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Member, Beacon International Group, Ltd.
STRAFFAN, IrelandThe Ryder Cup golf tournament, which pits a team from Europe against one from the United States, began Friday at the K Club in County Kildare, Ireland.
Insurance for the event, which takes place once every two years, was led by Allianz Ireland, a unit of German insurer Allianz A.G.
The Ryder Cup, which began as a match between golfers from Britain against a team from the United States and later expanded to include a team from throughout Europe, is one of the major sporting events in the calendar for cancellation insurers after the Olympics and World Cup, according to Charles Meaden, director of sport for London-based broker Heath Lambert Group Ltd.
Postponement of the event in 2001, caused by some U.S. players being reluctant to travel to Europe following the terrorist attacks of September 11, 2001, cost underwriters about £14 million (€20.9 million), he noted.