Mitsui Sumitomo Insurance Underwriting Appoints Northern Trust

Mitsui Sumitomo Insurance Underwriting at Lloyd’s has appointed Northern Trust to provide custody and fund administration services to its $1 billion in assets.

The Northern Trust will also provide the insurer with a centralized solution to record keep information from its individual investment managers in one location and integrate this data into the corporate general ledger. This latest appointment brings Northern Trust’s total assets under custody for insurance clients worldwide to more than $500 billion.

“We were looking for an established provider with a strong track record in supporting insurance companies of our size and complexity,” says Peter Glynne-Percy, CIO of Mitsui Sumitomo Insurance in London. “Northern Trust, through their range of specialized solutions, demonstrated that they could not only support our requirements, but also help improve the efficiency and effectiveness of our operation by taking away the administrative burden of compiling and cleansing data.”

“Particularly as insurance companies face increasing regulatory and reporting requirements, we see a heightened demand for solutions around data compilation and aggregation,” says Andrew Melville, head of insurance product and strategy for Europe, Middle East and Africa. “As insurers need to ‘stitch’ together different reporting formats from multiple sources, offering our clients a single platform for data aggregation and general ledger reporting can create significant efficiencies for them.”

Mitsui Sumitomo is part of the MS&AD Insurance Group, the insurance holding company of the new group formed in April 2010 through the merger of Aioi Insurance Company, Nissay Dowa General Insurance Company, and Mitsui Sumitomo Insurance Group.