TMCnet News
Nonprofits Insurance Alliance (NIA) Joins Federal Home Loan Bank of BostonNonprofits Insurance Alliance (NIA), the leading P&C insurance provider exclusively serving the 501(c)(3) nonprofit sector, announced today that Alliance of Nonprofits for Insurance, Risk Retention Group (ANI)-part of the NIA group brand-has become a member of Federal Home Loan Bank of Boston (FHLBank Boston). FHLBank Boston is part of the FHLBank System, which was created by Congress in 1932 as a government-sponsored enterprise to serve the public by enhancing the availability of credit for housing and community development. The System is composed of 11 regional banks which are privately capitalized and owned as cooperatives by their members. Each year, the FHLBanks provide access to billions of dollars in low-cost funding to nearly 7,000 of America's banks, credit unions, insurance companies, and community development financial institutions. Membership into FHLBank Boston is a vote of confidence in ANI's financial stability and provides ANI access to low-cost funding to continue supporting the nonprofit sector. As a result of the hardening market for property and casualty (P&C) insurance, more commercial carriers are narrowing their underwriting appetite and turning away 501(c)(3) organizations or otherwise limiting protection or affordability for nonprofits in a trend that is expected to continue. NIA continues to be available as a reliable choice for the stably-priced insurance that nonprofits need to operate successfully for the long-term. NIA offers property and casualt insurance to nonprofits through its own companies and partners in 32 states and the District of Columbia. In just the first quarter of 2020, ANI grew 44 percent versus the same period a year earlier, and continues to write small and large nonprofits that other insurers are nonrenewing, including community-based organizations providing vital services such as:
"NIA is in a strong financial position to continue to offer a reliable source of property and casualty insurance to nonprofits at a time when they have shrinking options," says Kim Aday, CFO of NIA. "It is a true privilege to support a sector that provides so many vital services to our communities. Our membership with FHLBank Boston allows us to expand and help even more nonprofits." FHLBank Boston said the following about inviting ANI to become a member: "ANI plays a crucial role in providing insurance to an important segment of the market. FHLBank Boston is pleased to welcome ANI as a member of the Bank and looks forward to supporting their financial strategy," said Matt Stewart, vice president, director of insurance sales at FHLBank Boston. About Nonprofits Insurance Alliance Nonprofits Insurance Alliance (NIA) is the nation's leading property and casualty insurer exclusively serving nonprofit organizations. Founded in 1989 in Santa Cruz, CA (News - Alert), NIA is a social enterprise developing the long-term sustainability of the nonprofit sector. NIA has one of the best customer retention rates in the industry. NIA members enjoy stably-priced insurance, specialized insurance coverage, dividends, and innovate risk management and member services. The NIA group brand is comprised of Alliance Member Services (AMS (News - Alert)) and three AM Best A VIII (Excellent) rated insurers: Nonprofits Insurance Alliance of California (NIAC), Alliance of Nonprofits for Insurance, RRG (ANI), and National Alliance of Nonprofits for Insurance (NANI). All organizations under the NIA brand are 501(c)(3) nonprofits. Learn more about Nonprofits Insurance Alliance at insurancefornonprofits.org/about. View source version on businesswire.com: https://www.businesswire.com/news/home/20200625005047/en/ |
