Bankers Insurance Service

What Bankers Insurance Service does

Bankers Insurance Service (BIS), founded in 1952, is a Chicago-based specialty insurance program manager and administrator serving the U.S. mortgage lending and servicing community. Operating as a division of Financial & Professional Risk Solutions, Inc. under Aon Programs (Aon plc), the company provides operational risk insurance including Fidelity Bonds, Errors & Omissions (E&O), Cyber Liability, Directors & Officers Liability, Mortgage Impairment, Surety Bonds, Mortgage Investor Bonds, and Renewable Energy Loan Coverage. Its flagship product, the Mortgage Bankers Bond (MBB), was developed in 1952 in conjunction with the Mortgage Bankers Association (MBA) and remains the only Fidelity Bond and Mortgagee E&O coverage endorsed by the MBA. BIS is also a Lloyd's coverholder with underwriting capacity extending to $50M aggregate limits on the standard MBB and up to $100M on the Mortgage Investor Bond for catastrophic fraud protection.

The company operates as a program manager and administrator for insurance carriers rather than a technology platform provider, with no proprietary technology products disclosed in the source material. Revenue is generated through insurance premiums on annual billing cycles, with quote-based pricing tailored to client risk profiles. BIS distributes through dedicated insurance specialists reached via direct phone outreach (800-323-2743), downloadable PDF applications for each product line, and an online contact form. Distribution is augmented by the Aon Programs network (400+ custom insurance programs) and endorsements from the MBA, Lenders One, and the California Mortgage Bankers Association. Coverage is primarily underwritten through Lloyd's and other carriers, with BIS earning program-manager fees on placed premium and providing claims handling services, particularly to the Lloyd's market.

BIS serves a defined set of customer segments within the mortgage value chain: mortgage bankers (primary), mortgage brokers, mortgage servicers, mortgage investors and warehouse lenders, and community banks engaged in mortgage lending. The go-to-market motion is enterprise B2B field sales targeting compliance-driven buyers who must satisfy investor and warehouse lender insurance mandates from Fannie Mae, Freddie Mac, and Ginnie Mae. The company employs 101-250 people, with leadership characterized by unusually long tenure — President Tom Delaney (24 years), Chief Underwriting Officer Sam Ackerman (20 years), and Director of Operations Stan Wiedenski (18 years) — signaling a relationship-driven, expertise-led model rather than a technology-driven one.

Name

Bankers Insurance Service

Legal name

Financial & Professional Risk Solutions, Inc.

Website

https://bankersinsuranceservice.com

Company type

Private

Founded year

1952

Operating status

Operating

Headcount range

101–250 employees

Short description

Bankers Insurance Service is a Chicago-based, Aon-affiliated insurance program manager founded in 1952, providing specialty operational risk coverage — Fidelity Bonds, E&O, Cyber, D&O, Mortgage Impairment — exclusively for the U.S. mortgage lending and servicing industry under MBA endorsement.

Ownership category

akta.pro rank

Headquarters

HQ city

Chicago

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, Infrastructure

Revenue model

1. Insurance Premium Revenue: Bankers Insurance Service generates revenue through insurance premiums charged to mortgage bankers, brokers, and financial institutions for coverage including Fidelity Bonds, E&O, Cyber Liability, D&O, Surety Bonds, and Mortgage Impairment protection. Coverage is underwritten through Lloyd's and other insurers, with the company acting as a program manager and administrator.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Bankers Insurance Service underwrites and administers specialized insurance products for the U.S. mortgage lending industry, including Fidelity Bonds, Errors & Omissions (E&O), Surety Bonds, Cyber Liability, D&O, Mortgage Impairment, and the Mortgage Investor Bond. Its flagship Mortgage Bankers Bond (MBB), pioneered in 1952, combines required Fidelity Bond and Mortgagee E&O coverage into a single policy that meets Fannie Mae, Freddie Mac, Ginnie Mae, and warehouse lender requirements, with aggregate limits up to $50,000,000. Coverage is underwritten through Lloyd's of London and other carriers, with BIS acting as program manager and administrator.

Product overview

Bankers Insurance Service offers a portfolio of custom insurance programs specifically designed for the mortgage lending and mortgage servicing communities. The core product is the Mortgage Bankers Bond (MBB), a flagship offering since 1952 that combines Fidelity Bond and Mortgagee’s E&O coverage. The portfolio includes specialized insurance products for mortgage bankers, brokers, and servicers: Surety Bonds for state licensing requirements; Professional Liability for negligence claims; Cyber Liability for data breaches; Directors & Officers Liability for corporate leadership protection; Mortgage Impairment coverage for property interests; the Global Portfolio Protection Program (GP3) as a comprehensive bundled solution; Mortgage Investor Bond for fraud protection; and Renewable Energy Loan Coverage for PACE loans. All products are tailored for the mortgage industry and endorsed by the Mortgage Bankers Association (MBA).

