Press Release - December 18, 2018
Northern Trust announced today that its Insurance Solutions business has added 22 clients with approximately $65 billion in assets over the past two years, driven by rising demand for outsourcing and success with competitive bidding for large mandates.
“As insurance companies face increasing complexity in their investment mix and reporting requirements, we are seeing more interest in outsourcing back- and middle-office operations along with global custody and insurance accounting,” said Chris Dvorak, head of Insurance Solutions at Northern Trust. “Outsourcing these functions to a provider that can perform them more efficiently and cost-effectively allows the insurance company to focus on its core business and spend more time providing its customers with excellent service.”
One of the new clients is Grange Insurance of Columbus, Ohio, which appointed Northern Trust to provide a range of services, including global custody and insurance investment accounting, for $2.5 billion in assets.
“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,” said Chris Montgomery, Chief Investment Officer of Grange. “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.”
Northern Trust has a strategic focus on the insurance segment. Mandates for new insurance clients in 2017 and 2018 include asset servicing, accounting, investment operations, asset management and capital markets support for insurance general account and pension assets, derivatives portfolios and VEBA trusts.
“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,” Dvorak said. “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.”
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has offices in the United States in 19 states and Washington, D.C., and 23 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2018, Northern Trust had assets under custody/administration of US$10.8 trillion, and assets under management of US$1.1 trillion. For more than 125 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit northerntrust.com or follow us on Twitter @NorthernTrust.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/disclosures.