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ISBA Mutual Declares Second Consecutive Dividend

For the second year in a row, ISBA Mutual has declared a policyholder dividend. The Board of Directors of ISBA Mutual Insurance Company voted at their December 2006 meeting to declare a dividend in the amount of ten percent of each policyholder’s earned premium for 2006. For most policyholders, this meant a dividend roughly equal to ten percent of the premium they paid during 2006. Over $1.5 million was distributed.

Dividend checks were mailed during February 2007. All firms insured with ISBA Mutual on December 31, 2006 qualified for a dividend. Firms insured with ISBA Mutual on this date who were not insured by the company for the entire calendar year received a prorated dividend. This is the third time that ISBA Mutual has declared a dividend. A 7.5 percent dividend was declared for 2000 which was paid in 2001, and a 10 percent dividend was declared in 2005 and paid in 2006.

ISBA Mutual ended 2006 with approximately $16.5 million in gross written premium and $20 million in policyholders’ surplus. ISBA Mutual is rated A- (excellent) by A.M. Best, and is the endorsed professional liability insurance company of the Illinois State Bar Association.