New Alliance Combines Global Custody Services, Specialized Investment Management and Banking from Brown Brothers Harriman, with Best-in-Class Investment Accounting, Reporting and Analytics from Clearwater Analytics
Clearwater Analytics®, a leading provider of web-based investment accounting and reporting solutions for insurance and reinsurance companies, and Brown Brothers Harriman & Co. (BBH), a privately held financial institution specializing in global custody, banking and investment management for insurers, reinsurers, and asset managers, today announced their joint servicing relationship. Clearwater Analytics will provide daily accounting, compliance, performance, and risk reporting and analytics for the venerable financial services firm’s valued clients in the insurance and reinsurance sector.
“We are pleased to work with an organization like Clearwater Analytics. They have created a best-of-breed accounting, compliance, performance and risk platform that will help insurers and reinsurers gain up-to-the minute visibility into their investment portfolios and prepare them for dealing with accounting and reporting challenges in the coming years,” said Diane Wiley, Senior Vice President, Investor Services for the Insurance and Reinsurance Market at BBH. “Our insurance and reinsurance clients will benefit from a powerful tool that provides a consolidated view of their securities wherever they are held, including at statutory deposit banks, as well as complies with specialized insurance accounting, regulatory reporting and investment risk requirements.”
“We liked the value proposition of aligning with Clearwater,” said Wiley. “Our insurance and reinsurance clients are looking for three important things when it comes to an investment portfolio accounting and reporting solution: They need a solution that can be implemented without a major investment of time and resources; it must display daily, accurate, aggregated data; and finally, it must increase their ability to adapt in the face of changing standards and evolving risks.”
Managing risk and adapting to shifting accounting standards are becoming more important than ever, particularly as the EU pushes closer toward Solvency II implementation. Clearwater’s accounting, compliance, risk and performance platform helps prepare insurers and reinsurers for these big changes.
That was a compelling reason why one BBH client, Hiscox, a leading specialist insurance and reinsurance firm, chose Clearwater. “The new Solvency II regime has created a greater demand for better investment portfolio systems,” said David Astor, Chief Investment Officer for Hiscox. “Constantly changing regulatory guidance and expansion of our business created a need for better investment data aggregation, accuracy and access. Transparency is a key requirement of Solvency II, and is a factor that influenced our decision to use Clearwater.”
Domenic Restuccia, COO, Medical Mutual Insurance Company of Maine, said, “With the BBH/Clearwater servicing relationship, I can close my books in a matter of hours instead of days.”
“We are proud to form an alliance with a firm like Brown Brothers Harriman,” said Clearwater CEO Dave Boren. “They are renowned for industry leading service excellence and bring a disciplined and time-tested approach to global asset servicing. We believe Clearwater will help BBH’s insurance and reinsurance clients confidently navigate a turbulent investment climate, arming them with a powerful accounting, reporting and analytics solution. We look forward to continued growth in the insurance and reinsurance industry with BBH.”