Award-winning InvestPro™ fund administration software selected to support the group’s rapid growth and acquisition of life companies across Europe.
Financial Risk Solutions (FRS), the award-winning provider of fund administration software to global life assurance and asset management companies, today announced Monument Re Limited (Monument), a major acquirer of life assurance books of business in Europe and the Channel Islands, is operating the InvestPro™ platform to manage the group’s investment administration of unit-linked funds and portfolio bonds.
The software was deployed in just four months, allowing Monument to realise the immediate benefits of automation and scalability as it rapidly adds diverse books of business, with recent acquisitions including Robein Leven N.V., Nordben Life and Pensions and Inora Life d.a.c. (subject to closing), as well as a portfolio of business from MetLife Europe d.a.c. and Alpha Insurance SA.
Eoin Parsons, Group Financial Controller at Monument said:
“Financial Risk Solutions were the obvious choice for Monument, both from a product perspective as well as their best-in-class reputation in the industry. Their expert project team got us up and running in record time and we are now well-positioned for growth without having to add a large amount of human resource.”
“With the InvestPro™ platform we can rest knowing the daily unit prices are entirely consistent with the firm’s financial general ledger and our statutory financial reporting is fully automated.”
Frank Carr, Chief Marketing Officer, at FRS said:
“We are delighted to welcome such a well capitalised and acquisitive consolidator of life assurance companies across Europe onto the InvestPro™ platform. Monument has embraced the full capabilities of the platform from the get-go, providing a world-leading example of the modern day life office. We are looking forward to a long and fruitful partnership.”
Monument uses the InvestPro™ platform for their investment administration of unit-linked funds and portfolio bonds including unit pricing, cash allocation and rebalancing, trade order management as well as Solvency II reporting.
This latest news follows a period of expansion for FRS. Having been recently acquired by Constellation Software Inc., a leading provider of software and services to public and private sector markets globally, the team announced its entry into the Australian market earlier this year.