State Street to Service $4 Billion in Assets for EMC
September 09 2013 - 9:00AM
Business Wire
State Street Corporation (NYSE:STT), announced today that it has
been appointed by EMC Insurance Companies to provide full custody
and investment analytics services. EMC is one of the top insurance
organizations in the country.
“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,” said
Lisa A. Stange, vice president and chief investment officer of EMC
Insurance Companies. “We were looking for a provider committed to
developing solutions that will address our growth needs and support
our investment strategies.”
“We are extremely pleased to be selected by EMC Insurance
Companies,” said Alan Greene, executive vice president of State
Street. “As insurers look to meet new reporting and regulation
challenges as well as update disparate legacy systems, they need to
evaluate how their firms are operating within an evolving market.
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. A recent study on
the challenges and opportunities facing the insurance sector
highlighted many of these concerns.”
State Street’s study was conducted jointly with The Economist
Intelligence Unit, which surveyed more than 300 insurance
executives globally and focused on the key industry issues facing
the insurance industry and their preparedness to meet those
challenges. The study, “Facing the Future: Blueprint for Growth,”
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.
About EMC Insurance Companies
EMC Insurance Companies is among the top 60 insurance
organizations in the country based on net written premium, with
more than 2,100 employees. The company was organized in 1911 to
write workers’ compensation protection in Iowa. Today, EMC provides
property and casualty insurance products and services throughout
the United States and writes reinsurance contracts worldwide.
Operating under the trade name EMC Insurance Companies, Employers
Mutual Casualty Company and one or more of its affiliated companies
is licensed in all 50 states and the District of Columbia. For more
information, visit www.emcins.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 $25.7 trillion in assets
under custody and administration and $2.1 trillion in assets under
management at June 30, 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.$37
billion as of June 30, 2013), for which State Street Global
Markets, LLC, an affiliate of State Street Global Advisors, serves
as the marketing agent.
State Street CorporationJan Symosek,
+1-617-664-1898www.statestreet.com@StateStreet
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