Differentiator

Problem solved

Functional benefit

Products and services

• Mortgage Bankers Bond (Fidelity Bond and E&O) Flagship product combining required Fidelity Bond protection with Mortgagee's Errors & Omissions (E&O) coverage, meeting requirements of Fannie Mae, Freddie Mac, Ginnie Mae and warehouse lenders. Aggregate limits up to $50,000,000 with double aggregate limits available for certain insuring agreements. For mortgage bankers and servicers.
• Surety Bond State-mandated licensing bond (also known as broker surety bond) required for mortgage bankers and brokers to conduct business in particular states. Guarantees compliance with industry laws and proper accounting of funds.
• Professional Liability (E&O) Insurance Protects mortgage banking firms and employees against third-party lawsuits alleging negligence in professional duties, covering liability damages and legal defense costs.
• Cyber Liability Insurance Provides protection for mortgage lenders against data breaches of customer information, covering breach notification compliance, legal costs, credit monitoring, public relations and crisis management expenses.
• Directors & Officers (D&O) Liability Insurance Protects individual directors and officers of mortgage banking firms against third-party lawsuits arising from their corporate duties, covering legal damages and defense costs.
• Mortgage Impairment Insurance Protects residential and commercial lenders' and servicers' mortgagee or owner interest in mortgaged properties, as well as Mortgagee's E&O, satisfying requirements of Fannie Mae, Freddie Mac, Ginnie Mae and warehouse lenders.
• Global Portfolio Protection Program (GP3) Comprehensive program combining Mortgage Impairment, Mortgagee's E&O, Force Placed Insurance and Foreclosed Property coverage into one policy form to avoid coverage gaps. For financial institutions that originate, service and/or invest in mortgage loans.
• Mortgage Investor Bond (MIB) Protects mortgage investors and warehouse lenders from fraudulent conduct by mortgage bankers/brokers, providing coverage up to $100,000,000 through catastrophic basis underwriting with seven-figure deductibles and eight-figure limits.
• Renewable Energy Loan Coverage Protects financial institutions that own and/or service Property Assessed Clean Energy (PACE) loans from loss of mortgage interest in collateral property due to uninsured events including earthquake and flood.

Quantifiable outcome

• Aggregate limits up to $50,000,000 available for Mortgage Bankers Bond coverage
• +1 more outcomes

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered flagship, core and minor.

• Mortgage Bankers Association (MBA)flagshipStrategic or Co-development Partner · 1 January 1952Bankers Insurance Service developed the Mortgage Bankers Bond (MBB) program in conjunction with the MBA in 1952. The company remains the only provider endorsed by the MBA for Fidelity Bond and Mortgagee E&O insurance. This strategic partnership has enabled exclusive product development and market positioning as the leading provider for mortgage lending insurance.
• Lloyd's of LondoncoreTechnology or IntegrationLloyd's serves as the primary underwriting partner for Bankers Insurance Service's insurance products. Key relationships with underwriters at Lloyd's are maintained for Fidelity, E&O, D&O, Mortgage Impairment, Cyber Liability, and other product lines. The company handles claims for the Lloyd's market through its Program Manager.
• Lenders OnecoreStrategic or Co-development PartnerLenders One, a national alliance of mortgage lenders, has endorsed the Mortgage Bankers Bond offered exclusively through Bankers Insurance Service. This endorsement provides credibility and market access through the Lenders One network.
• Aon ProgramsflagshipStrategic or Co-development PartnerBankers Insurance Service is part of Aon Programs, providing access to 400+ custom insurance programs, knowledgeable underwriters, and rapid turnaround. This affiliation under the Aon umbrella provides global scale and resources while maintaining specialized focus on mortgage lending insurance.
• California Mortgage Bankers AssociationminorChannel Partner/ Reseller/ DistributorMember organization providing endorsement and access to California mortgage industry professionals.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Radian Group: Radian is a leading U.S. mortgage insurance and mortgage services company, an incumbent in the mortgage-lending insurance ecosystem that competes for institutional lender relationships alongside BIS.
• Arch Capital Group: Arch is a global specialty insurer and reinsurer with a significant U.S. mortgage insurance business and broader specialty lines — a broader incumbent that overlaps with BIS on lender-side specialty insurance products.
• MGIC (Mortgage Guaranty Insurance Corporation): MGIC is the largest U.S. private mortgage insurance (PMI) carrier; it sits in the broader mortgage-lending insurance space as a much larger incumbent, addressing mortgage credit risk rather than the operational/fidelity risk BIS covers.
• Tokio Marine HCC: Tokio Marine HCC is a specialty insurance group with deep financial-lines, fidelity, and professional liability capabilities — a broader incumbent whose specialty insurance offerings overlap with BIS's fidelity, E&O, and D&O products.

Direct peers

• Brown & Riding: Brown & Riding is a specialty insurance brokerage and program administrator known for complex financial and professional lines placements — a directly comparable specialty-program-manager peer to BIS in terms of model and customer base.
• Amwins: Amwins is a major specialty insurance program manager and wholesale distributor; its program-administration capabilities and lender-focused products overlap directly with BIS's specialty MBB and E&O offerings.
• CRC Insurance Services: CRC is a leading wholesale specialty insurance broker with deep mortgage, financial lines, and fidelity expertise; it competes with BIS for the same mortgage-lender and servicer accounts via similar carrier partnerships.
• Burns & Wilcox: Burns & Wilcox is a national specialty insurance wholesale broker and program manager with strong financial-lines and fidelity expertise, serving similar institutional and financial-services buyers as BIS.
• RPS (Risk Placement Services): RPS is one of the largest specialty insurance program managers and wholesale brokers in the U.S., placing complex risks through Lloyd's and other carriers — directly analogous to BIS's role as a Lloyd's coverholder program manager in a defined vertical.

Others

• Aon plc: Aon is BIS's ultimate parent and a global professional services firm; not a direct competitor but the strategic parent whose 400+ program network and distribution shape BIS's go-to-market and competitive context.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/bankers-insurance-service

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 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 Bankers Insurance Service