Press release
Northern Trust Expands Insurance Market Footprint With Three New European Clients
New Mandates Span Re-insurance, Motoring and Medical Sectors LONDON--(BUSINESS WIRE)-- Northern Trust (Nasdaq: NTRS) has further expanded its market
About this update from Northern Trust Corporation
[{"type":"text","content":"\nNew Mandates Span Re-insurance, Motoring and Medical Sectors \n\n LONDON--(BUSINESS WIRE)--\nNorthern Trust (Nasdaq: NTRS) has further expanded its market footprint across the global insurance sector with three new mandates from European-based insurers.\n\n\nNorthern 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.\n\n\n“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.”\n\n\nHannover 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.\n\n\nGerhard 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 Trust fits that criteria and, as a new client, has impressed us with their understanding of our requirements throughout our on-boarding processes.”\n\n\nAND-E is a European subsidiary of the Japanese insurance Group MS&AD, operating in the UK and the European Economic Area. It provides motor insurance and other auto-centric insurance products, working with its key strategic partner Toyota and through its own brands. AND-E is also a pioneer in the use of telematics in motor insurance – notably in the UK through its ‘insu...