InsurBanc, the independent agents’ bank backed by W.R. Berkley Corp. and also owned in part by the Independent Insurance Agents and Brokers of America (IIABA), expects to break even in the second quarter of this year, its third year in business, reported Michael Herlihy, president.
Herlihy reported the good news at the recent meeting of the Maine Association of Insurance Agents in South Portland.
The financial institution, with $60 million in assets and $32 million in loans to agents in 20 states, is currently looking to raise an additional $10 million to fund continued national growth.
As part of its plan to become a national enterprise, InsurBanc has signed agreements with national banks including Fleet, Wachovia and Wells Fargo that allow InsurBanc customers use their branches across the country for deposits and transactions. When Bank of America and Fleet complete their merger, InsurBanc will pick up even more outlets—for a total nationwide network of 11,400 branches.
“We hope to continue to show that there are options for agents other than selling out to a bank,” Herlihy stated, adding that InsurBanc sees itself “as a catalyst for keeping independent agents independent.”
He said he expects the agents’ bank to experience “exponential” growth and to almost double in size during 2004.
For more on reports out of the MAIA meeting, see the April 19 edition of Insurance Journal East.
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