Excess Share Insurance Corporation (ESI) provides share savings accounts in IHECU an additional $250,000 of insurance per member beyond the federal coverage limit of $100,000.  But who, exactly, is ESI?  We're glad you asked! 

ESI is…

• A licensed property and casualty insurer
• A wholly owned subsidiary of American Share Insurance (ASI), the nation's largest private deposit insurer
• An innovator in the industry, conducting monthly monitoring and periodic on-site examinations of insured credit unions
• An insurer solely of credit unions, with policyholders from coast to coast
• A corporation committed to safety and soundness, evidenced by an outstanding historical performance-no member of an ESI-insured credit union has ever lost a cent of their savings

Who is Excess Share Insurance Corporation (ESI)?

ESI is a wholly owned subsidiary of Ohio-based American Share Insurance (ASI), the nation’s largest private deposit insurer.  ESI is a licensed property and casualty insurance company.

What are the advantages of being insured by ESI?

ESI coverage increases deposit insurance levels for credit union members.  Excess insurance can provide each member up to an additional $250,000 above your current level of protection.  For instance, regular accounts insured to $100,000 by NCUA can actually be protected up to $350,000 by adding excess coverage.  Joint, retirement and certain other account relationships are insured separately and are subject to other federal guidelines, and also qualify for this supplemental coverage.

How much does this increased coverage cost?

The credit union pays ESI for the additional coverage.  There is no direct cost to the member.

How safe is ESI?

Excess share insurance has been provided by either ESI or its sole shareholder, American Share Insurance, since 1982.  Over this period, no credit union member has ever lost a cent due to failure to pay a claim by either company.  Many factors contribute to the corporation’s safety and soundness; for example, ESI:

• retains extensive reinsurance policies with unrelated third party U.S.-based reinsurers
• maintains lines of credit for supplemental liquidity
• monitors all of its insured institutions monthly
• conducts periodic on-site exams of its insured credit unions
• insures only financially sound credit unions

What is ESI’s rating?

ESI has filed for a rating from A.M. Best and Standard & Poor…two typical insurance-rating systems.

Who regulates/reviews ESI?

ESI is licensed and examined by the Ohio Department of Insurance, and by the insurance departments of each state in which it operates.

What impact does being insured by ESI have on credit unions?

Credit unions receiving excess share insurance are required to meet above average standards for insurability.  In fact, ESI’s monitoring and oversight of its insured credit unions is the most comprehensive in the industry.  Credit unions are routinely monitored and examined on-site.  As a result of this due diligence, ESI’s insured credit unions are among the healthiest in the industry.

What information is available about ESI?

ESI provides an annual report prepared by a nationally recognized accounting firm.  This report is provided to the state insurance department of each state in which ESI operates, each ESI-insured credit union and, by law, is made available to each insured depositor, upon request.  Additional information can be obtained from the company’s Web site at www.excessshare.com.

How many credit unions does ESI insure?

ESI is licensed and operating in some 32 states plus the District of Columbia, and currently insures hundreds of credit unions.  Only credit unions that meet ESI’s underwriting requirements and risk eligibility standards are considered for the program.  The majority of the credit unions in the program today are among America’s elite.

We are proud to offer this exceptional coverage through ESI and would be happy to answer your questions about excess share insurance.  For more information, please contact us or visit ESI on the Internet at www.excessshare.com.