Industry Happenings

By Kim C. Patterson

The Chief Financial Officers (CFO) Committee of the New York State Society of CPAs held a fourth continuing professional education (CPE) program on Feb. 28 during one of its committee meetings. Anthony K. Greene, CRM, CIC, of Herbert L. Jamison & Co. L.L.C., presented “CFO Strategies for Managing the Increasing Cost of Risk.”

Greene’s presentation focused on the causes for the increased cost of insurance, which can significantly impact all industries. Billions of dollars in losses related to Sept. 11, 2001, environmental liabilities, including asbestos and mold, and Enron-related claims have impaired insurers’ and reinsurors’ balance sheets, Greene noted during the program.

He added that insurance carriers are increasing rates and reducing the coverage they offer organizations when policies are renewed.

Greene will present this topic again at the CPAs in Industry Conference on June 11 at the New York Sheraton Hotel in midtown Manhattan. Upcoming issues of The Trusted Professional will also feature articles by Greene on the current state of the insurance market.

Society members who are interested in the CFO Committee’s CPE programs are welcome to attend.