a dividend. In fact, individual bank dividends can be significantly more than ICBA membership dues—one of the vast benefits community banks accrue when they take advantage of ICBA’s preferred services.”
ICBA members that are eligible for the dividend should receive a check from their independent agent in early 2010.
The Travelers Companies, Inc. 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. A Fortune 100 company, Travelers has 33,000 employees and generated revenues of approximately $24 billion in 2008. Travelers stock is traded on the New York Stock Exchange and is a component of the Dow Jones Industrial Average. For more information on being in-synch, visit www.travelers.com.