American financial services firm State Street Corp. has been appointed to provide full custody and investment analytics services for a top U.S. insurer, EMC Insurance Companies.
“After an extensive review of several custody and administration service providers, we selected State Street because of its expertise in custody, accounting and reporting solutions,” says Lisa A. Stange, vice-president and chief investment officer of EMC Insurance Companies.
State Street will service $4 billion in assets for EMC, which, like other insurers in the country, is operating in an evolving environment full of challenges such as new regulations. “Determining whether they have the right infrastructure in place or looking to outsource to external parties to help satisfy all these new requirements are important considerations [for insurers],” says Alan Greene, executive vice-president of State Street.
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