For the seventh consecutive year, Travelers (NYSE: TRV) is distributing dividends to nearly 1,200 Independent Community Bankers of America (ICBA) member banks which participate in the ICBA/Travelers Insurance Program with SelectOneSM. The disbursement of $3.46 million to participating member banks is based on a 10.9 percent dividend for the 2007 program year.
The policyholder dividend, which applies only 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 “safety group” dividend is just one feature of the ICBA/Travelers Insurance Program with SelectOne, offered to members through independent insurance agents.
“This long-standing partnership between Travelers and the ICBA has literally paid dividends for policyholders,” said Gary Erickson, vice president of Financial Institutions, Travelers. “In addition to generating more than $26 million in policyholder dividends to ICBA members since its inception in 1983, ICBA policyholders also benefit from the peace of mind that comes with participating in a program that offers the protection that community banks seek.”
“The ICBA/Travelers Insurance program has provided a tremendous value to its community bank members for nearly three decades,” 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 our nation’s community banks.”
The ICBA/Travelers Insurance Program with SelectOne offers an extensive selection of products to cover the risks community banks may 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’s members purchase one or more of these products through 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. Additionally, individual bank dividends can be significantly more than ICBA membership dues. This is one of the tremendous benefits that accrue to community banks when they use ICBA’s preferred services.”
ICBA members eligible for the policyholder dividend should receive a check from their independent agent by April 2009.
About ICBA
The Independent Community Bankers of America, the nation’s voice for community banks, represents nearly 5,000 community banks of all sizes and charter types throughout the United States and is dedicated exclusively to representing the interests of the community banking industry and the communities and customers we serve. For more information, visit www.icba.org.
About Travelers
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.
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