Northern Trust will provide custody and investment accounting services to USD250m in insurance assets for the UK branch of Navigators Insurance, a subsidiary of The Navigators Group.
Navigators, headquartered in New York, is a specialist insurance holding company with offices in the US, UK and Europe.
"We appointed Northern Trust because of their proven expertise in servicing insurance assets," says Frank McDonnell, senior vice president and chief financial officer at Navigators.
"We are delighted to have been appointed by Navigators, adding another insurance client to our growing group," says Douglas Gee, UK institutional sales manager for asset servicing at Northern Trust. "We offer a specialist asset servicing solution that concentrates on addressing the needs of insurance companies – such as the Lloyds insurance market – in particular responding to the requirement for consolidated investment accounting data. Our web-based client portal, Passport, enables all our clients to access precise information about their assets, including integrated investment, risk, portfolio and market data, as well as analytics from third-party providers."
Northern Trust currently provides asset servicing and asset management solutions to more than 120 insurance clients across the globe. As part of its suite of products catering specifically to insurance clients, Northern Trust offers an international accounting and financial reporting outsourcing solution.