Boston, MA -(BusinessWire)- State Street Corporation (NYSE: STT), recently announced 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.”
Source: BusinessWire