This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

XL Group Celebrates Successful Investment Accounting And Reporting Outsourcing Relationship With SS&C

Stocks in this article: SSNC

WINDSOR, Conn., June 3, 2013 (GLOBE NEWSWIRE) -- SS&C Technologies Holdings, Inc. (Nasdaq:SSNC), a global provider of financial services software and software-enabled services, today announced the two-year anniversary of its outsourcing of accounting and reporting services for XL Group Plc, the global insurance and reinsurance company with a US$33 billion insurance investment portfolio of fixed income, equities, bank loans and derivatives.

Prior to SS&C, XL utilized a combination of multiple in-house systems and operations, databases, spreadsheets and its custodian bank for investment accounting and reporting. 

"We were looking to retire legacy systems and processes to meet the demanding requirements of today's markets," said Stephen Robb, Senior Vice President and Global Corporate Controller, XL Group. "Outsourcing to SS&C allows us to have the scalability and flexibility we need to support our planned growth, as well as the continually changing accounting and regulatory environment.  We are confident SS&C is the company with the technology and commitment to handle our complex and evolving needs, effectively becoming an extension of our business."

Today, SS&C receives daily trading activity from XL's 30 external asset managers and independently processes, values and reconciles all activity. From a single platform SS&C is able to satisfy the global accounting, financial, and management reporting and performance measurement needs of XL's more than 65 business units and legal entities located in Bermuda, US, Ireland, United Kingdom and Switzerland. 

"We have a suite of proprietary technology and world class insurance accounting and operational personnel which gives us the capability to provide straight through processing to meet the worldwide needs of a premier global organization such as XL Group," said Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies. "We believe XL represents one of the largest outsourcing arrangements of its kind in the global insurance industry and we are pleased to work with an outstanding group of professionals."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs