More than 400 independent insurance agents and brokers who represent Progressive Casualty Insurance Company will soon enjoy delivering profit-sharing checks to banks that purchase D&O and Bond through Progressive's American Bankers Association (ABA)-sponsored insurance program. Banks in the program that are ABA members automatically become owners of the American Bankers Professional and Fidelity Insurance Company, the mutual reinsurance company for the program.
The program offers D&O liability, financial institution bond, Internet banking liability, employment practices liability and other related insurance products for community banks. Based on the mutual program's success and profitability, $58.5 million has been declared in profit distributions since 1991, with more than 1,800 banks receiving profit-sharing checks.
For more information, call Judi Kovach at (800) 274-5222 or visit www.banks.progressive.com or www.aba.com.
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