The Independent Community Bankers of America and its longtime partner The St. Paul Cos. announced that more than 1,100 community banks will share a nearly $3.5 million dividend, the largest dividend ever paid to ICBA members participating in the ICBA/St. Paul Insurance Program.
The 18.2 percent dividend is the result of ICBA member banks reducing claims by managing various insurance risks in the workplace. This safety group dividend is just one feature of the ICBA/St. Paul Insurance Program, offered through independent insurance agents who represent The St. Paul.
The program has generated nearly $13.5 million in dividends since its inception in 1983.
Products offered under the new name of the ICBA/St Paul Insurance Program with SelectOne include an expanded directors and officers liability policy, which will be an added benefit for our members.
Besides directors and officers liability coverage, the ICBA/St. Paul Insurance Program with SelectOne features bond, bankers professional liability, kidnap and ransom, fiduciary liability, employment practices liability, lender liability, general liability, property, workers’ compensation and auto liability. Currently, about one-third of ICBA’s members purchase one or more of The St. Paul’s SelectOne products.
ICBA members eligible for the dividend should receive a check from their independent agent by the end of December.
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