American Bankers Mutual Insurance Ltd. (ABMI), the reinsurer for the insurance program co-endorsed by the American Bankers Association (ABA) and New Mexico Bankers Association (NMBA), declared a $3.8 million annual distribution to be shared by qualified ABA member banks insured through ABA Insurance Services, a member of Great American Insurance Group. New Mexico banks collectively received $26,661 as a part of the distribution.

This is the 35th consecutive year that the industry’s leading professional liability and bond insurance provider has declared distributions to eligible ABA member banks, bringing the total to $104.6 million since the program’s inception, ABA member banks that purchase their directors and officers (D&O), bond, cyber, property & casualty (P&C) and related insurances from this program are eligible to receive a distribution.

“This year’s distribution and the nearly $105 million that’s been returned to participating banks since the program’s inception is a testament to the durability of this partnership,” said Gary Hemmer, chairman of American Bankers Mutual Insurance Ltd. and chairman of the board of First National Bank of Waterloo in Waterloo, Illinois. “We remain committed to expanding member benefits and supporting banks with high-quality insurance and risk solutions.”

To receive a distribution, a bank must have been a member of ABA and have eligible D&O, and/or cyber insurance with ABA Insurance Services by January 15, 2025. Distribution payments are in process.