St. Paul Travelers announced today that more than 800 members of the Independent Community Bankers of America (ICBA) will share a $2,245,526 dividend, the second largest dividend to be awarded to those participating in the ICBA/St. Paul Travelers Insurance Program. St. Paul Travelers is headquartered in St. Paul, Minn.
The “safety group” dividend, which is 10.2 percent of the property-casualty premium, is earned by ICBA member banks when they successfully manage a variety of risks in the workplace, thereby reducing the potential for insurance claims. The dividend applies only to the property and casualty coverages. This feature is only one of the ICBA/St. Paul Travelers Insurance Program available to ICBA members through independent insurance agents that represent St. Paul Travelers.
“We’re pleased to offer ICBA members such a significant dividend this year,” said Gary Erickson, vice president, Financial Institutions, St. Paul Travelers. “Over the past 23 years, this insurance program has generated nearly $16 million in dividends to ICBA members.”
“Our hats go off to the ICBA members who have worked hard to maintain a safe workplace for their employees,” said Camden R. Fine, president and CEO, Independent Community Bankers of America. “The dividend is just one example of the benefits members receive through participation in the safety program.”
Additional coverages available to the ICBA/St. Paul Travelers Insurance Program members with SelectOne features are: directors and officers liability, bond, bankers professional liability, kidnap and ransom, fiduciary liability, employment practices liability, lender liability, trust errors and omissions liability and Internet liability. Currently about 1,500 ICBA members purchase one or more of these St. Paul Travelers’ products.
ICBA members that have earned the dividend will receive a check from their independent agent early in 2006.
Source: St. Paul Travelers
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