Northern Trust has further expanded its market footprint across the global insurance sector with three new mandates from European-based insurers.
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“We required an asset servicing provider with expertise in supporting longevity collateral management and risk transfer activities for the insurance industry. Northern Trust fits that criteria and, as a new client, has impressed us with their understanding of our requirements throughout our on-boarding processes.”
Northern Trust will provide a broad range of asset servicing solutions to Hannover Re, Aioi Nissay Dowa Insurance (AND-E) and the Medical and Dental Defence Union of Scotland (MDDUS). These clients appointed Northern Trust in the first quarter of 2020 and were on-boarded before the end of June.
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“Northern Trust continues to actively grow its insurance and re-insurance client base across the globe,” said Mark Austin, head of UK, Institutional Investor Group, Northern Trust. “Our history of financial stability, expertise and continuous investment in technology strongly aligns with insurance companies’ requirements for heightened efficiency, transparency and risk management across their investments. These appointments, which add to our significant relationships with many of the world’s leading insurance organizations, highlight our experience of the industry and how we work with insurers to help them execute their business strategies.”
Hannover Re is one of the world’s largest reinsurers, with a gross written premium of more than €22 billion as of 31 December 2019. Northern Trust is providing the Germany-headquartered company with collateral management services for its longevity risk transfer business, and global custody services for the safekeeping and administration of its assets.
Gerhard Lubitz, general manager for corporate finance and collateral management at Hannover Re said: “We required an asset servicing provider with expertise in supporting longevity collateral management and risk transfer activities for the insurance industry. Northern fits that criteria and, as a new client, has impressed us with their understanding of our requirements throughout our on-boarding processes.”
