State Street has been appointed by insurance company Ageas UK to provide global custody and investment accounting services for USD4.5bn of its assets.
State Street is contracted to provide services to three of Ageas UK’s underlying legal entities – Ageas Insurance, Ageas Protect and Tesco Underwriting
Fernley Dyson, chief financial officer at Ageas UK, says: “State Street’s insight into the insurance sector was a key factor in our decision to choose them. We value their ability to treat the three entities of our business as individual customers while still allowing us to benefit from the economies of their combined scale.”
“Insurers are facing an increasing amount of reporting, regulation and compliance issues,” says Martha Whitman, head of insurance solutions for Europe, Middle East and Africa at State Street Corporation. “In a recent survey we commissioned, Data is increasingly central to insurance companies’ ability to rise to these challenges. Our survey shows that today’s global insurers are fully aware of what is at stake, with 82 per cent of insurance executives viewing data and analytics as a strategic priority.”