Press Releases
BancInsure welcomes Lisa Bays, Vice President and General Counsel
Oklahoma City, OK – August 13, 2010 – BancInsure is pleased to announce that Lisa Bays has been appointed Vice President and General Counsel for The Companies.
“Developing our human capital by attracting and retaining employees who have the skills and the passion to grow BancInsure is a key corporate initiative,” states Rodney N. Sargent, President and CEO of BancInsure. “We continue to raise the bar and develop an elite staff. Lisa is among the best and brightest, I am pleased that she has joined our organization full-time. Her extensive skills and leadership qualities will have an immediate positive impact on BancInsure.”
Lisa Bays has been a valued part of the BancInsure leadership team and member of the corporate executive committee for nearly four years, serving as BancInsure General Counsel on a contract basis through C.L. Frates and Company. Due to this relationship, Ms. Bays has extensive knowledge regarding all aspects of BancInsure’s business ventures. Her legal background and experience have proven to be an invaluable asset to The Company.
Ms. Bays previously served in the legal department of several Oklahoma state agencies, including the Department of Consumer Credit, Office of Attorney General, Office of Personnel Management, and Oklahoma Insurance Department. In addition, Ms. Bays has several years of insurance industry experience in the private sector, the past nine with C.L. Frates and Company.
A magna cum laude graduate of the Oklahoma City University School of Law, Ms. Bays holds a Juris Doctorate. She has been admitted to the Oklahoma Supreme Court, all United States District Courts in Oklahoma, the United States Court of Appeals for the Tenth Circuit, and the United States Supreme Court.
Since 1992, BancInsure has proudly retained a Financial Strength Rating of A- (or greater) from A.M. Best Company. The company is dedicated to a niche of community banks, the majority of which are run with discipline and diligence. BancInsure retains an excellent business position with its continued close ties to community banks that include endorsement agreements with more than 18 separate bankers associations.
As a full-line independent insurer specific to financial institutions, BancInsure's understanding of financial institutions and their intricate operations is unmatched in the marketplace. This translates to extraordinary value through complete risk mitigation and risk management solutions. Headquartered in Oklahoma City and licensed in 48 states, BancInsure has proudly earned an industry leading 25% market share.
(www.bancinsure.com) www.bancinsure.com
BancInsure Comments on A.M. Best affirmation of A- (Excellent) and revised outlook
Oklahoma City, OK – May 14, 2010 – A.M. Best Company has affirmed the financial strength rating of A- (Excellent) and issuer credit rating of “a-“ for BancInsure, Inc. and also revised the ratings outlook to negative.
The rating affirmation is a reflection of BancInsure’s general business model and the company’s continued improvements since December 31, 2008. BancInsure remains challenged by a troubled sector of financial institutions driving current underwriting losses in Financial Institution Bond and Directors and Officers product lines.
"We are pleased with this affirmation. It is understandable that A.M. Best Company would demonstrate heightened awareness of the challenges we face in serving this sector of the insurance marketplace," commented Rodney N. Sargent, President and CEO. "The general outlook and perception surrounding banking is a negative one, yet we remain confident in our profitability initiatives and committed to the community bankers of this nation."
Losses stemming from the unprecedented national economic downturn and an alarming increase in the rate of bank failures continued to impact BancInsure, but to a much lesser degree in 2009 than in 2008. The total number of bank failures in the United States in 2008 and 2009 reached 165, more than six times the total of number of 27 bank failures in the previous seven years combined. Despite the ongoing financial crisis evidenced by those statistics and economic uncertainty in the financial institution market in particular, BancInsure has made significant strides towards recovery. In 2009, BancInsure’s underwriting losses across all product lines improved by 32% over 2008.
“We wear those losses as a badge of honor. The existence of those losses underscores our steadfast commitment to our customers and our partners in this time of continued economic uncertainty.” says Sargent. “This is a loss control success story, as the number of failing banks underwritten by BancInsure remains astonishingly low relative to our significant market share. We have carefully evaluated our exposure and appetites geographically and are underwriting and pricing according to these new dynamics."
“The significance of retaining our A- (Excellent) rating in this economy is not lost on BancInsure.” continues Sargent. “Our financial strength and stability are essential components of our success and we are resolved to demonstrate our strength and stability on behalf of our shareholders and insureds. We are confident that our efforts at diversification, underwriting improvements, and strong partnerships will continue to yield improved results over time."
Since 1992, BancInsure has proudly retained a Financial Strength Rating of A- (or greater) from A.M. Best Company. The company is dedicated to a niche of community banks, the majority of which are run with discipline and diligence. BancInsure retains an excellent business position with its continued close ties to community banks that include endorsement agreements with more than 18 separate bankers associations.
As a full-line independent insurer specific to financial institutions, BancInsure's understanding of financial institutions and their intricate operations is unmatched in the marketplace. This translates to extraordinary value through complete risk mitigation and risk management solutions. Headquartered in Oklahoma City and licensed in 48 states, BancInsure has proudly earned an industry leading 25% market share.
(www.bancinsure.com) www.bancinsure.com
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A.M. Best revises outlook to negative for BancInsure, Inc.
OLDWICK, N.J. – May 14, 2010 – A.M. Best Co. has revised the outlook to negative from stable and affirmed the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of BancInsure, Inc. (BancInsure) (Oklahoma City, OK).
The ratings reflect BancInsure’s favorable operating performance, capitalization that supports its rating level and its strong niche market focus. Partially offsetting these positive rating factors are BancInsure’s fluctuating return measures over a five-year period and the risks associated with the debt issued at the parent company. While surplus levels rose by 36% in 2009, surplus levels declined more significantly in 2008. In addition, the company results reflect continued unfavorable claims experience in BancInsure’s bond and directors and officers (D&O) product lines.
The revised outlook reflects BancInsure’s variability in underwriting results in recent years attributed to losses in its D&O and fidelity bond book of business, coupled with the current weak economic environment. BancInsure’s primary lines focus on the currently volatile financial services sector. The negative outlook reflects A.M. Best’s ongoing concerns with the significant deterioration in underwriting margins. Despite a slight improvement in 2009 from 2008, A.M. Best believes that management will be challenged to demonstrate consistent quality earnings and cash flow, and will continue to closely monitor BancInsure’s progress toward improving underwriting performance.
The ratings also recognize BancInsure’s excellent business position with its continued close ties to community banks that include endorsement agreements with 20 separate bankers associations, 14 of which are exclusive.
Financing through trust preferred securities at BancInsure’s holding company followed a management buy-out in January 2003. Although this debt has been serviced for six years by a marketing entity for BancInsure’s products, there remains the risk that the company could be used to partially service this debt should its marketing entity’s cash flows deteriorate. Revenue stream of the marketing entity is derived from fee and commission for servicing client’s products.
A.M. Best remains the leading rating agency of captive insurers rating a wide variety of more than 200 captives in the United States and throughout the world.
For current Best’s Credit Ratings and independent data on the captive and alternative insurance market, please visit
(www.ambest.com/captive) www.ambest.com/captive.
For Best’s Credit Ratings, an overview of the rating process and rating methodologies, please visit
(www.ambest.com/ratings) www.ambest.com/ratings.
The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at
(www.ambest.com/ratings/methodology) www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit
(www.ambest.com) www.ambest.com.
