State Street to Service $1.9 Billion in Assets for Pinnacol Assurance
June 12 2013 - 9:00AM
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, analytics and client reporting to
a wide range of institutional investors.
About Pinnacol Assurance
Pinnacol Assurance is Colorado’s leading provider of workers’
compensation insurance. Pinnacol provides comprehensive,
competitively priced coverage; immediate attention to claims; and a
highly qualified network of medical providers to more than 55,000
Colorado businesses. Last year the company 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, investment management 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.
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