SANTA CRUZ, Calif.–(BUSINESS WIRE)–Nonprofits Insurance coverage Alliance (NIA), the main P&C insurance coverage supplier completely serving the 501(c)(3) nonprofit sector, introduced right this moment that Alliance of Nonprofits for Insurance coverage, Threat Retention Group (ANI)—a part of the NIA group model—has change into a member of Federal House loan Bank of Boston (FHLBank Boston). FHLBank Boston is a part of the FHLBank System, which was created by Congress in 1932 as a government-sponsored enterprise to serve the general public by enhancing the supply of credit score for housing and group growth. The System consists of 11 regional banks that are privately capitalized and owned as cooperatives by their members. Annually, the FHLBanks present entry to billions of {dollars} in low-cost funding to almost 7,000 of America’s banks, credit score unions, insurance coverage corporations, and group growth monetary establishments. Membership into FHLBank Boston is a vote of confidence in ANI’s monetary stability and supplies ANI entry to low-cost funding to proceed supporting the nonprofit sector.
On account of the hardening marketplace for property and casualty (P&C) insurance coverage, extra business carriers are narrowing their underwriting urge for food and turning away 501(c)(3) organizations or in any other case limiting safety or affordability for nonprofits in a development that’s anticipated to proceed. NIA continues to be out there as a dependable selection for the stably-priced insurance coverage that nonprofits have to function efficiently for the long-term.
NIA presents property and casualty insurance coverage to nonprofits by its personal corporations and companions in 32 states and the District of Columbia. In simply the primary quarter of 2020, ANI grew 44 % versus the identical interval a 12 months earlier, and continues to write down small and enormous nonprofits that different insurers are nonrenewing, together with community-based organizations offering very important companies similar to:
Housing and shelter
Meals and diet
Human companies
Youth growth
Senior companies
Animal care and adoption
“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 mentioned the next about inviting ANI to change into 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,” mentioned Matt Stewart, vice chairman, director of insurance coverage gross sales at FHLBank Boston.
About Nonprofits Insurance coverage Alliance
Nonprofits Insurance coverage Alliance (NIA) is the nation’s main property and casualty insurer completely serving nonprofit organizations. Based in 1989 in Santa Cruz, CA, NIA is a social enterprise growing the long-term sustainability of the nonprofit sector. NIA has among the best buyer retention charges within the business. NIA members take pleasure in stably-priced insurance coverage, specialised insurance coverage protection, dividends, and innovate danger administration and member companies. The NIA group model is comprised of Alliance Member Providers (AMS) and three AM Greatest A VIII (Wonderful) rated insurers: Nonprofits Insurance coverage Alliance of California (NIAC), Alliance of Nonprofits for Insurance coverage, RRG (ANI), and Nationwide Alliance of Nonprofits for Insurance coverage (NANI). All organizations beneath the NIA model are 501(c)(3) nonprofits. Be taught extra about Nonprofits Insurance coverage Alliance at insurancefornonprofits.org/about.