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BancInsure promotes Joe Perkowski to National Sales Director
Oklahoma City, OK – December 14, 2009 – BancInsure, Inc., a leading provider of financial institution insurance products, announces the promotion of Joe Perkowski to National Sales Director. Mr. Perkowski has represented BancInsure products in the marketplace for 13 years, first as an independent insurance agent and most recently as Regional Sales Director for BancInsure, Inc.
“Joe’s industry knowledge and natural leadership have long been a part of the BancInsure success story.” said Rodney N. Sargent, President and CEO of BancInsure. “His background in the financial institution insurance industry, history with BancInsure and depth of sales experience make him the ideal candidate to lead our nationwide sales team.”
A graduate of Eastern Kentucky University in 1979, Mr. Perkowski has spent over 30 years working with some of the most successful insurance companies and brokerage houses in the country. His insurance career ultimately led to a specialty in Professional Liability, Errors & Omissions, and Financial Institutions. Mr. Perkowski’s primary focus in his new role as National Sales Director will be to use the expert knowledge he has gained in the industry to provide leadership to BancInsure’s nationwide sales team.
As a full-line independent insurer specific to financial institutions, BancInsure's understanding of financial institutions and their intricate operations is unmatched in the marketplace. This translates to extraordinary value through complete risk mitigation and risk management solutions. Since 1992, BancInsure has proudly retained a Financial Strength Rating of A- (or greater) from A.M. Best Company. BancInsure is dedicated to a niche of community banks and retains an excellent business position with its continued close ties to community banks that include exclusive endorsement agreements with more than 18 separate bankers associations. Headquartered in Oklahoma City and licensed in 48 states, BancInsure has proudly earned an industry leading 25% market share.
(www.bancinsure.com) www.bancinsure.com
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BancInsure’s Chief Financial Officer to retire, interim replacement named
Oklahoma City, Oklahoma – November 3, 2009 - Following a meeting of the board of directors last week in Oklahoma City, BMSI Holdings, Inc. - the holding company for insurance carrier BancInsure (www.bancinsure.com) - announced the retirement of Cynthia F. McInerney. Mrs. McInerney has served in numerous roles, most recently as a director, Executive Vice President, CFO, Treasurer and Secretary of the Companies. Her retirement becomes effective November 15, 2009.
“Cindy’s presence in the organization pre-dates the inception of the first policy. She was here on the first day of operations and her accomplishments will continue to benefit our policyholders, shareholders, and employees well into the foreseeable future,” said Rodney N. Sargent, President & Chief Executive Officer.”
“Cindy’s impact over the years has been truly significant,” said Galen T. Pate, Chairman of the Companies. “On behalf of the entire Board of Directors, we commend Cindy for her dedication, contributions, and commitment throughout her career.”
BMSI Holdings also announced the promotion and election of Mark Krienke to Vice President of the Companies. Mr. Krienke, 44, was also named interim CFO, Secretary and Treasurer until a permanent replacement is named and he will report directly to the CEO.
“We are very fortunate indeed to have a financial professional of Mark’s caliber already in place and immediately prepared to assume the responsibilities of the position.” said Sargent, “His in-depth knowledge of our financials and accounting systems will allow Mark to transition smoothly into his larger responsibilities.”
Prior to his promotion, Mr. Krienke served as Director of Accounting at BancInsure, where he was responsible for controllership, financial planning and month-end reporting. Before coming to BancInsure, Mark was a Director at Claimetrics, where he was instrumental in implementing accounting, claims, and financial systems for the firm.
A graduate of Midwestern State University in Wichita Falls, Texas, Mr. Krienke is active in his church and community.
As a full-line independent insurer specific to financial institutions, BancInsure's understanding of financial institutions and their intricate operations is unmatched in the marketplace. This translates to extraordinary value through complete risk mitigation and risk management solutions. Since 1992, BancInsure has proudly retained a Financial Strength Rating of A- (or greater) from A.M. Best Company. BancInsure is dedicated to a niche of community banks and retains an excellent business position with its continued close ties to community banks that include exclusive endorsement agreements with more than 18 separate bankers associations. Headquartered in Oklahoma City and licensed in 48 states, BancInsure has proudly earned an industry leading 25% market share.
(www.bancinsure.com) www.bancinsure.com
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BancInsure Welcomes Allen Stendahl to Underwriting Team
Oklahoma City, OK – September 11, 2009 – BancInsure, Inc., announces that Allen Stendahl has joined the company as a Regional Underwriting Manager for Professional Lines Underwriting. Mr. Stendahl comes to BancInsure with extensive financial institution insurer experience in underwriting leadership, product and program development, and risk management.
“The breadth and depth of Allen’s technical expertise and knowledge is widely recognized.” said Bruce Livingston, Vice President and Chief Underwriting Officer of BancInsure. “His coming on board with BancInsure is a noteworthy testament to the company’s ever-increasing underwriting strength. Our organization anticipates significant benefit from Allen’s insights and capabilities.”
Prior to joining BancInsure, Mr. Stendahl served as the Director of Client Risk Management for Allied Solutions, LLC. In addition to his many industry achievements, he served as a member of the senior management teams at St. Paul Fire and Marine Insurance Company (now St. Paul/Travelers), Northland Insurance Company and CUNA Mutual Group. Mr. Stendahl is noted for his guest speaking and panel participant activities at several national industry association events. His professional accomplishments are highly regarded throughout the financial institution insurance industry.
A graduate of the University of Wisconsin, Mr. Stendahl holds a Bachelors of Science in Economics and Speech. He also holds both the Associate in Risk Management and Associate in Management designations from the American Institute for Chartered Property Casualty Underwriters and the Insurance Institute of America (AICPCU and IIA). Mr. Stendahl is a licensed property and liability insurance agent in Minnesota, Wisconsin and Tennessee.
As a full-line independent insurer specific to financial institutions, BancInsure's understanding of financial institutions and their intricate operations is unmatched in the marketplace. This translates to extraordinary value through complete risk mitigation and risk management solutions. Since 1992, BancInsure has proudly retained a Financial Strength Rating of A- (or greater) from A.M. Best Company. BancInsure is dedicated to a niche of community banks and retains an excellent business position with its continued close ties to community banks that include exclusive endorsement agreements with more than 18 separate bankers associations. Headquartered in Oklahoma City and licensed in 48 states, BancInsure has proudly earned an industry leading 25% market share.
(www.bancinsure.com) www.bancinsure.com
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A.M. Best Company Affirms A- (Excellent) Rating of BancInsure, Inc.
Oklahoma City, OK – June 22, 2009 – A.M. Best Company has affirmed the financial strength rating of A- (Excellent) and issued a credit rating of “a-“ for BancInsure, Inc. The outlook for both ratings is stable. This rating affirmation reflects BancInsure’s recent capital infusion and modest improvements in performance since December 31, 2008.
“We recognize the significance of retaining an A- (Excellent) rating, particularly in this economy.” stated Rodney N. Sargent, President and CEO of BancInsure. “Our financial strength and stability are essential components of our success and we are resolved to demonstrate our strength and stability on behalf of our shareholders and insureds. We are confident that our business model, capital management plans, and underwriting actions will continue to yield improved results throughout the remainder of 2009.”
