Athora selects SimCorp Dimension to scale for growth in Europe
December 02 2019 - 4:00AM
Athora selects SimCorp Dimension to scale for growth in Europe
Press release
SimCorp, a leading provider of investment
management solutions and services to the global financial services
industry, today announces that it has signed a license agreement
with a subsidiary of Athora Holding Ltd. (“Athora”), a specialist
insurance and reinsurance group with consolidated assets of
approximately €15 billion. SimCorp Dimension will provide Athora
with advanced accounting functionality to support its back office
operations with accounting, financial and regulatory reporting
across the European markets. With scale and agility being a key
driver, Athora joins a growing number of SimCorp clients
globally, who are opting to use SimCorp Dimension as-a-service, to
facilitate growth and responsiveness to changing market
conditions.
An established insurance and reinsurance group,
Athora has a firm focus on the European insurance market, with its
principal operational subsidiaries in Belgium, Germany, Ireland and
Bermuda. The decision to optimize its investment operations with
SimCorp Dimension as-a-service, will facilitate increased
automation across invested asset classes, all in one core system.
The selection will support Athora with greater operational
efficiencies, enabling it to more effectively compete in the
market.
Athora will leverage SimCorp Dimension’s
integrated Investment Book of Record (IBOR) and Accounting Book of
Record (ABOR) as the basis for fund administration, collateral
management, settlement and reporting. The solution will also enable
Athora to effectively manage the increasing amount of regulatory
compliance impacting insurance firms across Europe today, including
Solvency II.
Patrick O’Grady, Director Finance
Strategy, Investments & Implementation at
Athora comments: “We have chosen
SimCorp Dimension because we see it as the best solution on the
market to provide the level of automation, flexibility and
functional coverage for which we have been looking. With its
integrated view across various accounting frameworks such as IFRS,
local and groupwide accounting standards, and dedicated regulatory
monitoring, SimCorp Dimension delivers a significantly more
efficient way to operate. Opting for SimCorp Dimension as-a-service
improves our operational efficiency and supports our growth
ambitions.”
Hans Otto Engkilde, Senior Vice
President and Managing Director, UK, Northern Europe & Middle
East, SimCorp comments: “We are delighted to welcome
Athora to the SimCorp community, and to the growing number of
SimCorp Dimension as-a-service clients. Consolidating investment
operations tackles the operational complexity that exists in the
buy side today, both in terms of operations but also challenges
posed by external events, such as regulation and the search for
liquidity. By cutting the cost of infrastructure and taking
advantage of an agile operational experience, Athora will benefit
from the scalability needed to competitively support its growth
strategy.”
Enquiries regarding this announcement
should be addressed to:Mittal Shah, SimCorp PR UK/North
America /Asia +44 207 397 8072 mittal.shah@simcorp.comAnders
Crillesen, SimCorp Corporate Communications +45 3544 0000
anders.crillesen@simcorp.com
About
SimCorp SimCorp provides integrated,
best-in-class investment management solutions to the world’s
leading asset managers, fund managers, asset servicers, pension and
insurance funds, wealth managers, banks and sovereign wealth funds.
Regardless of how you deploy it, SimCorp’s core solution, SimCorp
Dimension®, and its life-cycle services support the entire
investment value chain and range of instruments, all based on a
market-leading IBOR. SimCorp invests around 20% of its annual
revenue in R&D, helping clients develop their business and stay
ahead of ever-changing industry demands. Listed on Nasdaq
Copenhagen, SimCorp is a global company, regionally covering all of
Europe, North America, and Asia Pacific. For more information,
please visit www.simcorp.com.
About
Athora
Athora is a specialised insurance and
reinsurance group fully focused on the European market. Athora
dedicates its focus, capital, time and technical insights to
offering its customers a stable, long-term performance on its
products. Athora's principal subsidiaries are Athora Belgium
N.V./S.A. (Brussels), Athora Lebensversicherung AG (Wiesbaden,
Germany), Athora Ireland plc (Dublin) and Athora Life Re Ltd.
(Bermuda). The Athora group employs some 800 staff and has more
than 800,000 policyholders for total consolidated assets of
approximately € 15 billion. On 7 June 2019, Athora announced the
acquisition of leading Dutch insurance holding company VIVAT N.V.
For further information, go to: www.athora.com.