CIC Services has launched BankInsure, an insurance product created exclusively for small to mid-sized banks. The Tennessee-based captive management firm claims BankInsure addresses the unique challenges faced by these institutions, providing a comprehensive, smarter approach to risk management. BankInsure offers a captive insurance approach, allowing banks to retain premiums as profit. This profit accumulation serves as a financial buffer, ensuring stability during times of uncertainty and when risks materialise. The product is specifically tailored to address the distinct risks banks encounter, such as cybersecurity threats, regulatory changes, economic fluctuations and unreasonably high health insurance renewal premiums. Traditional insurance options often leave small to mid-sized banks exposed to risks with caps and limitations, and facing annual, daunting, health insurance premium increases. BankInsure is designed to fill these gaps. Christopher Gallo, managing director of CIC Services, comments: “Traditional options often fall short, leaving these institutions exposed. BankInsure is designed to be a financial safeguard, allowing banks to navigate uncertainties with confidence.”
