During the mid-80's, it became difficult for financial institutions to obtain affordable insurance due to instability in the banking industry. To assist community banks, the American Bankers Association developed the ABA Sponsored Insurance Program with The Progressive Group of Insurance Companies (Progressive), providing Financial Institution Bond and Directors & Officers Liability coverage at affordable rates to strong-performing community banks. Through the creation of the American Bankers Professional and Fidelity Insurance Company Ltd. (ABPFIC), the mutual reinsurer of the program, insureds under the program became owners of the program. Since 1991, $67,500,000 has been declared in distributions back to our loyal customers.

On April 20, 2009, ABPFIC signed a letter of intent to purchase Progressive's interests and fully own the Program. Comprised of the same talented and experienced Progressive staff, ABA Insurances Services, Inc., was created as a managing general agency to continue servicing banks insured under the Program, maintaining the same products, underwriting guidelines, and pricing philosophy.

Everest National Insurance Company, an A.M. Best A+ XV (Superior) rated insurer, was selected to serve as the new carrier for the ABA Sponsored Insurance Program, bringing over 15 years of experience in providing quality insurance products and claims services to national insurance programs. Backed by solid financials, Everest National is a member of Everest Re Group, Ltd. (NYSE:RE), an NYSE listed company with $5 billion in shareholders' equity.

As a banker-directed program, the ABA Sponsored Insurance Program has consistently been the first to offer innovative new insurance products to address bankers' needs. Over 1,700 community banks, representing every state, have demonstrated their appreciation of the program through their long-term loyalty as customers.