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Volume 4, 2006:

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.”

The program will commence October 1 in all states. 

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.