Athora selects SimCorp Dimension 02 December 2019London Reporter: Becky Bellamy
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Athora Holding, an insurance and reinsurance group, has selected SimCorp’s cloud-based delivery model for back-office and accounting operations.
SimCorp Dimension will provide Athora with accounting functionality to support its back-office operations with accounting, financial and regulatory reporting across the European markets.
Athora has a firm focus on the European insurance market, with its principal operating subsidiaries in Belgium, Germany, Ireland and Bermuda.
The firm will use SimCorp Dimension’s investment book of record and accounting book of record as for fund administration, collateral management, settlement and reporting.
The solution will also enable Athora to manage the increasing amount of regulatory compliance impacting insurance firms across Europe such as Solvency II.
Patrick O’Grady, director finance strategy, investments and implementation at Athora, commented: “We have chosen SimCorp Dimension because we see it as the best solution on the market to provide the level of automation, flexibility and functional coverage for which we have been looking. With its integrated view across various accounting frameworks such as IFRS, local and groupwide accounting standards, and dedicated regulatory monitoring, SimCorp Dimension delivers a significantly more efficient way to operate. Opting for SimCorp Dimension as-a-service improves our operational efficiency and supports our growth ambitions.”
Hans Otto Engkilde, senior vice president and managing director, UK, Northern Europe and the Middle East, SimCorp, added: “We are delighted to welcome Athora to the SimCorp community, and to the growing number of SimCorp Dimension as-a-service clients.”
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