“The current climate remains challenging for the entire financial services sector – banks and insurance carriers navigating in more turbulence than other sectors,” continued Sargent. The company experienced losses in 2008 that were driven by the unprecedented global economic crisis and an increased severity of claims in the Bond and D&O products sold to financial institutions. Since the first of the year, “…we continue to see improvements in the professional lines and all other BancInsure products (including Property & Casualty and Workers’ Compensation lines) remain profitable and continue to grow in accordance with business plans.”
Since 1992, BancInsure has proudly retained a Financial Strength Rating of A- (or greater) from A.M. Best Company. The company is dedicated to a niche of community banks, the majority of which are run with discipline and diligence. BancInsure retains an excellent business position with its continued close ties to community banks that include exclusive endorsement agreements with more than 18 separate bankers associations.
As a full-line independent insurer specific to financial institutions, BancInsure's understanding of financial institutions and their intricate operations is unmatched in the marketplace. This translates to extraordinary value through complete risk mitigation and risk management solutions. Headquartered in Oklahoma City, BancInsure has proudly earned an industry leading 25% market share. The Company is endorsed by eighteen banking organizations and is licensed in 48 states. With today’s announcement BancInsure continues to hold an A- (Excellent) Financial Strength Rating from A.M. Best Company. www.bancinsure.com
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Independent Insurance Agents and Brokers of America, Inc. (IIABA) Commends BancInsure
- Company Makes Enhancements to Independent Agency Agreement
Alexandria, VA - February 18, 2009 — BancInsure recently made a number of positive enhancements to its Independent Insurance Agency Agreement based on its work with the Independent Insurance Agents & Brokers of America, Inc. (the Big “I” or IIABA), announced Rodney N. Sargent, President and CEO of BancInsure, Inc. The new contract will be introduced to agents this month.
“Independent agencies have strong relationships in their communities, which makes our partnership with them a cornerstone of the way we do business,” says Sargent. “IIABA helped us reinforce the importance of that partnership by working with us to develop an agreement that demonstrates our commitment to our sales force. By taking advantage of the expertise IIABA has on agency appointment contracts, we were able to include terms in our contract that make clear to our agents how much we value their work and the integrity of their businesses.”
“IIABA commends BancInsure for the changes it made to its contract with agents, and for its ongoing efforts to develop and nurture its independent agency relationships,” says Debra Perkins, IIABA executive vice president and general counsel. “By working with IIABA to make these changes, BancInsure has demonstrated its confidence in and continued commitment to the independent agency system.”
A few noteworthy changes to BancInsure’s agency appointment contract are that it includes enhanced protection for agents of their ownership of expirations, a renewal/run-off provision to enable them to continue to service insured’s needs after termination of the appointment agreement, additional time to try to collect audit premiums, a longer notice period before the contact can be terminated, and an arbitration clause like those found in many business agreements.
“IIABA is extremely pleased that BancInsure considered and adopted so many of its recommendations to enhance its agency contract,” says Robert A Rusbuldt, Big “I” president & CEO. “This joint effort in enhancing the company’s contract shows that agents and companies can work well together to reach mutually important goals.”
“In difficult economic times, each step a carrier can take to demonstrate its commitment to its distribution force is of great value,” says Perkins. “Enhancing the agency appointment contract is one such step that says volumes about the company’s dedication to independent insurance agents.”
“BancInsure was eager to work with the IIABA on the company’s new contract, and appreciates the opportunity to use the new enhanced contract to strengthen the relationship we have with our agents,” continued Sargent.
As a full-line independent insurer specific to financial institutions, BancInsure's understanding of financial institutions and their intricate operations is unmatched in the marketplace. This translates to extraordinary value through complete risk mitigation and risk management solutions. Headquartered in Oklahoma City, BancInsure holds an A- (Excellent) A.M. Best rating and has proudly earned an industry leading 25% market share. The Company is endorsed by eighteen banking organizations and is licensed in 48 states. www.bancinsure.com
Founded in 1896, the Big “I” is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of more than 300,000 agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life, health, employee benefit plans and retirement products. Web address: www.independentagent.com.
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BancInsure opens distribution to Independent Agents in Texas
Oklahoma City, OK – January 29, 2009 – BancInsure’s insurance and risk management products are now available to Texas bankers through their local independent insurance agents.
“As a former Texan I understand the extraordinary value of relationships and the desire for choice in the insurance purchase decision,” states Rodney N. Sargent, President and CEO of BancInsure, Inc. “Texas bankers prefer the opportunity to choose how and with whom they conduct business. We are proud of our long-term relationship with the Texas Bankers Association (TBA) and continue to offer our products through their independent agency – Texas Bankers Insurance Agency.”
The Texas Bankers Association (TBA) was a founding partner in BancInsure over 22 years ago. BancInsure and Texas Bankers Association continue a strong partnership and share a desire to best serve the bankers in the state of Texas.
Sargent adds, “As the leading niche specialist in the community bank business for over 22 years, we are excited about this opportunity to strengthen our relationships with independent agents and the banks they serve. Evolving our distribution and working with the Independent Insurance Agents of Texas are just some of the ways we chose to demonstrate our commitment to the bankers and independent insurance agents of Texas.”
As a full-line independent insurer specific to financial institutions, BancInsure's understanding of financial institutions and their intricate operations is unmatched in the marketplace. This translates to extraordinary value through complete risk mitigation and risk management solutions. Headquartered in Oklahoma City, BancInsure holds an A- (Excellent) with a stable outlook A.M. Best rating, and has proudly earned an industry leading 25% market share. The Company is endorsed by eighteen banking organizations and is licensed in 48 states.
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BancInsure announces new endorsed partnership with Illinois League of Financial Institutions
Oklahoma City, OK – January 29, 2009 – BancInsure announces the establishment of an endorsed partnership agreement with the Illinois League of Financial Institutions (ILFI).
“We were made for times like these,” says Rodney N. Sargent, President and CEO of BancInsure, Inc. “We look forward to developing our partnership with the Illinois League of Financial Institutions and offering superior products and services to Illinois’s bankers.”
A leading provider of Financial Institution Bond and Extended Professional Liability, BancInsure is now an endorsed partner of the ILFI’s service corporation subsidiary, offering a comprehensive insurance product portfolio to Illinois’s savings and community banks. Risk management products offered by BancInsure include; Financial Institution Bond, Extended Professional Liability, Kidnap, Ransom and Extortion, Excess Deposit Bond, Property & Casualty and Flood Insurance.
“This partnership is a great example of our commitment to Illinois’s banks”, said Jay Stevenson, Treasurer of the ILFI Service Corporation. “As an industry leader, BancInsure’s experience and products continue to be unmatched and we’re excited to bring this opportunity to our membership.”
The ILFI represents 100 thrift and community banking institutions with assets of $23 billion. The association serves as the principal advocate for the thrift/banking industry in Illinois, providing products and services that bring benefits to its members. ILFI’s purpose is to serve the Illinois’ FDIC-insured financial institutions business and public interest by fostering thrift and homeownership and by sustaining and promoting the legislative, regulatory and business interests of its members and an array of other services designed to meet the needs of Illinois’s banks and savings and loan institutions. Priorities include advocacy, education, information and member services designed to assist association members in competing and prospering in a rapidly changing business environment.
For more information please contact Jay Stevenson with the Illinois League of Financial Institutions at 217.522.5575 or contact BancInsure at 800-682-1630 x731.
