Strategic Risk Solutions Partners with Clearwater Analytics
Large Captive Manager Selects Clearwater to Meet Sophisticated Investment Accounting Needs of Clients.
Strategic Risk Solutions (SRS), an independently owned captive management firm, today announced that it has selected Clearwater Analytics to provide daily-reconciled accounting, compliance, performance and risk reporting and analytics in support of its captive management services. SRS will use Clearwater Analytics for its clients requiring NAIC and Statutory filings, and those with more complex investment portfolios.
SRS was ranked the 6th largest captive manager worldwide in the 2010 annual Business Insurance survey with more than 150 captives under management. The firm manages single parent and group captives, Risk Retention Groups, reciprocals and commercial insurers and reinsurers. It operates in most onshore US captive domiciles and in the Cayman Islands and Bermuda. SRS’s total client assets are near $1.2 billion.
“We have become increasingly involved with more complex investment portfolios, both through our own growth and our captive clients maturing and pursuing a more expansive investment strategy,” said Brady Young, CEO of Strategic Risk Solutions . “It was clear that we needed a more sophisticated approach to some of our clients’ investment accounting needs. Clearwater Analytics meets those needs through its real-time custodian feeds and daily pricing and reconciliation. The availability of this data though Clearwater’s user-friendly, on-line portal will help streamline our investment accounting activities and bring more transparency to our clients”, continued Young.
In addition to providing daily data aggregation, account reconciliation and investment accounting, Clearwater Analytics will provide SRS and its clients ’ with their full suite of Performance, Risk and Compliance reporting. “We are excited about the opportunity to improve the quality of the investment data available to our clients and to provide them with more control over the investment activities of the captive,” added Young.
The partnership with SRS is Clearwater Analytics’ first major activity in the captive insurance industry. Clearwater Analytics CEO, Courtland Gates, sees this as a significant opportunity for expansion. “The captive insurance market is a mature, but growing sector of the insurance industry. Our web-based, Software-as-a-Service (SaaS) system provides captives with a cost effective solution to better manage their investment portfolios. We are excited about bringing Clearwater Analytics’ investment portfolio accounting, reporting and analytics services to the captive insurance industry through this important partnership with SRS,” said Gates.
Clearwater Analytics offers the following core system functionality:
• Aggregation and reconciliation of portfolio data from multiple sources
• Daily accounting, compliance, performance and risk reporting and analytics
• Dedicated account managers support Clearwater’s 100% hosted SaaS system
• No installed software or maintenance and no additional IT resources
• Daily compliance monitoring and automated notification of violations
• No implementation fees or long-term contracts
Insurers also benefit from Clearwater’s insurance-specific reporting functionality, including:
• GAAP, Statutory and Tax accounting
• Financial Statement Disclosures (i.e. Fair Value Measurement and Impairment)
• Statutory and Schedule D Reports
• Authorized third-party NAIC valuation and pricing administrator