FOR IMMEDIATE RELEASE
For More Information Contact:
Rod Lasley, IBA Insurance Agency, Inc., (317) 387-9380, [email protected]
Josh Miller, The KeyState Companies, (702) 598-3738, [email protected]

IBA Insurance Agency, Inc. names KeyState Captive Management a Preferred Service Provider

INDIANAPOLIS, INDIANA. (November 2014) IBA Insurance Agency, a wholly-owned subsidiary of the Indiana Bankers Association (IBA) has named KeyState’s Captive Management a preferred service provider for its Bank Captive Insurance Program.

Since the program’s launch in 2012, Indiana banks with over $450 million in assets have had the opportunity to form their own captive insurance company to cover risks which are not currently commercially insured and enhance the enterprise risk profile of their bank. When properly structured, the captive can provide a bank with over $380,000 in annual tax benefit*. The captive insurance company is implemented by Crowe Horwath LLP, a national CPA firm, and then managed on an ongoing basis by KeyState Captive Management.

Indiana banks have enthusiastically embraced KeyState’s Captive Insurance Program leading up to this formal endorsement. “The program is already a proven success,” explained Rod Lasley, IBA Vice President. “Since the Bank Captive Insurance Program was introduced by KeyState, less than two years ago, over 90 percent of Indiana’s eligible banks have already formed or will form their own captive insurance company by year end.”

IBA Insurance Agency is the seventh state banking association or subsidiary to endorse the captive program with several other state banking endorsements in progress. KeyState plans to expand the program in 2015 and launch a smaller bank captive program for banks with $250 to $450 million in assets. “The benefits are so compelling which is why IBA’s Board voted unanimously to endorse KeyState’s Bank Captive Insurance Program. We encourage all eligible banks to realize the advantages of this innovative program now and we look forward to its expansion in 2015. ” added Lasley.

*Potential savings is an after-expense estimate and will differ based on premiums paid to and claims paid by the captive in a given year.

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About IBA Insurance Agency, Inc

IBA Insurance Agency, Inc. is a wholly owned subsidiary of the Indiana Bankers Association (IBA). The IBA’s mission is to advocate for and sustain an environment in which banks can succeed and provide exemplary service to members as the premier state bank trade association in the country. Learn more about the IBA at www.indianabankers.org or call (317) 387-9380.

About KeyState Companies

Founded in 1990, The KeyState Companies are based in Las Vegas, NV and provide banks with innovative and independent services and expertise in risk management, investments, treasury, regulatory compliance and corporate governance. KeyState is not a broker dealer. Learn more about KeyState Companies at www.key-state.com or call (702) 598-3738.