ABA Insurance Services

Name

ABA Insurance Services

Legal name

ABA Insurance Services Inc.

Website

https://abais.com

Company type

Private

Founded year

1987

Operating status

Operating

Headcount range

51–100 employees

Ownership category

akta.pro rank

Product category

Specialty Commercial Insurance (Managing General Agent)

NAICS

Agencies, Brokerages, and Other Insurance Related Activities (5242), Insurance Agencies and Brokerages (524210)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Insurance Program Administration & MGA/MGU Services (FSAEADAK)

akta.pro secondary industries

Management Liability (D&O/EPL/Fiduciary) (FSAJAGAD), Nonprofit / Social Services BOP (FSAJAFAM), Embedded Insurance & Affinity Distribution Platforms (FSAGAGAL), Mid-Market Commercial Package (Package Policies) (FSAJAFAB), Professional Umbrella / Excess (E&O/D&O Wrap) (FSAJANAH)

Keywords

• Bank insurance programs
• Managing general agent
• Financial institution bonds
• Professional liability insurance
• Small business insurance

Headquarters

HQ city

Shaker Heights

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Supply Chain, Infrastructure

Revenue model

1. Insurance Premiums: ABA Insurance Services operates as a Managing General Agent (MGA) providing executive and professional liability insurance, financial institution bonds, and property and casualty lines. Revenue is generated through insurance premiums collected from policyholders, with coverage underwritten by Great American Insurance Company and affiliated insurers.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels3 records

Core offering

ABA Insurance Services is a Managing General Agent (MGA) that places and services specialty insurance coverages for commercial banks of all sizes and for small businesses and nonprofits. Bank offerings include Professional Liability, Financial Institution Bond, Cyber, Property & Casualty, Mortgage Protection, Excess Coverage, and STAMP Surety Bonds, underwritten with reinsurance support from American Bankers Mutual Insurance (ABMI). Small business and nonprofit offerings — EPLI, Cyber, Nonprofit D&O, Community Association HOA/COA D&O, Crime, and Miscellaneous Professional Liability — are underwritten by Great American Insurance Company and bound online by independent agents through the ProCision platform.

Product overview

ABA Insurance Services provides a comprehensive portfolio of insurance products for two primary segments: banks (including community banks, trust companies, and large asset-sized financial institutions) and small businesses/nonprofits. For banks, the offerings include Professional Liability, Financial Institution Bond, Cyber Insurance, Property & Casualty, Mortgage Protection, Excess Coverage, and STAMP Surety Bonds. For small businesses and nonprofits, the company offers Employment Practices Liability (EPLI), Cyber Insurance, Nonprofit D&O, Community Association HOA/COA D&O, Crime Insurance, Miscellaneous Professional Liability (MPL), and Other Liability Insurance. All small business and nonprofit products are delivered through the ProCision® online platform, which enables independent agents to rate, quote, and bind coverage digitally in minutes from Great American Insurance Company (A.M. Best A+ Superior rated). The bank products are supported by American Bankers Mutual Insurance (ABMI), a Bermuda-based reinsurer mutually owned by ABA members.

Differentiator

Problem solved

Functional benefit

Brands

• ProCision: Online platform for agents to rate, quote, and bind small business insurance policies including EPLI, Cyber, Nonprofit D&O, Community Association HOA/COA D&O, Crime, and MPL.

Products and services

• Professional Liability Executive and professional liability insurance coverage for banks, protecting against claims arising from professional services, errors, or omissions.
• Financial Institution Bond Fidelity bond coverage for financial institutions protecting against employee dishonesty, fraud, and other financial losses.
• Cyber Insurance (Bank) Coverage for banks against cyber threats, data breaches, and related liabilities.
• Property & Casualty Package Property and casualty insurance coverage for financial institutions, including buildings, equipment, and liability protection.
• Mortgage Protection Insurance coverage protecting mortgage lenders and servicers against losses related to mortgage portfolio risks.
• Excess Coverage Additional liability coverage layers above primary insurance limits for banks requiring expanded protection.
• STAMP Surety Bonds Surety bond products under the STAMP program for financial institutions.
• Employment Practices Liability (EPLI) Coverage for small businesses and nonprofits against claims related to employment practices such as wrongful termination, discrimination, and harassment.
• Cyber Insurance (Small Business) Cyber liability coverage for small businesses and nonprofits against cyber threats, data breaches, and related liabilities.
• Nonprofit D&O Directors and Officers liability coverage specifically designed for nonprofit organizations.
• Community Association HOA/COA D&O Directors and Officers liability insurance for community associations, homeowner associations, and condominium owner associations.
• Crime Insurance Coverage for small businesses against employee dishonesty, theft, and other crime-related losses.
• Miscellaneous Professional Liability (MPL)

