Reinsurer Selects SS&C's Prime Management for Administration

ILS Capital Management has launched a new reinsurance entity, Prospero Re, and has selected Prime Management, a division of SS&C GlobeOp, to provide fund administration for the new division.

SS&C acquired Prime in October in order to enter the insurance linked securities (ILS) market, and ILS Capital Management had already been a client of Prime since 2011. ILS Capital Management will use Prime’s collateralized reinsurance and risk-linked investment administration services for both the new reinsurance entity and its main fund, The 1609 Fund.

“The decision to select SS&C GlobeOp to provide fund administration and risk-linked administration services was an easy one. Our positive experience with Prime combined with the proven institutional strength of SS&C GlobeOp will allow us to focus on business growth rather than administration,” says Tim Tetlow, president and COO, ILS Capital Management.

“We are committed to supporting customers as they look to generate efficiencies from streamlining and consolidating their operational functions. We are pleased to be able to work with a high quality, established organization such as ILS Capital Management,” says Bill Stone, chairman and CEO, SS&C Technologies. “The specialized ILS services we deliver will enable ILS Capital Management to keep its services independent and transparent.”