FOR IMMEDIATE RELEASE
For More Information Contact:
Chuck Maggard, KenBanc Insurance Services, (502) 736-2671, [email protected]
Josh Miller, The KeyState Companies, (702) 598-3738, [email protected]

Kentucky Bankers Association endorses KeyState’s Bank Captive Program

LOUISVILLE, Kentucky (September 2014) Kentucky’s banks will soon be presented with the benefits of a captive program due to the endorsement of KeyState’s Bank Captive Program by the Kentucky Bankers Association (KBA).

Kentucky banks with over $1 billion in assets will have the opportunity to form their own captive insurance company to cover risks that are not currently commercially insured and enhance the enterprise risk profile of their bank through KeyState’s Bank Captive Program. The captive insurance company is implemented by Crowe Horwath LLP, a national accounting firm, and then managed on an ongoing basis by KeyState Captive Management.

“The program is already a proven success,” explained Chuck Maggard, KenBanc Insurance Services President & CEO. “Over 75 percent of Indiana’s eligible banks have already formed their own captive insurance company since the Bank Captive Program was introduced by KeyState, less than two years ago.”

“Implementing the captive helps banks take a deeper look into their commercial insurance program and the wider range of risks that they face. Of course the bank captive can have a positive impact to consolidated earnings, but bankers that have implemented the captive are glad to have a formal process in place for an independent review of their insurance program,” noted Josh Miller, CEO of The KeyState Companies.

“The benefits are so compelling, which is why KBA’s Board voted unanimously to endorse KeyState’s Bank Captive Program and make the captive available to KBA’s members,” added Maggard.
 
###

About KenBanc Insurance Services

KenBanc Insurance Services, Inc. is a subsidiary of the Kentucky Bankers Association (KBA). The KBA, a nonprofit trade association, has been providing legislative, legal, compliance and educational services to its member institutions since 1891. The KBA's directors and staff work together with its members to make the financial services industry a more effective and successful place to work. Learn more about KBA at www.kybanks.com or call (502) 582-2453.

About The KeyState Companies

For over 23 years, KeyState has worked with banks providing Nevada investment subsidiary services, bond portfolio management, asset liability consulting services, and captive insurance management. KeyState is a respected vendor and partner to over 160 banks throughout the country. KeyState is not a broker dealer. Learn more about The KeyState Companies at www.key-state.com or call (702) 598-3738.