State Street grabs large US insurance mandate 11 September 2013London Reporter: Georgina Lavers
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State Street has been appointed by EMC Insurance Companies to provide full custody and investment analytics services. EMC is one of the top insurance organisations in the US.
“After an extensive review of several custody and administration service providers, we selected State Street because of its expertise in custody, accounting and reporting solutions,” said Lisa Stange, vice president and chief investment officer of EMC Insurance Companies.
“We were looking for a provider committed to developing solutions that will address our growth needs and support our investment strategies.”
“We are extremely pleased to be selected by EMC Insurance Companies,” said Alan Greene, executive vice president of State Street.
“As insurers look to meet new reporting and regulation challenges as well as update disparate legacy systems, they need to evaluate how their firms are operating within an evolving market. Determining whether they have the right infrastructure in place or looking to outsource to external parties to help satisfy all these new requirements are important considerations. A recent study on the challenges and opportunities facing the insurance sector highlighted many of these concerns.”
State Street’s study surveyed more than 300 insurance executives globally and focused on the key industry issues facing the insurance industry and their preparedness to meet those challenges. The study, Facing the Future: Blueprint for Growth, highlights three broad categories affecting the insurance industry that include risk, regulation and the restructuring of product offerings.
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