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.