Our liability insurance can cover many liability types: General Public Liability Insurance against the risk of liability to the general public — which includes damage to property and death of or injury to people as a result of the company's day-to-day business activities.
From the Desk of the Chief Executive Officer Dear Fellow Shareholders, Together, my leadership team and I have recently begun the process of charting our strategy for the future.
We believe there are three major headwinds that must be addressed in order for us to succeed and provide ongoing shareholder value. First, the current interest rate environment is continuing to put pressure on our interest margin.
Approximately 75 percent of our revenue is derived from the spread we generate between the interest we pay for funds and the rate at which we lend or invest. As you know, the amount we pay now for money is very low. We believe there is little room to reduce rates further. On the asset side, our clients continue to refinance loans at low rates.
When rates eventually increase, a strategy to maintain our margin by lending money for longer periods of time would expose us to considerable risk. Second, technology is transforming our industry.
Traditional retail transaction volume has been declining for several years, and our clients are availing themselves of internet and digital channels. The adoption rate for digital has been brisk, and we plan to stay in step with changes as they emerge.
Having said this, our long-established reputation as a Company that provides a high level of personal service will remain intact, and we will look for ways to more proactively enhance how we support our clients in person, as well as through these alternative channels.
The third headwind we face is the tsunami of increased regulations confronting our industry. We all understand the genesis of this regulation, and we accept that managing our business properly is non-negotiable.
As a Company, we believe that we have invested sufficient resources to meet this challenge. In fact, beginning inwe took steps to increase risk oversight by establishing a Risk Committee at the Board of Directors level and a Risk Committee within the Bank itself.
We have also recently hired a risk veteran to build out and head a newly-formed Enterprise Risk Management Division. We will invest more resources as needs arise and rely on this enhanced risk management team to lay the foundation for managing financial and nonfinancial risks company-wide.
We believe this rigorous approach will help drive shareholder value over time. Based on my short time at our Company, I already know this can be accomplished.
We have the best people, period. During the fourth quarter, we took stock in what makes us special to our clients and communities.
We believe our Company has a unique, competitive advantage and that our wealth business, which has been built over many years, is not easily replicated. Much of our competition lacks a wealth management capability. Those companies that do offer wealth management solutions often operate in silos with high minimum balance requirements.
Our plan is to combine our wealth offering with our commercial lending efforts in an integrated way, which will provide a differentiated value proposition.
The plan is exciting. It promises a steady stream of increased revenue and profitability by focusing on great client service. Over 50 employees at all levels of the Company were enlisted to help draft the plan, which includes the following key elements: Ultimately, we believe that our strategy stays true to who we are.Lampard has more than 25 years underwriting experience and joins Argo International from Besso, where as director of underwriting, she was responsible for the launch of Gladstone Underwriting Agency.
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