American Bankers Insurance Group Inc. to list on New York Stock Exchange.
American Bankers Insurance Group has traded on the NASDAQ National Market System under the symbol "ABIG" since Dec. 3, 1980, when the holding company was formed. Prior to formation of American Bankers Insurance Group, American Bankers Insurance Company of Florida (ABIC) and American Bankers Life Assurance Company of Florida (ABLAC) traded OTC. ABIC was formed on Oct. 21, 1947 and ABLAC was formed on Jan. 30, 1952. In 1980 when ABIG began trading on NASDAQ, gross collected premiums were $311 million and in 1996 ABIG posted gross collected premiums of approximately $2.5 billion. Upon effectiveness of its NYSE listing, the company will delist its shares from NASDAQ.
"Our listing on the NYSE comes at a time of continued growth for ABIG as we expand our product lines and into global markets. We believe the NYSE will provide ABIG the increased visibility and investor accessibility to support our growth," said Gerald N. Gaston, president and chief executive officer.
American Bankers Insurance Group Inc. (ABIG) concentrates on marketing affordable, specialty insurance products and services through financial institutions, retailers and other entities offering consumer financing as a regular part of their business. ABIG, through its insurance subsidiaries, operates in the United States, Canada, the Caribbean, Latin America and the United Kingdom.
CONTACT: American Bankers Insurance Group, Miami
P. Bruce Camacho
Executive Vice President