The U.K.-based Pool Re will be using SaaS-based solutions from Clearwater Analytics.
Pool Re, a government-backed terrorism reinsurer based in the U.K., needs to facilitate greater transparency and strategic decision-making and reports that it will be moving to investment accounting and reporting solutions from Clearwater Analytics that are provided on a software-as-a-service (SaaS) basis, officials say.
Pool Re, which has funds of £7.0 billion ($9.075 billion), will be moving away from a custodian-based model to Clearwater’s accounting and reporting platform, officials say.
By using Clearwater’s single instance, multi-tenant platform, Pool Re intends to achieve “highly efficient monthly close processes and empower all departments with timely and accurate data,” officials say. The Clearwater platform will help Pool Re adapt to market dynamics and HM Treasury [His Majesty’s Treasury] reporting requirements.
“Adopting Clearwater Analytics is a big step forward in modernizing our investment operations to better serve our members and the broader U.K. insurance market,” says Tom Clementi, CEO at Pool Re, in a prepared statement.
“Pool Re is the insurance industry’s mutual for reinsuring terrorism risk in Great Britain and an Arm’s Length Body of HM Treasury ( ),” officials say. “It exists to protect Britain’s economy and safeguard society and livelihoods from acts of terrorism.”
Pool Re offers commercial property reinsurance cover for losses caused by terrorism on an “all risks” basis such as chemical, biological, radiological, and nuclear (CBRN), damage caused by remote digital interference, and non-damage business interruption, officials say.
Clearwater Analytics offers investment portfolio planning, performance reporting, data aggregation, reconciliation, accounting, compliance, risk, and order management systems, officials say. The company serves insurers, asset managers, corporations, and governments.
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