ProMutual Group, a provider of medical liability insurance in the Northeast, with an investment portfolio of approximately $1.9 billion, is the first client to benefit from the full statutory accounting tool developed by Northern Trust.
Northern Trust will supply group with insurance accounting and financial reporting outsourcing application.
Northern Trust entered into a relationship with Pendo Systems in 2008 to utilize the BasisPoint software to provide full investment accounting to insurance companies. BasisPoint is a global tax-lot level investment accounting engine that offers a multi-entity, multi-currency, multi-basis investment accounting solution with a flexible fund/portfolio hierarchy to the insurance marketplace.
“Northern Trust’s solution meets all of our statutory, GAAP, and tax filing reporting demands,” says Phil Martell, assistant controller, ProMutual Group. “The system also provides the flexibility to create customized reporting at our request to meet regulatory or board reporting needs, helping us focus on serving our policy holders.”
“The combination of Northern Trust’s commitment to client service, accounting expertise, global custody capabilities and a single, global technology and operations platform creates a valuable outsourcing option for the insurance industry. As well, Northern Trust’s insurance expertise was an important factor in our decision.”
“Insurance clients need a full statutory accounting solution to help them meet sophisticated and demanding financial reporting requirements,” says Sheldon Woldt, head of the Insurance Client segment, of asset servicing business, Northern Trust.
“Traditionally, this function has been maintained in-house, but insurers are increasingly looking to outsource investment accounting operations in order to focus on their core business.”
“We are pleased to offer our clients a solution that relieves their resource and administrative burden. Our solution combines leading-edge technology with specialized accounting expertise and Northern Trust’s client service commitment to provide a cost-effective and scalable model for insurance clients.”
L.D.