CNP Assurances Licenses Summit for Interest Rate and Equity Derivatives Support

Paris, November 27, 2001 – CNP Assurances, the leading personal insurance company in France,has selected Summit’s integrated transaction platform to provide front-to-back office support for the firm’s interest rate and equity derivatives portfolio.

CNP Assurances has substantial investment activity in the bond market. Because their fixed-income operations are growing—and along with it, the notional amounts and trade volumes of derivatives instruments used to hedge those positions—the firm began looking for a vendor who could provide more functionality than their current tools offered and serve as the foundation for
long-term business expansion and growth.

After a thorough evaluation, the company selected Summit because it meets most of CNP’s requirements. Its ability to price complex interest rate and equity derivatives required for insurance market needs was a particular selling point. Summit’s open platform architecture, which allows easy addition of proprietary pricing models, also was a key consideration for the insurance company.

Michael Ctorza, Sales Executive at Summit’s Paris office, said: "We’re very pleased we could provide a comprehensive solution for CNP’s insurance business requirements. They join our growing list of major insurance companies around the world that depend upon Summit solutions, and we look forward to extending CNP’s business capabilities in the future with additionalm Summit modules for risk management and credit derivatives."

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