Northern Trust has been awarded three new mandates from European insurers, expanding its asset servicing solutions across the reinsurance, motoring and medical sectors.
Onboarded in late June, reinsurer firm Hannover Re will be provided with collateral management services for its longevity risk transfer business, and global custody services for the security and administration of assets.
Northern Trust will also provide the UK business of AND-E, a European subsidiary of Japanese insurance group MS&AD, with global custody and related asset servicing solutions.
Additionally, the Medical & Dental Defence Union of Scotland (MDDUS), which administers access to indemnity, assistance and support for UK healthcare professionals, and its Guernsey-based subsidiary, will utilise Northern Trust’s global custody services.
Mark Austin, head of UK, institutional investor group at Northern Trust, explained: “Northern Trust continues to actively grow its insurance and reinsurance client base across the globe. Our history of financial stability, expertise and continuous investment in technology strongly aligns with insurance companies’ requirements for heightened efficiency, transparency and risk management across their investments.”
“These appointments, which add to our significant relationships with many of the world’s leading insurance organisations, highlight our experience of the industry and how we work with insurers to help them execute their business strategies.”
James Parker, finance director at MDDUS, added: “Northern Trust’s commitment to the UK insurance market and understanding of the industry is apparent. As our members carry out their vital work, this appointment supports our mission to help them manage their professional risks, providing them with access to high-quality, personalised indemnity and support at a reasonable cost.”
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