The St. Paul Companies announced that about 1,000 members of the Independent Community Bankers of America (ICBA) will share a $1.038 million dividend because of their participation in the ICBA/St. Paul Insurance Program.
The 5.7 percent dividend is the result of efforts by participating ICBA member banks in managing various insurance exposures in the workplace and reducing insurance claims. The safety group dividend is just one feature of the ICBA/St. Paul Insurance Program which is offered to members through independent insurance agents that represent The St. Paul.
“This is the third-largest dividend awarded by The St. Paul to ICBA members in the 20-year history of the ICBA/St. Paul Insurance Program,” Rich Thomas, ICBA program manager, The St. Paul Companies, remarked. “We continue to work with the ICBA and its member advisory panel to expand and enhance the program’s products to meet the ever-changing needs of the banking community.”
The insurance program has been offered to ICBA members since 1983. About 30 percent of ICBA members currently purchase one or more of The St. Paul’s products offered to ICBA members. Members should receive the dividend checks from their independent agent by the end of December.
The insurance program provides ICBA members with a portfolio of its Select One(SM) products for financial institutions. Those products include bond, directors and officers liability, bankers professional liability, kidnap & ransom, fiduciary liability, employment practices liability, lender liability, general liability, property, workers’ compensation and auto liability.
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