BNP Paribas Securities Services has been appointed global custodian of all life and non-life insurance assets of the MAIF group, covering 13 billion in assets.
MAIF is a mutual insurance company at the head of an insurance group that has almost 2.7 million members. MAIF is the leading French insurer in the education and not for profit sectors, and is also the fourth-largest automotive insurer and sixth-largest casualty insurer (all categories combined). MAIFs long term strategy places sustainable development at the heart of its activities.
Until now, we had used two different custodians, including BNP Paribas Securities Services, for our life and non-life insurance assets, says Eric Berthoux, Deputy Chief Financial and Administrative Officer at MAIF. While we were already satisfied with the services provided by BNP Paribas Securities Services, we decided after a competitive tender process – to extend our agreement with them while entrusting all our activities to a single service provider.
BNP Paribas Securities Services is a wholly-owned subsidiary of the BNP Paribas Group and has 4,641 billion of assets under custody, 771 billion assets under administration and over 6,000 funds administered as at 31 December 2010.