As a full-line independent insurer specific to financial institutions, BancInsure's understanding of financial institutions and their intricate operations is unmatched in the marketplace. This translates to extraordinary value through complete risk mitigation and risk management solutions. Headquartered in Oklahoma City, BancInsure holds an A- (Excellent) A.M. Best rating and has proudly earned an industry leading 25% market share. The Company is endorsed by eighteen banking organizations and is licensed in 48 states.
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BancInsure products now available through Nebraska Bankers Association
Oklahoma City, OK – December 16, 2008 – The Nebraska Bankers Association will begin offering BancInsure products to their member banks. A leading provider of Financial Institution Bond and Extended Professional Liability, BancInsure offers a comprehensive insurance product portfolio to the nation’s community banks. Additional risk management products include Property and Casualty and Excess Deposit Bond Insurance.
Nebraska Bankers Association represents commercial banks and savings institutions through out the state of Nebraska. The association serves as the principal advocate for the banking industry in Nebraska, providing products and services that bring benefits to its members. Priorities include legislative representation, education, industry promotion and public relations, cost-saving products and services, and an array of other services designed to meet the needs of Nebraska’s banks and savings and loan institutions.
“We were made for times like these,” says Rodney N. Sargent, President and CEO of BancInsure, Inc. “We look forward to partnering with the Nebraska Bankers Association and offering superior products and services to Nebraska’s bankers.”
As a full-line independent insurer specific to financial institutions, BancInsure's understanding of financial institutions and their intricate operations is unmatched in the marketplace. This translates to extraordinary value through complete risk mitigation and risk management solutions. Headquartered in Oklahoma City, BancInsure holds an A- (Excellent) A.M. Best rating and has proudly earned an industry leading 25% market share. The Company is endorsed by eighteen banking organizations and is licensed in 48 states.
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BancInsure products now available through Missouri Bankers Association
Oklahoma City, OK – December 16, 2008 – The Missouri Bankers Association will begin offering BancInsure products to their member banks. A leading provider of Financial Institution Bond and Extended Professional Liability, BancInsure offers a comprehensive insurance product portfolio to the nation’s community banks. Additional risk management products include Property and Casualty and Excess Deposit Bond Insurance.
Missouri Bankers Association membership includes commercial banks and savings and loan associations, representing over 1,800 banking locations and 30,000 bank employees in the state of Missouri. The Missouri Bankers Association serves as the principal advocate for the banking industry in Missouri, providing products and services that bring benefits to its members. Member banks are provided with access to compliance resources, regulatory and legislative bulletins and continuing education opportunities.
“We were made for times like these,” says Rodney N. Sargent, President and CEO of BancInsure, Inc. “We look forward to partnering with the Missouri Bankers Association and offering superior products and services to Missouri’s bankers.”
As a full-line independent insurer specific to financial institutions, BancInsure's understanding of financial institutions and their intricate operations is unmatched in the marketplace. This translates to extraordinary value through complete risk mitigation and risk management solutions. Headquartered in Oklahoma City, BancInsure holds an A- (Excellent) A.M. Best rating and has proudly earned an industry leading 25% market share. The Company is endorsed by eighteen banking organizations and is licensed in 48 states.
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BancInsure products now available through Kansas Bankers Association
Oklahoma City, OK – December 16, 2008 – The Kansas Bankers Association will
begin offering BancInsure products to their member banks. A leading provider
of Financial Institution Bond and Extended Professional Liability, BancInsure
offers a comprehensive insurance product portfolio to the nation’s community
banks. Additional risk management products include Property and Casualty and
Excess Deposit Bond Insurance.
Kansas Bankers Association represents commercial banks and savings institutions, reaching more than 96% of the banks in Kansas each month via The Kansas Banker, the association’s monthly magazine of the Kansas Bankers Association. The association serves as the leading advocate for the banking industry in Kansas, providing services to assist banks in maximizing both their profitability and their accountability. Member banks are provided with access to legal resources, regulatory and legislative bulletins and continuing education opportunities.
“We were made for times like these,” says Rodney N. Sargent, President and CEO of BancInsure, Inc. “We look forward to partnering with the Kansas Bankers Association and offering superior products and services to Kansas’s bankers.”
As a full-line independent insurer specific to financial institutions, BancInsure's understanding of financial institutions and their intricate operations is unmatched in the marketplace. This translates to extraordinary value through complete risk mitigation and risk management solutions. Headquartered in Oklahoma City, BancInsure holds an A- (Excellent) A.M. Best rating and has proudly earned an industry leading 25% market share. The Company is endorsed by eighteen banking organizations and is licensed in 48 states.
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BancInsure announces Director of Professional Lines Underwriting
Oklahoma City, OK – November 17, 2008 – BancInsure, Inc., announces that Bill Hess has been named Director of Professional Lines Underwriting.
“I am confident that Bill’s extensive experience and industry knowledge will continue to serve us well,” said Bruce Livingston, Vice President and Chief Underwriting Officer of BancInsure. “He brings to BancInsure an expertise in banking and insuring bank exposures that have proven to be a valuable asset to our team.”
Mr. Hess came to BancInsure with twenty-nine years of executive experience in underwriting leadership, program development, and operational oversight. His resume includes duties as senior auditor of a $5 billion bank holding company, risk analyst of distressed banking institutions for several leading Lloyds of London syndicates, underwriter for numerous surplus lines financial services programs as well as serving as broker for several large domestic and surplus lines financial services-related programs.
Prior to joining BancInsure, Mr. Hess served as the Brokerage Solutions Manager for CMIA Brokerage, a subsidiary of CUNA Mutual Group. Included among his many achievements at CMIA, were efforts to adopt new financial institution-related coverages for their clients. Mr. Hess also served as Vice President at Brasser Insurance Group, LLC in Nashville, TN where he managed and underwrote Lloyd’s Bank Insurance program and worked extensively in financial institution insurance. Mr. Hess began his insurance career at Third National Corporation in Nashville, TN as a staff auditor working his way to senior auditor before leaving to join Bowes and Co. as Assistant Vice President.
A graduate of Belmont University, Mr. Hess holds a Bachelors of Business Administration. Mr. Hess is a Chartered Bank Auditor, a Certified Internal Auditor and holds Property and Casualty and Surplus Lines licenses in 48 states.
As a full-line independent insurer specific to financial institutions, BancInsure's understanding of financial institutions and their intricate operations is unmatched in the marketplace. This translates to extraordinary value through complete risk mitigation and risk management solutions. Headquartered in Oklahoma City, BancInsure holds an A- (Excellent) A.M. Best rating and has proudly earned an industry leading 25% market share. The Company is endorsed by eighteen banking organizations and is licensed in 48 states.
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BancInsure Ready to Assist Banks Affected by Hurricane Ike
OKLAHOMA CITY, OK. – (BUSINESS WIRE) – September 15, 2008
BancInsure stands ready to help our insured banks that have been affected by the storm. “Everyone in the BancInsure family is ready to assist. This includes service center personnel, claims representatives, underwriting staff and the senior management team. Our commitment to our insured means that we will work with you until every question is answered.” states Jim Cross, Vice President of Claims at BancInsure, Inc.
