For more information, contact:
Eric Skrum, Wisconsin Bankers Association, 608/441-1216, eskrum@wisbank.com
(MADISON) – The Wisconsin Bankers Association (WBA) and the Minnesota Bankers Association (MBA) are pleased to announce the creation of a new insurance partnership. The two associations are forming an insurance agency that will market bank insurance products to their member banks.
“The WBA and the MBA have been leaders in the insurance field for many years,” said Rose Oswald Poels, President and CEO of the WBA. “Both associations have a long history of providing solid bank insurance options as well as high quality employee benefit insurance products and services to our member banks. This new agency is a natural fit for our associations.”
When banks had difficulties obtaining bank insurance in the mid-1980’s the WBA and the MBA played a major role in addressing the situation. Several insurance carriers had stopped writing financial institution bonds and bank director’s and officer’s liability insurance policies. Banks needed a viable insurance option, and the WBA and the MBA took a leadership role in crafting a solution. Ultimately, both associations were part of the group of sixteen state bankers associations that capitalized and managed a new insurance company, BancInsure. Creating a new insurance company was no small task, but doing so allowed the state bankers associations to give their banks the insurance option they needed. At that time the WBA and the MBA each had their own insurance agency, selling BancInsure directly to their member banks. Through this new joint insurance agency, the associations will once again provide that important service.
To jump-start the new insurance agency, the associations have purchased the existing book of BancInsure business in their respective states. “Having that immediate revenue stream will ensure that our new agency gets off to a strong start,” noted Joe Witt, President/CEO of the Minnesota Bankers Association. “We are very excited about this opportunity, which should be very positive for our member banks and our associations.”
The new agency will offer BancInsure as its endorsed carrier of choice. But the leadership of the WBA and the MBA believe that it is important to provide their member banks with multiple insurance options. Therefore, the associations’ new agency will actively seek authorizations to sell insurance on behalf of other leading insurance carriers.
Watch for additional information on this important development as the associations form and operate this new agency.
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The WBA and the MBA are the largest state bankers associations in their respective states, with both associations serving about 95% of their state’s banks. Both are full-service trade associations, offering education programs, legal and compliance support, group insurance plans, government relations advocacy and other high-quality products and services. For more information on the WBA, visit http://www.wisbank.com or contact Rose Oswald Poels at (608) 441-1200. For more information on the MBA, visit http://www.minnbankers.com or contact Joe Witt at (952) 857-2614.
