Workers’ compensation insurance provider, Pinnacol Assurance, has selected State Street to provide full custody and accounting services as well as compliance monitoring and performance and analytics solutions.
David Bomberger, chief investment officer of Pinnacol, said: “After an extensive review of several providers, we found State Street’s offering, particularly its investment accounting services, to be a key differentiator.”
Alan Greene, executive vice president of investment services and institutional services for the Americas at State Street, said: “According to our newly published research on the insurance sector, 82 percent of insurers globally sat that effectively allocating capital to the most business critical priorities represents a challenge for them today.”
“Partnering with companies like State Street to manage functions like custody, accounting and analytics helps insurance companies to focus more of their resources on growing their business.”
