Enables Outsourcing of Investment Operations for the Firm's US$33 Billion in Assets
SS&C Technologies Holdings, Inc. (Nasdaq:SSNC), a global provider of financial services software and software-enabled services, today announced the two-year anniversary of its outsourcing of accounting and reporting services for XL Group Plc, the global insurance and reinsurance company with a US$33 billion insurance investment portfolio of fixed income, equities, bank loans and derivatives.
Prior to SS&C, XL utilized a combination of multiple in-house systems and operations, databases, spreadsheets and its custodian bank for investment accounting and reporting.
"We were looking to retire legacy systems and processes to meet the demanding requirements of today's markets," said Stephen Robb, Senior Vice President and Global Corporate Controller, XL Group. "Outsourcing to SS&C allows us to have the scalability and flexibility we need to support our planned growth, as well as the continually changing accounting and regulatory environment. We are confident SS&C is the company with the technology and commitment to handle our complex and evolving needs, effectively becoming an extension of our business."
Today, SS&C receives daily trading activity from XL's 30 external asset managers and independently processes, values and reconciles all activity. From a single platform SS&C is able to satisfy the global accounting, financial, and management reporting and performance measurement needs of XL's more than 65 business units and legal entities located in Bermuda, US, Ireland, United Kingdom and Switzerland.
"We have a suite of proprietary technology and world class insurance accounting and operational personnel which gives us the capability to provide straight through processing to meet the worldwide needs of a premier global organization such as XL Group," said Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies. "We believe XL represents one of the largest outsourcing arrangements of its kind in the global insurance industry and we are pleased to work with an outstanding group of professionals."