As a full-line insurance provider focusing on the banking industry, BancInsure provides comprehensive coverage during times of unforeseen disaster and catastrophe. Banks affected by Hurricane Ike can report claims online at www.bancinsure.com, by phone at 800.682.1630, by fax at 405.290.5718 or through their local BancInsure agent. The BancInsure service commitment guarantees a response by the next business day, however every attempt will be made to respond the day a claims notice is received.
“Our immediate concern is the safety of your bank employees.” says Rodney N. Sargent, President and CEO of BancInsure, Inc. “We understand that the most important product we offer isn’t an insurance policy, it is peace of mind. BancInsure will be there for your bank today and tomorrow.”
As the only full-line independent insurer focused on financial institutions, BancInsure's understanding of financial institutions and their intricate operations is unmatched in the marketplace. This translates to extraordinary value through complete risk mitigation and risk management solutions. Headquartered in Oklahoma City, BancInsure holds an A- (Excellent) A.M. Best rating with a stable outlook. The Company is endorsed by eighteen banking organizations and is licensed in 48 states.
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BancInsure Continues to Offer Excess Deposit Guaranty Bonds
OKLAHOMA CITY, OK. – (BUSINESS WIRE) – September 9, 2008
Rodney N. Sargent, President and CEO of BancInsure, Inc., announced today that BancInsure intends to continue offering Excess Deposit Guaranty Bonds to the nation’s community banks and financial institutions.
“The vast majority of community banks in this country are run with discipline and diligence. We remain confident in the American banker. This product protects banks and protects consumers and we will continue to offer it for the foreseeable future.” says Rod Sargent, President and CEO of BancInsure, Inc.
Excess Deposit Guaranty Bonds insures consumer deposits in excess of $100,000 dollars. The Federal Deposit Insurance Corporation (FDIC) insures amounts up to $100,000 dollars per depositor. Private insurance, like that offered by BancInsure, is offered to cover amounts in excess of $100,000 dollars.
“Access to private deposit insurance is critical to the operations of virtually every bank in Oklahoma,” said Roger Beverage, President and CEO of the Oklahoma Bankers Association. “BancInsure was formed by bankers for bankers to do just that, and it’s just another reason why nothing’s safer than money in the bank.”
As the only full-line independent insurer focused on financial institutions, BancInsure's understanding of financial institutions and their intricate operations is unmatched in the marketplace. This translates to extraordinary value through complete risk mitigation and risk management solutions. Headquartered in Oklahoma City, BancInsure holds an A- (Excellent) A.M. Best rating with a stable outlook. The Company is endorsed by eighteen banking organizations and is licensed in 48 states.
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BancInsure Remains True to Original Mission
Oklahoma City, OK – July 10, 2008 -- Rodney N. Sargent, President and CEO of BancInsure, Inc., reaffirmed today that BancInsure remains committed to its original mission to be the provider of choice for community banks by offering superior products, professional claims service and risk management solutions during good times or bad. “We were made for times like these,” commented Sargent.
“Because we are no stranger to difficult times, we don’t shift course at the first sign of stormy weather,” commented Sargent. “Our bank partners, many of which have been with us since our inception in 1986, demand consistency in product availability and pricing, regardless of economic circumstances.”
“This is who we are, what we do, and how we do things at BancInsure,” commented Sargent. “Our core values and focus on banks separate us from multi-line insurers which have bank divisions that just happen to write bank insurance. The fact that BancInsure arose from an unknown start-up to become the most recognized and recommended insurance company for financial institutions makes us proud at BancInsure. Our commitment to the banking industry will continue to be our legacy.”
As a full-line independent insurer specific to financial institutions, BancInsure's understanding of financial institutions and their intricate operations is unmatched in the marketplace. This translates to extraordinary value through complete risk mitigation and risk management solutions. Headquartered in Oklahoma City, BancInsure holds an A- (Excellent) A.M. Best rating and has proudly earned an industry leading 25% market share. The Company is endorsed by eighteen banking organizations and is licensed in 48 states.
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A.M. Best Affirms Rating of BancInsure, Inc.
OLDWICK, N.J., June 19, 2008—A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of BancInsure, Inc. (BancInsure) (Oklahoma City, OK). The outlook for both ratings is stable.
The ratings reflect BancInsure’s favorable operating performance, capitalization that supports its rating level and its strong niche market focus.
Partially offsetting these positive factors is the company’s fluctuating return measures over a five-year period and the risks associated with the debt issued at the parent company. Further, A.M. Best continues to monitor the run-off of its medical malpractice book of business, which has indicated a favorable status to date.
The ratings recognize BancInsure’s excellent business position with its continued close ties to community banks that include exclusive endorsement agreements with 18 separate bankers associations. Management believes that its new ownership structure has increased the effectiveness of its marketing entities, while the reduction in its board level from 31 to 14 directors has streamlined its decision-making process.
Financing through trust preferred securities at its holding company followed a management buy-out in January 2003. Although this debt is currently being serviced by a newly formed marketing entity for BancInsure’s products, there remains the risk that the company could
be used to partially service this debt should its marketing entity’s cash flows deteriorate. Revenue stream of the marketing entity is derived from fee and commission. Nonetheless, under its revised operating structure, the company has profitably grown its book of business, serviced its debt and generated favorable return measures.
For Best’s Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.
Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.
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BancInsure Plans Continued Expansion of Independent Agency Distribution System
Oklahoma City, OK – June 16, 2008 -- Rodney N. Sargent, President and CEO of BancInsure, Inc., announced today that BancInsure intends to continue aggressive expansion into the independent agency distribution system. “As the leading niche specialist in the community bank business for over 22 years, we are eager for partnerships with independent agents, we want to further our horizons and expand the scope of our operations,” commented Sargent.
Starting out as a direct writer formed by 15 state banking associations, BancInsure began its operations when many competitors lost the desire to serve the banking industry. “Tumultuous financial times are no stranger to BancInsure. We were made for times like these,” commented Sargent.
After transitioning to an independently owned company in 2003, BancInsure recognized further expansion opportunities by opening its distribution channels to independent agents. Said Sargent, “since inception, we’ve always utilized and respected the tremendous value of the independent agency system. Independent agents control a significant share of the community bank market, which is proof positive that they bring great value to the industry and their customers. We hope to form many new agency partnerships during the months and years ahead.”
“While we look for multiple bank agencies, a ‘one bank, one independent agent relationship’ has long been welcome here at BancInsure,” commented Sargent. “Our appointment process and business expectations are reasonable and in turn, we offer your financial institution clients ‘best in class’ claims service and a reinsurance portfolio that is unmatched in the industry.”
“We encourage independent agents to explore the ‘Get Appointed’ invitation on our website and see how easy it is to work with BancInsure. We want to partner with your agency during times like these.” Sargent added.
As the only full-line independent insurer focusing completely on financial institutions, BancInsure's understanding of financial institutions and their intricate operations is unmatched in the marketplace. This translates to extraordinary value through complete risk mitigation and risk management solutions. Headquartered in Oklahoma City, BancInsure holds an A- (Excellent) A.M. Best rating. The Company is endorsed by eighteen banking organizations and is licensed in 48 states.
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BancInsure To Hold Firm On Professional Liability Rates Despite Challenging Market
Conditions
OKLAHOMA CITY, OK. – (BUSINESS WIRE) – May 15, 2008
Rodney N. Sargent, President and CEO of BancInsure, Inc. announced today “that BancInsure
will be holding firm on rates for the professional liability lines of business for
the duration of 2008.”
