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.”