FOR IMMEDIATE RELEASE
ICBA and Iroquois Group to Expand Community Bank P&C Insurance Agency Markets and Revenues
Washington, D.C. (Feb. 3, 2004) - The Independent Community Bankers of America, the nation's largest banking trade association, today announced a strategic alliance with The Iroquois Group™ that will expand the property and casualty insurance markets and revenue opportunities for ICBA members' existing insurance agencies.
Under the alliance, ICBA members' P&C insurance agencies take part in an insurance network that aggregates the premiums written by community bank agencies, enabling member agencies to expand their product lines and serve more customers by obtaining new contracts with additional insurance carriers. The alliance establishes the first program under ICBA Insurance Services, ICBA's new insurance corporation.
"This program will remarkably enhance the ability of qualified ICBA member agencies to compete, particularly with larger agencies, and therefore grow. A much broader array of carriers and products will help community banks better meet their customers' insurance needs and not only obtain more stable markets, but also expand into previously unobtainable markets, carriers and products," said Jim Goetz, chairman of the ICBA Services Committee and CEO of Security First Bank of North Dakota in Center, N.D.
"Iroquois Group has been aggregating small agencies for more than a quarter century, longer than just about anyone," said Kenneth Guenther, president and CEO of ICBA, the only national trade association that exclusively serves community banks. "The company's experience in opening new markets for smaller agencies is unparalleled. This is an exciting new program that once again demonstrates the unsurpassed bottom-line value of ICBA membership."
William "Twig" Branch, president of The Iroquois Group, said, "Iroquois looks forward to working with the ICBA. The trade association has an excellent record of offering valuable services to its community bank members, which use those services at a high rate. Both organizations are committed to helping agencies gain greater traction in more P&C markets."
In some cases, the ICBA-Iroquois program's aggregated premium volume enables participating banks to receive preferred agency contracts and commission schedules, said Dan Clancy, ICBA director of services and executive vice president of ICBA Insurance Services. Additionally, the program may generate increased revenue for members through special excess or bonus commission programs. Member agencies may also earn additional revenue from profit sharing or contingency commissions, for which smaller members might not otherwise qualify because of their small premium volumes.