“BancInsure was made for times like these,” commented Sargent. “Our organization’s
very purpose is to assist banks in difficult insurance and business environments.
We’re going to continue to be there for banks today and tomorrow.”
According to Advisen, one of the insurance industries leading advisors, “the sub-prime
crisis could hit the D&O market with losses up to $4 billion and that may be the
low end of the estimate, especially if any kind of criminal activity is discovered.
Big legacy insurers have to be thinking about their reserve positions right now,
especially those involved in financial institution business.
This uncertainty in the D&O market has led some carriers to re-think the adequacy
of their pricing models, especially combined with anticipated higher claims activity.
“Once again, BancInsure will provide the community bank market with consistency
during this period of financial turmoil,” commented Sargent.
Founded in 1985 as the only full-line independent insurer focusing completely on
financial institutions, BancInsure's understanding of financial institutions and
their intricate operations is unmatched in the marketplace. This translates to extraordinary
value through complete risk mitigation and risk management solutions. Headquartered
in Oklahoma City, BancInsure holds an A- (Excellent) A.M. Best rating. The Company
is endorsed by eighteen banking organizations and is licensed in 48 states.
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BancInsure Announces Chief Underwriting Officer
OKLAHOMA CITY, OK. – (BUSINESS WIRE) – March 27, 2008
The Board of Directors for BMSI Holdings, Inc, the parent company of the insurer
BancInsure, Inc, announced today that Bruce Livingston has been promoted to Vice
President and Chief Underwriting Officer of The Companies.
“This leader brings a depth of underwriting and insurance experience that is essential
for our operations,” said Rodney N. Sargent, President and CEO of The Companies.
“His strategic insights into product and program development, coupled with his executive
leadership acumen, reflect the growing bench strength of our leadership team.”
Mr. Livingston comes to BancInsure with 24 years of executive experience in underwriting
leadership, program development, and operational oversight. Prior to BancInsure,
Mr. Livingston led product management and development for Harleysville Insurance
Company in Pennsylvania and was an officer of the company. At Harleysville, Bruce
also directed the corporation’s underwriting approach to create an additional $300M
in premiums. He was a former Division President of Professional Underwriters Corporation
(a subsidiary of Legion Management Corporation) where he served as Chief Executive
Officer for this underwriting services company handling program premium in excess
of $150M. Bruce started his career at Crum & Forster Commercial Insurance Company
where he held a variety of roles.
A graduate of Texas Tech University, Bruce holds a BA in Business Administration.
He holds the Chartered Property and Casualty Underwriter (CPCU) and Associate in
Claims (AIC) designations. Prior to Bruce’s relocation from Pennsylvania to Oklahoma,
he was an active member of the Greater Valley Forge Chapter of CPCU.
Founded in 1985 as the only truly independent insurer focusing completely on financial
institutions, BancInsure's understanding of financial institutions and their intricate
operations is unmatched in the marketplace. This translates to extraordinary value
through complete risk mitigation and risk management solutions. Headquartered in
Oklahoma City, BancInsure holds an A- (Excellent) A.M. Best rating and is licensed
in 48 states.
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Oklahoma Bankers Association Endorses BancInsure Flood Program
Oklahoma City, Oklahoma - BancInsure and the Oklahoma Bankers Association
(OBA) announced today they have partnered with The Flood Insurance Agency (TFIA)
to deliver a comprehensive flood compliance program for their 268 banks.
BancInsure, the only full-line independent provider specific to banks in the United
States, is an OBA endorsed partner and now offers complete flood insurance compliance
solutions as a part of their comprehensive insurance product portfolio. These products
include Financial Institution Bond, Extended Professional Liability, Property &
Casualty, Excess Deposit Insurance, Lenders Single Interest, Mortgage Protection
and Identity Recovery. BancInsure is licensed in 48 states and is headquartered
in Oklahoma City, OK.
TFIA provides lenders with a total flood insurance compliance solution consisting
of flood zone determinations, FEMA lender placed flood insurance, FEMA voluntary
purchased flood insurance, and flood insurance compliance consulting. All services
are available online at bancinsure.floodcert.com,
www.thefloodinsuranceagency.com,
and www.mpppflood.com. The Company services
all 50 states and the District of Columbia, is headquartered in Kalispell, MT, and
can be reached at 877-356-6348.
“This partnership with TFIA and BancInsure is a great advantage for the members
of the OBA,” said Roger Beverage, OBA president. “We now have access to the premier
flood insurance program in the country through BancInsure, which means added value
and better service for Oklahoma banks.”
For additional information on the BancInsure Flood Program, contact Scott Harris
at 405. 488.0293 or Judy Hanna at 405.488.0292 or visit www.bancinsure.com/flood.shtml
for more information.
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BancInsure Announces Addition to Executive Team
Oklahoma City, OK- BancInsure announced the arrival of Rudy L. Erb as Vice President
and Chief Information Officer for the Companies: BancInsure Inc., BMSI Marketing,
Inc. and Matterhorn Financial Services, Inc. Mr. Erb will assume leadership for
the Companies’ technology initiatives and operations - including related strategies
and projects.
Rudy joins BancInsure with over 12 years of technology leadership. His management
experience has included insurance, financial services, and banking. Most recently,
Mr. Erb was Vice President of Retail Banking Support overseeing the Payment Technology,
Internet Project Management, Leadership Development, and Budget Administration &
Vendor Management functions for Wachovia (formerly World Savings). Prior to this,
Mr. Erb worked for several national insurers leading marketing analysis, e-commerce
development, and IT support departments. He holds a Bachelor of Science degree in
Information Systems from the University of Idaho’s College of Business and Economics.
“With Rudy joining our team, we continue to take steps towards developing the technologically
advanced infrastructure that will allow BancInsure to continue as a leader in the
insurance industry,” Rod Sargent, CEO said. “With his aggressive strategic planning
history, Rudy will play a key role on our future growth and success.”
BancInsure is the industry’s only fully independent insurer with a specific focus
on providing insurance products to financial institutions. The Company entered the
market in 1986 amidst very difficult market conditions. After 20 plus years of operations,
the Company has business relationships with roughly 20% of the community banks in
the United States. Headquartered in Oklahoma City, OK, BancInsure enjoys endorsement
agreements with 20 financial organizations across the country.
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Minnesota Bankers Association Endorses BancInsure Flood Program
Oklahoma City, Oklahoma-BancInsure and the Minnesota Bankers Association
(MBA) announced today they have partnered with The Flood Insurance Agency (TFIA)
to deliver a comprehensive flood compliance program for MBA’s 450 bank members.
BancInsure, the only full-line independent provider specific to banks in the United
States, is an MBA endorsed vendor and now offers complete flood insurance compliance
solutions as a part of a comprehensive insurance product portfolio. These products
include Financial Institution Bond, Extended Professional Liability, Property &
Casualty, Excess Deposit Insurance, Lenders Single Interest, Mortgage Protection
and Identity Recovery. For additional information on the BancInsure Flood Program,
contact Keith Peters at 866-259-6633 or visit www.bancinsure.com.
