“In today’s digital age, agents and insurers are looking to digital technology to enable greater collaboration, increase efficiencies, and create more value for the distribution channel,” said Brian Wood, vice president of Data Products Group, IVANS Insurance Solutions. “IVANS Markets aligns our agency members with current and new markets, enabling them to increase the value of their books of business through expanding market opportunities with both appointed and prospective insurers.”
(Bloomberg) — Philippine budget carrier Cebu Air Inc. plans to raise $500 million by selling preferred stock and bonds, joining airlines worldwide in trying to increase capital to help cope with the pandemic.
The proceeds from the $250 million convertible preference share issue and $250 million private placement of convertible bonds will be used to strengthen the carrier’s balance sheet, it said in a statement. First-half revenue at the airline controlled by the family of John Gokongwei plunged 61% from a year earlier to 17.3 billion pesos ($358 million) and the company said it is operating only about 15% of flights compared with pre-Covid.
Cebu Air is undertaking a business transformation that involves trimming down its fleet and network while improving operations as an abrupt drop in passenger traffic “casts uncertainty over the near term prospects of the company,” it said, without providing more details of its downsizing plan.
Airlines in the Philippines have suffered a shaky restart amid one of the world’s longest and strictest lockdowns, with lingering concerns over the virus and stringent movement restrictions damping demand for travel. Cebu Air in August dismissed more than 800 of its about 4,000 employees, while rival Philippine Airlines Inc. on Oct. 5 said it may cut up to 35% of its 7,000 workers as part of a larger restructuring and recovery