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Press Releases
Credit Risk Management Services for Banks available through HUB International Financial Institution Practice
(Kitchener, Ontario, February 2, 2005)
Community Banks will have access to a low-cost credit risk management service - which includes automated financial statement gathering, credit risk analysis, and financial reporting for small and medium-sized business lending products - through a new strategic alliance between HUB International Financial Institution Partners and Covarity, Inc.
Covarity is a real-time loan monitoring, review and management product designed to assist community banks in their administration of small business accounts by automating and standardizing credit risk management practices associated with portfolio management.
The Covarity service presents significant financial savings for community banks by reducing the administrative burden associated with loan portfolio management. This is done by retrieving financial information (income statement, balance sheet, accounts receivable and payables) directly from the borrower, processing the information and issuing reports on borrowing base and other financial ratio covenants. Also, relationships are enhanced because Covarity's service allows both the bank and the business borrower to gain a common understanding of the borrower's financial trends and covenants.
"This new alliance provides a "first to market" resource to help community banks streamline their business lending processes while driving customer satisfaction," said Jim Harvin, Senior Vice President, Financial Institution Practice (a division of HUB International Midwest).
"This application makes it easier for community banks, large and small, to reduce the administrative burden of managing business lending portfolios," said Rod Foster, President and CEO, Covarity. "This will help community banks continue to consistently offer the industry leading credit services to their business clients."
About Hub International Limited
Headquartered in Chicago, IL, Hub International Limited is a leading North American insurance brokerage that provides a broad array of property and casualty, life and health, employee benefits, investment and risk management products and services through offices located in the United States and Canada.
About Covarity Inc.
As a largely manual and unstructured task, loan administration is the single most costly and ineffective process in commercial lending. By automatically gathering, validating, and analyzing borrower data, the Covarity solution allows lending institutions to reduce audit burden for management and reduce loan administration effort by 70%. Most importantly, Covarity is the only available solution that creates visibility into portfolio risk.
Incorporated since 2001, Covarity has created a vital credit risk management solution for the financial services industry. To find out how to increase lending capacity, improve credit quality, and control administrative costs at your financial institution, visit www.covarity.com.
Media Contact:
James Harvin, Sr. Vice President
Hub International - Financial Institution Practice
800.753.1711 x 5031
james.harvin@hubinternational.com
All company and/or product names are trademarks and/or registered trademarks of their respective owners.
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