Northern Trust enhances statutory reporting for insurance clients
Date: Dec 13, 2012
Categories: Risk and Regulation
Keywords: Northern Trust
Chicago, December 6th 2012 – Northern Trust has enhanced its reporting services for insurance companies, combining statutory accounting and investment information to accumulate, analyze and sort data into specialized formats required by regulators and rating agencies.
Two new reports assist U.S. insurance clients with their annual statement filing and submissions to A.M. Best., a leading insurance credit rating agency:
· Supplemental Investment Risk Interrogatories – Northern Trust organizes data to meet the specific requirements of the investment related section of the statutory annual statement.
· A.M. Best Supplemental Risk Questionnaire – Northern Trust sorts insurers’ investment portfolios by maturity groupings and by the asset type categorization of A.M. Best.
"Insurance companies face an ever increasing burden in providing regulators, stakeholders and credit rating agencies with investment accounting information for their annual filings and their deadlines for submission," said Dennis Case, Insurance Services product manager at Northern Trust. "We are able to provide this integrated reporting to our clients through our unique ability to combine statutory and investment analytics data into one reporting platform. Our goal is to lessen this burden so clients can focus on their core business."
Northern Trust's integrated operations and technology platform enables reports that combine statutory accounting information such as book value, market value, accruals and cash reporting with factors such as duration, convexity and ratings of fixed income assets to efficiently file reports that determine a fund’s risk profile. The A.M. Best reports are available to U.S. insurance clients for whom Northern Trust provides investment accounting services. The reports are delivered to clients via Northern Trust’s multi-faceted online portal, at year-end or at the frequency that suits clients.
Northern Trust provides a full range of asset servicing and asset management solutions, including global custody, investment operations outsourcing and investment sub-advisory services, to a broad spectrum of insurance clients across the globe. Northern Trust's insurance client base and expertise encompass life, general, pensions, protection and indemnity, captives and the specialist Lloyd's insurance market in the UK.
Re-disseminated by The Asian Banker