Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Life Health > Life Insurance

Sage Warns Of Capital Shortage

By Staff Writer

X
Your article was successfully shared with the contacts you provided.

NU Online News Service, Dec. 18, 10:03 a.m. – The Sage Group Ltd., Johannesburg, South Africa, says its Sage Life Assurance of America Inc. and Sage Life (Bermuda) Ltd. units may have to stop writing new business in mid-January 2003 if they cannot raise more capital.

Sales for the first three quarters of 2002 amounted to $160 million, up 18% from sales for the comparable period in 2001, but the world capital market slump has made raising capital to support further growth difficult, Sage says.

“Sage Group considered it prudent to utilize existing resources for the management of the existing business on the books,” Sage says.

Sage reports that it is still trying to raise capital or sell the U.S. and Bermuda units.

Sage has more than enough assets and reinsurance to back existing customers’ separate account assets, death benefits and guaranteed rider features, the company says.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.