SocGen scores French insurance mandate 21 March 2014 Paris Reporter: Georgina Lavers
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Societe Generale Securities Services (SGSS) has been mandated by CNP Assurances to provide collateral management services with regard to collateral swaps between CNP Assurances and its counterparties.
SGSS won this mandate following a bidding process launched by CNP Assurances in order to adapt to the European Market Infrastructure Regulation (EMIR), which amongst other requirements, imposes more frequent collateral margin calls.
In order to meet these new requirements, SGSS’ offer is centred around two main elements: managing relations with CNP Assurances’ counterparties and monitoring margin calls and compliance with reporting requirements. SGSS will manage collateral on the basis of contracts traded by CNP Assurances.
SGSS was chosen for its expertise in complex financial products and its capacity to adapt to constantly changing regulations and provide services tailored to the specific needs of its clients. This appointment completes the structured instrument valuation services that SGSS has provided to CNP Assurances for many years.
CNP Assurances is France’s leading personal insurer, with net profit of €1,030 million in 2013. The group also has operations in other European countries and in Latin America, with a significant presence in Brazil. It has 27 million personal risk/protection insureds worldwide and 14 million savings and pensions policyholders.
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