Northern Trust says it has added $15 billion to assets in custody with a series of big wins in the US insurance industry. New insurance industry clients including USAA, Imagine Reinsurance, Mutual Insurance Company of Arizona and the Michigan Millers Mutual Insurance Company have helped to take total insurance trust assets at Northern Trust to $19.1 billion for 2001, with $17.0 billion being net-new assets. With almost a hundred insurance company clients, total industry assets under administration for the insurance segment of Northern Trust’s business amounted to $95.7 billion as of December 31, 2001.
“We have been providing industry-leading corporate securities services to the insurance industry for decades,” said Scott Lafferty, Senior Vice President, and head of the Institutional Financial Services Group of Northern Trust, which comprises the insurance segment. “Our technology and client service are second-to-none in this segment, and our clients continuously give us outstanding client satisfaction ratings.”
Pete Rossiter, President, Corporate & Institutional Services at Northern Trust was in an equally shameless mood. “Our services to the corporate and institutional services market – of which the Insurance Industry Group is an important component — provide unrivaled quality and value to our clients,” said “We are pleased to add companies such as USAA, Imagine Reinsurance, Mutual Insurance Company of Arizona, and Michigan Millers Mutual to our growing ranks, and look forward to a long-standing relationship with each of them built on our unrivaled focus on client needs.”