French Personal Insurer Mandates SGSS for Collateral Management

Personal insurer CNP Assurances of France has mandated Societe Generale Securities Services (SGSS) to provide collateral management services with regard to collateral swaps between CNP Assurances and its counterparties.
By Janet Du Chenne(59204)
Personal insurer CNP Assurances of France has mandated Societe Generale Securities Services (SGSS) 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 says the appointment completes the structured instrument valuation services that it has provided to CNP Assurances for many years.

CNP Assurances also has operations in other European countries and in Latin America. It has 27 million personal risk/protection policies worldwide and 14 million savings and pensions policyholders.

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