BNP Paribas Securities Services wins MAIF mandate 15 April 2011London Reporter: Ben Wilkie
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BNP Paribas Securities Services has been appointed global custodian of all life and non-life insurance assets of the MAIF group, covering €13 billion in assets.??
MAIF is a mutual insurance company at the head of an insurance group that has almost 2.7 million members. MAIF is the leading French insurer in the education and not for profit sectors, and is also the fourth-largest automotive insurer and sixth-largest casualty insurer (all categories combined).
Eric Berthoux, deputy chief financial and administrative officer at MAIF said: “Until now, we had used two different custodians, including BNP Paribas Securities Services, for our life and non-life insurance assets.
"While we were already satisfied with the services provided by BNP Paribas Securities Services, we decided – after a competitive tender process - to extend our agreement with them while entrusting all our activities to a single service provider.” ??
Gilliane Philip Courtines, head of relationship management, Institutional Clients in France at BNP Paribas Securities Services, said: "We have worked with insurance companies for many years and are delighted to be extending our contract with MAIF.
“Our strategy is based on providing a full range of solutions to meet the needs of insurance companies. From global custody to sophisticated reporting, we work with our clients to help them adjust to market trends in the run-up to Solvency II, and in their international development.”
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