TFIA provides lenders with a total flood insurance compliance solution consisting
of flood zone determinations, FEMA lender placed flood insurance, FEMA voluntary
purchased flood insurance, and flood insurance compliance consulting. All services
are available online at bancinsure.floodcert.com,www.thefloodinsuranceagency.com,
and www.mpppflood.com. The company services
all 50 states and the District of Columbia, is headquartered in Kalispell, Montana,
and can be reached at 877-356-6348.
“This partnership with TFIA and BancInsure is a great advantage for the members
of the MBA,” said Joe Witt, MBA President/CEO. “We now have access to the premier
flood insurance program in the country through BancInsure, which means added value
and better service for Minnesota banks.”
BancInsure is licensed in 48 states and is headquartered in Oklahoma City. They
are exclusively endorsed by 18 financial organizations across the country and hold
an A-(Excellent) rating by A.M. Best.
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Wisconsin Bankers Association Endorses BancInsure Flood Program
Oklahoma City, Oklahoma-BancInsure and the Wisconsin Bankers Association (WBA) announced
today they have partnered with The Flood Insurance Agency (TFIA) to deliver a comprehensive
flood compliance program for their 300 plus banks.
BancInsure, the only full-line independent provider specific to banks in the United
States, is a WBA endorsed partner and now offers complete flood insurance compliance
solutions as a part of their comprehensive insurance product portfolio. BancInsure
is licensed in 48 states and is headquartered in Oklahoma City, OK.
TFIA provides lenders with flood insurance services and lender placed insurance
to individual property owners, insurance agents, mortgage lenders, flood zone determination
companies, insurance companies and public housing authorities. The Company services
all 50 states and the District of Columbia and is headquartered in Kalispell, MT.
“This partnership with TFIA and BancInsure is a great advantage for the members
of the WBA,” said Kurt Bauer, WBA president. “We now have access to the premier
flood insurance program in the country through BancInsure, which means added value
and better service for Wisconsin banks.”
For additional information on the BancInsure Flood Program, contact Jeff Otteson
at 608.441.1244 or visit www.bancinsure.com/flood.shtml.
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National Insurer Responds to California Wild Fires
BancInsure announced today that it is taking steps in response to the devastating
wild fires in Southern California. As the only full-line insurance provider specific
to banks, BancInsure provides comprehensive coverage during times of unforeseen
disaster and catastrophes.
“Our goal is to make sure all our current banks and their customers are out of harms
way. We want them to know that we are fully prepared to assist them with all their
insurance and claims needs,” said Rod Sargent, CEO of BancInsure.
“Everyone in the BancInsure family is ready to assist. This includes service center
personnel, claims representatives, underwriting staff and the senior management
team. Our diligence consists of staying with our customers until every question
is answered and every result is obtained” continued Sargent.
Banks affected by the fire can reach BancInsure three ways: Contact your local BancInsure
agent, call 800.682.1630 and speak to a claims representative or visit
www.bancinsure.com/FileAClaim and file on-line. BancInsure responds to all
claims within 24 hours.
BancInsure holds an A- (Excellent) rating from A.M. Best. They currently insure
over 20% of the community banks in the United States and are licensed in 48 states.
Their corporate offices are located in Oklahoma City, with Service Centers located
throughout the US.
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Promotions Announced at Matterhorn Financial Services
BMSI Holdings, the holding company for multiple financial services companies, including
Matterhorn Financial Services, BMSI Marketing, and BancInsure, today announced a
number of promotions and appointments following a meeting of the Board of Directors
in Oklahoma City, OK.
Louis C. Verdile, Vice President of Sales for BMSI Marketing, was appointed
Vice President of Sales for Matterhorn Financial Services and Vice President of
Sales for BancInsure.
William H. Funk, Vice President of Marketing for BMSI Marketing and BancInsure,
was appointed Vice President of Marketing for Matterhorn Financial Services
Jody L. Weaver, Assistant Secretary/Treasurer for Matterhorn Financial Services
was appointed Vice President of Finance for Matterhorn Financial Services.
Ronald J. Robinson, manager of underwriting operations, was appointed Vice
President of Underwriting for Matterhorn Financial Services.
"We are fortunate to have strong executive leaders in our companies and these appointments
reflect our confidence and continued evolution as a leader in our niche'," commented
Rod Sargent, CEO of the companies.
BMSI Holding’s family of companies focus on products and services designed to meet
the risk management needs of financial institutions. Matterhorn Financial Services,
headquartered Timonium, Maryland, is recognized as a premier provider of loan related
products and services to financial institutions.
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BancInsure Adds to Executive Team
OKLAHOMA CITY, OK. – (BUSINESS WIRE) – May 3, 2007
BancInsure, Inc announced today that Louis C. Verdile has been appointed Vice President
of Sales for BMSI Marketing, the sales and marketing division of the company. “Lou
will bring us a new perspective and innovative ways to support our customers and
sell our products,” said Rodney N. Sargent, chief executive officer of BancInsure.
“As we implement new growth initiatives for the company, establishing a dedicated
leader of the sales organization is essential. Lou’s industry experience, his understanding
of financial institutions, and his tenacious focus on service reinforces our company
mission and core values.”
Mr. Verdile is a 25 year veteran of insurance sales leadership. He has held positions
with multiple companies, most recently with National ID Recovery as Vice President
of Marketing and Sales. His background includes executive roles with Trident Insurance
Services, V.O. Schinnerer (a division of Marsh), and several others. His background
also includes executive positions with Brown & Brown, Governmental Programs and
PENCO. Louis Verdile, 50, is a graduate of Syracuse University and a veteran of
the United States Navy.
Founded in 1985 as the only truly independent insurer focusing completely on financial
institutions, BancInsure's understanding of financial institutions and their intricate
operations is unmatched in the market. This translates to extraordinary value to
our customers through complete risk mitigation and risk management solutions.
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The Flood Insurance Agency Forms Strategic Marketing Alliance With BancInsure, Inc
KALISPELL, MT – March 21, 2007 - The Flood Insurance Agency (TFIA) has entered into
an agreement with BancInsure, Inc. wherein BancInsure will market TFIA’s total flood
insurance compliance solution to their existing client base of approximately 2200
community banks and will utilize the flood compliance solution to attract new bank
clients.
Rod Sargent, CEO of BancInsure, signed the agreement with TFIA today. “TFIA and
their full compliance solution reflects the type of relationship we seek as the
premier provider of risk management solutions for community banks,” says Sargent.
TFIA markets FEMA standard flood hazard area determinations, FEMA standard flood
insurance policies and FEMA lender placed flood insurance. A new private label program
provides BancInsure with a name branded online instant response zone determination
website, bancinsure.floodcert.com. A second private label program, www.bancinsureflood.com,
advertises the BancInsure name and logo on FEMA standard flood insurance policies.
A third website, www.MPPPFlood.com, is an automated solution for keeping lenders'
loan portfolios in compliance with federal flood insurance regulations. The automated
system allows lenders to instantly calculate lender placed flood insurance premiums,
print FEMA required warning letters, generate applications to place insurance, and
print all documents required to cancel a policy. MPPP policies are the only lender
placed policies whose claim payments are funded by the United States Government.
"Possibly the most unique and well accepted feature of MPPPFlood.com is our patent
pending OSPCP," said Evan Hecht, Chief Executive Officer of TFIA. "It is the first
lender placed flood insurance program that clearly shows borrowers the benefit of
replacing a lender placed flood policy with a policy they choose to purchase themselves."
