ICBA Reinsurance, the captive credit life insurance subsidiary of the Independent Community Bankers of America (ICBA), has signed an agreement with Financial Solutions Group (FSG) to continue bringing ICBA members with strong source of value-added insurance products, technology and training support.
The community banks that participate in its community bank-owned captive reinsurance program have access to support of a national network of local agents in addition to marketing and training resources from insurance company.
According to ICBA, this partnership will allow community banks to offer their customers with first-rate credit life and disability insurance products through its program while also receiving additional tax-advantaged dividend income that is put to work in community banks and communities they serve.
FSG provides access to insurance products underwritten by Transamerica Life Insurance Company, Monumental Life Insurance Company and AEGON companies. It also provides training, administrative support and new technology to administer and track claims.
Stephen Ello, president and CEO of ICBA Reinsurance, said: “ICBA Reinsurance brings these same benefits to community banks and their customers. The agreement marries a stable source of highly rated credit life and disability insurance products with ICBA Reinsurance’s unique community bank ownership and equity feature.”