Northern Trust has been appointed by Grange Insurance to provide global custody and insurance investment accounting services to its investment operations.
Grange Insurance is one of the 22 clients that Northern Trust has added to its insurance solutions business. According to Northern Trust, the growth has come from rising demand for outsourcing and success with competitive bidding for large mandates.
The new clients will benefit from asset servicing, asset management and capital markets support for insurance general account and pension assets, derivatives portfolios and voluntary employees' beneficiary association
Grange Insurance’s chief investment officer, Chris Montgomery, commented: “A key element for us is Northern Trust’s multi-basis, multi-currency insurance investment accounting solution, which provides efficient, scalable support for our business.”
He continued: “As Grange continues to grow as an insurance company, Northern Trust provides a dedicated group of experienced relationship managers and technology designed to address our evolving challenges in risk management and regulatory reporting.”
Chris Dvorak, head of insurance solutions at Northern Trust, added: “Insurance companies that are reaching the limits of their technology and operations platform need to partner with service providers with the tools, talent and global strength to support their future growth.”
“With services that allow clients to quickly take on new asset types, such as private equity, hedge funds and other alternative investments, and meet regulatory and reporting demands more efficiently, Northern Trust’s focus on the needs of insurance companies continues to resonate in the marketplace.”