Quantifiable outcome

• Over $100 million in premium generated in 2023
• +1 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered core and minor.

• American Bankers Mutual Insurance, Ltd. (ABMI)coreStrategic or Co-development Partner · 1 January 2010ABMI is a Bermuda-based reinsurer for ABA Insurance Services' financial institutions program. ABMI is mutually owned by ABA members that purchase coverage that ABMI reinsures. In 2010, ABMI acquired full ownership of the original ABA insurance program and formed ABA Insurance Services as an independent MGA.
• American Bankers Association (ABA)coreStrategic or Co-development Partner · 1 January 1987The ABA insurance program began in 1987 as a joint venture between Progressive Insurance, American Bankers Professional & Fidelity Insurance Company (now ABMI), and the American Bankers Association as a resource for banks to obtain insurance coverage after the savings & loan crisis.
• Progressive InsuranceminorStrategic or Co-development Partner · 1 January 1987Part of the original 1987 joint venture that founded the ABA insurance program. Progressive's share was purchased by ABMI in 2010.
• Great American Insurance CompanycoreStrategic or Co-development PartnerPolicies for small businesses and nonprofits are underwritten by Great American Insurance Company and affiliated insurers, which holds an A.M. Best rating of A+ (Superior).

Scale indicators5 records

Recent moves10 records

Expansion highlights5 records

Emerging players

• Accelerant: Insurtech MGA platform enabling underwriting in specialty lines with data-led underwriting and delegated authority—an emerging competing distribution model to ABAIS's ProCision approach.

Direct peers

• Burns & Wilcox: Specialty insurance wholesale brokerage and program administrator serving complex and niche commercial risks, including financial-institution exposures—an analogous specialty MGA/wholesale model to ABA Insurance Services.
• Breckenridge Insurance Group: Specialty wholesale broker and MGA focused on niche commercial segments including financial institutions, with a delegated-authority bind platform—an operational analogue to ABAIS's ProCision-led approach.
• Brown & Riding: Specialty wholesale brokerage and program administrator covering niche commercial and financial-institution risks, comparable in go-to-market and program-administration focus to ABA Insurance Services.
• High Street Insurance Partners: Specialty-focused independent insurance agency platform built via roll-up of niche agencies, with comparable expertise in management-liability and small-business specialty lines.
• Mainsail Insurance Group: Niche program-administration and MGA platform operating specialty programs for underserved commercial segments, with comparable MGA economics and agent-channel distribution to ABA Insurance Services.

Broad incumbents

• Ryan Specialty (RPS): Large specialty insurance services platform combining wholesale brokerage and an RPS MGA platform; competes for specialty and financial-institution placements and offers delegated authority capabilities comparable to ABAIS.
• CRC Insurance Group: Wholesale specialty insurance broker placing complex and niche lines through independent agents, including executive and professional liability—a broad incumbent mirror to ABA Insurance Services' specialty distribution model.
• Amwins: Largest U.S. specialty wholesale distributor with significant MGA/program-administration capabilities and broad product breadth, providing a benchmark for specialty distribution scale versus ABAIS.
• Insurance Office of America (IOA): Large retail insurance agency offering specialty commercial lines via both direct and agent channels, providing a comparable mid-size commercial-brokerage reference point.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/abainssvcs
• Facebookfacebook.com/abainsurancesvcs
• LinkedInlinkedin.com/company/aba-insurance-services

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ABA Insurance Services