Mitsui Sumitomo Insurance Underwriting at Lloyds, part of the MS&AD Insurance Group, the seventh largest non-life insurer in the world, has appointed Northern Trust to provide custody and fund administration services to its US$1 billion in assets.
This latest appointment underpins Northern Trusts commitment to the insurance sector and brings its total assets under custody for insurance clients worldwide to more than US$500 billion.
We were looking for an established provider with a strong track record in supporting insurance companies of our size and complexity, said Peter Glynne-Percy, Chief Investment Officer of Mitsui Sumitomo Insurance in London. Northern Trust, through their range of specialised solutions, demonstrated that they could not only support our requirements, but also help improve the efficiency and effectiveness of our operation by taking away the administrative burden of compiling and cleansing data.
In addition to custody and related services, Mitsui Sumitomo Insurance required a centralized solution to record keep information from its individual investment managers in one location and integrate this data into the corporate general ledger.
Particularly as insurance companies face increasing regulatory and reporting requirements, we see a heightened demand for solutions around data compilation and aggregation, said Andrew Melville, head of insurance product and strategy for Europe, Middle East and Africa. As insurers need to stitch together different reporting formats from multiple sources, offering our clients a single platform for data aggregation and general ledger reporting can create significant efficiencies for them.
Northern Trust is delighted to have been selected by Mitsui Sumitomo, said Douglas Gee, head of sales in the UK and Ireland for Northern Trusts Institutional Investor Group. Our proven track record, coupled by our innovative range of products and services designed specifically for insurers, underpins our commitment to continuing to support and anticipate the needs of our insurance clients as they navigate both regulatory and business process change.
Northern Trust provides a full range of asset servicing and asset management solutions, including global custody, banking, accounting, investment management, and investment operations outsourcing to a broad spectrum of insurance clients across the globe. Northern Trust's insurance client base and expertise encompass life, property and casualty, pensions, protection and indemnity, captives and the specialist Lloyd's insurance market in the UK.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 18 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2013, Northern Trust had assets under custody of US$5.2 trillion, and assets under investment management of US$846.2 billion. For more than 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit www.northerntrust.com or follow us on Twitter @NorthernTrust. Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at http://www.northerntrust.com/disclosures