Press release from Business Wire
State Street to Service $1.9 Billion in Assets for Pinnacol Assurance
Wednesday, June 12, 2013
State Street to Service $1.9 Billion in Assets for Pinnacol Assurance09:00 EDT Wednesday, June 12, 2013
BOSTON (Business Wire) -- State Street Corporation (NYSE: STT), announced today that it has been appointed by Pinnacol Assurance to provide full service custody and accounting services as well as compliance monitoring and performance and analytics solutions. Pinnacol is Colorado's leading provider of workers' compensation insurance
“After an extensive review of several providers, we found State Street's offering, particularly its investment accounting services, to be a key differentiator,” said David Bomberger, chief investment officer of Pinnacol. “State Street will provide us with timely information regarding our investment portfolio, which will help us maximize our financial stability. We look forward to our partnership with them.”
“We are very pleased to be selected by Pinnacol to support their continued growth,” said Alan Greene, executive vice president of investment services and institutional services for the Americas at State Street. “According to our newly published research on the insurance sector, 82 percent of insurers globally say 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.”
State Street's study on the insurance sector was conducted jointly with The Economist Intelligence Unit, which surveyed more than 300 insurance executives globally and focused on the key industry issues and opportunities facing the insurance industry and their preparedness to meet those challenges. The study, “Facing the Future: Blueprint for Growth,” will be released next month and highlights three broad categories affecting the insurance industry that include risk, regulation and the restructuring of product offerings. To learn more about State Street's insurance research, please visit http://www.statestreet.com/ourbusiness.
State Street provides a range of investment servicing solutions such as custody, fund accounting, analyticsand client reporting to a wide range of institutional investors.
About Pinnacol Assurance
Pinnacol Assurance is Colorado's leading provider of workers' compensationinsurance. Pinnacol provides comprehensive, competitively priced coverage; immediate attention to claims; and ahighly qualified network of medical providers to more than 55,000 Colorado businesses. Last year thecompany spent over 35,000 hours keeping Colorado worksites safe and provided compassionate care to over 40,000 Coloradans who were injured on the job. For more information, visit www.pinnacol.com
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investmentmanagement and investment research and trading. With $25.4 trillion in assets under custody and administration and $2.2 trillion in assets under management at March 31, 2013, State Street operates in more than 100 geographic markets worldwide, including the U.S.,Canada, Europe, the Middle East and Asia. For more information, visit State Street's web site at www.statestreet.com.
This AUM includes the assets of the SPDR Gold Trust (approx. $62.7 billion as of March 31, 2013), for which State Street Global Markets, LLC, an affiliate of State Street Global Advisors, serves as the marketing agent.
State Street Corporation
Jan Symosek, +617-664-1898