The optional standard policy conversion is comprised of a series of automated letters
sent to borrowers by TFIA encouraging the borrower to contact their staff of licensed
flood insurance professionals. Lender clients can choose to opt in or out of Optional
Standard Policy Conversion Program (OSPCP). Moreover, each lender can choose online
which borrowers they would like to enroll in the program. Both MPPPFlood.com and
OSPCP are provided to lender clients of TFIA free of charge.
The Flood Insurance Agency (TFIA) is a technology-driven, independent insurance
agency devoted entirely to providing flood insurance solutions to individual property
owners, insurance agents, mortgage lenders and public housing authorities. The Company's
website, www.thefloodinsuranceagency.com, offers National Flood Insurance Program
(NFIP) flood insurance quotes and FEMA Standard Flood Hazard Area Determinations.
The Company markets www.MPPPFlood.com , the first software to automate FEMA's Mortgage
Portfolio Protection Plan (MPPP) lender placed flood insurance program. The Company
services clients in 50 states and the District of Columbia, and is headquartered
in Kalispell, MT.
BancInsure is the industry’s only fully independent insurer with a specific focus
on providing insurance products to financial institutions. The company entered the
market in 1986 amidst very difficult market conditions. After 20 years of operations,
the company has business relationships with roughly 20% of the community banks in
the United States. Located in Oklahoma City, OK, BancInsure enjoys an endorsement
agreement with 20 state bankers organizations.
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OKLAHOMA CITY, OK.--(BUSINESS WIRE)—April 9, 2007
BMSI Holdings, the holding company for BancInsure, Inc, today announced a number
of promotions and appointments following their annual shareholders meeting in Dallas,
TX.
Rodney N. Sargent was appointed President of BMSI Holdings and Chief Executive Officer
of the companies, and was elected a director of the company.
Sargent, 45, joined the company in December 2006 as President of BMSI Marketing,
Inc, the sales and marketing arm for BancInsure. His experience includes executive
management with several national insurers, including executive roles with Seattle-based
Safeco as Corporate Marketing Officer and Corporate E-Commerce Officer. Mr. Sargent
was also the Vice President of Marketing for the Property & Casualty Companies of
United Services Automobile Association (USAA). Prior to joining BancInsure, Mr.
Sargent was Corporate Vice President and Chief Marketing Officer for Argonaut Group.
Rodney Sargent is a graduate of Portland State University and Seattle University's
Executive Leadership Program at the Albers Graduate School of Business.
Cynthia F. McInerney was appointed Executive Vice President, Chief Financial Officer,
Secretary, and Treasurer for BMSI Holdings, Inc. and all subsidiary companies. Cynthia
was also elected as a director of the company.
McInerney has been with BancInsure since it’s founding in 1985, serving as Secretary,
Treasurer and Chief Financial Officer since 2003. Ms. McInerney holds a B.S. in
Accounting and an M.B.A. from the University of Illinois. She is a member of the
Oklahoma Society of CPA’s and the AICPA.
Galen T. Pate, the Company's chairman, said: "These actions reflect our faith in
the leadership team and our commitment to the direction, strategies, and objectives
already underway. With these changes, we are well positioned to achieve the sustained
and profitable growth we seek.”
Founded in 1985 as the only truly independent insurer focusing completely on financial
institutions, BancInsure's understanding of financial institutions and their intricate
operations is unmatched in the market. This translates to extraordinary value to
our customers as this understanding permeates the fiber of all areas of the company's
operation.
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BancInsure Provides HSA Custodian Solution to Banking Industry
Oklahoma City, OK (2006) –
BancInsure is pleased to announce the expansion
of their financial offerings to include serving as an HSA custodian with the HSATodayTM
program, the nation’s most comprehensive Health Savings Account administration and
delivery platform. Delivered under the brand name
HSA@BancInsure, these HSA
services will meet the expanding opportunity that BancInsure client banks, as
Associated
Member Banks in the HSA@BancInsure™ program, have to serve their customers.
BancInsure’s entry into the HSA market is designed to assist and complement the
efforts of its policyholders, community banks, in developing a full-service HSA
product that can be offered to their customers. HSA@BancInsure™ is a unique program
that allows Associated Member Banks to answer the HSA need for their clients, protecting
critical commercial account relationships, with a low cost of entry and opportunity
to increase deposits. As a trusted bank partner, BancInsure will provide the HSA
answer while explicitly supporting and protecting the Associated Member Bank’s account
relationships.
The market for Health Savings Account continues to rapidly expand as employers seek
creative solutions to continuing inflation in health benefit costs. HSAs, used in
conjunction with the requisite high-deductible health plan (HDHP), provide employees
and employers lower health plan costs and tax-favored saving opportunities. Using
a BancInsure Health Savings Account through one of BancInsure’s Associated Member
Banks, account holders are able to pay for their out-of-pocket medical expenses
with tax-free income, or allow the funds to grow through interest income tax-free.
For more information, contact HSA@BancInsure™ at 1-866-624-0044.
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BancInsure Announces Streamlined Renewal Process
BancInsure, Inc. announces an optional, more streamlined renewal process for its
clients, utilizing A. M. Best’s bank ratings in lieu of its usual application. A.
M. Best’s ratings will be integrated into BancInsure’s normal customer renewal cycle.
A price discount is offered by BancInsure as further incentive to banks due to the
cost savings in its underwriting process.
A. M. Best has established an interactive bank rating service focusing on providing
credit ratings to community banks. Unlike the public data-derived ratings available
to the majority of community banks today, A. M. Best will provide an interactive
process by working directly with the management of the bank to gain a superior understanding
and knowledge of the bank and its operations.
As stated on various public occasions by Khanh Vuong, Managing Senior Financial
Analyst of the initiative for Best: “A.M. Best’s initial focus will be on U.S. banks
with asset sizes ranging from approximately $100 million at the low end to approximately
$40 billion at the high end, with a specific focus on the mid-sized and small banks.
Small and mid-sized U.S. banks traditionally have not received comprehensive rating
coverage. However, there are very compelling needs for ratings on small and mid-sized
banks in the changing U.S. banking industry.” A.M. Best’s recent public announcement
stated that it believes that a comprehensive interactive rating will enhance a small
or mid-sized bank’s operation, by affording it greater expediency in reaching out
to new deposit bases and other funding sources. Because of increasing competitive
pressures, small and mid-sized banks are constantly searching for ways to improve
their operations, and an interactive rating will be an indispensable part of these
banks’ business management tools.
“BancInsure is uniquely positioned to take advantage of this service.” BancInsure
President and CEO, Bill Haaland, stated, adding “We are very pleased to be the first
to market with this new streamlined underwriting process. As an underwriter of community
banks, we find great value in this new service Best is offering. We also know that,
as with anything Best offers, it will be of extremely high quality.”
BancInsure is the industry’s only fully independent insurer with a specific focus
on providing insurance products to financial institutions. The company entered the
market in 1986 amidst very difficult market conditions. After 20 years of operations,
the company has business relationships with roughly 20% of the community banks in
the United States. Located in Oklahoma City, OK, BancInsure enjoys an endorsement
agreement with 20 state bankers’ organizations.