WINDSOR, Conn., Nov. 13, 2013 (GLOBE NEWSWIRE) -- SS&C Technologies Holdings, Inc. (Nasdaq:SSNC), a global provider of financial services software and software-enabled services, today announced ILS Capital Management has selected Prime Management, a division of SS&C GlobeOp, for the launch of its new reinsurance entity, Prospero Re Ltd.
ILS Capital Management has been a client of Prime Management since 2011 and will utilize their specialized collateralized reinsurance and risk-linked investment administration services with both their new reinsurance entity Prospero Re Ltd. and The 1609 Fund.
"The decision to select SS&C GlobeOp to provide fund administration and risk-linked administration services was an easy one. Our positive experience with Prime combined with the proven institutional strength of SS&C GlobeOp will allow us to focus on business growth rather than administration," said Tim Tetlow, President and COO, ILS Capital Management.
"We are committed to supporting customers as they look to generate efficiencies from streamlining and consolidating their operational functions. We are pleased to be able to work with a high quality, established organization such as ILS Capital Management," said Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies. "The specialized ILS services we deliver will enable ILS Capital Management to keep its services independent and transparent."
Prime Management, a division of SS&C GlobeOp, is licensed and regulated as an administrator by the Bermuda Monetary Authority under the Investment Funds Act 2006 and has successfully completed a SSAE 16 Type II Review Certification. Prime Management has been servicing the specialized requirements of investment structures, sponsors and managers in the ILS market since 2002 and is a market leader in providing proven outsourcing solutions to the ILS market.
About ILS Capital Management
In July 2011, ILS Capital Management was launched in Bermuda as a management company to source capital for, and provide investment expertise to, various insurance and reinsurance related funds and managed accounts. ILS Capital is located in Bermuda, a jurisdiction widely acclaimed as the center of catastrophe reinsurance expertise. The Bermuda reinsurance market is estimated to provide more than half the property catastrophe protection required worldwide.
About SS&C Technologies
SS&C is a global provider of investment and financial software-enabled services and software focused exclusively on the global financial services industry. Founded in 1986, SS&C has its headquarters in Windsor, Connecticut and offices around the world. Some 5,500 financial services organizations, from the world's largest institutions to local firms, manage and account for their investments using SS&C's products and services. These clients in the aggregate manage over $26 trillion in assets.
Additional information about SS&C (Nasdaq:SSNC) is available at www.ssctech.com.
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