Banker associations form new insurance agency

The Wisconsin Bankers Association (WBA) and the Minnesota Bankers Association (MBA) 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 chief executive officer 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.
To jumpstart 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,” said Joe Witt, president and CEO of the MBA. “We are very excited about this opportunity, which should be very positive for our member banks and our associations.”