Producer's National Corp. Selects SS&C to Power Asset Growth

Rhea-AI Summary

SS&C Technologies (Nasdaq: SSNC) announced that Producer's National Corporation (PNC) has selected SS&C SmartSource to enhance its accounting and operations for alternative and fixed income investment portfolios. This platform will support PNC's three insurance companies: Unique Insurance, Viva Seguros, and Stonegate. SS&C SmartSource's AI-driven capabilities will allow PNC to diversify its asset classes while ensuring operational transparency and regulatory compliance, backed by SS&C's 35 years of insurance expertise.

Positive

• PNC selected SS&C SmartSource to manage accounting and operations for three insurance companies, enhancing operational efficiencies.
• SS&C's SmartSource offers flexibility and scalability, allowing PNC to focus on growing its investment portfolio.
• The partnership showcases SS&C's 35 years of industry expertise, promising robust support for regulatory and reporting requirements.

Negative

• None.

WINDSOR, Conn., May 18, 2021 /PRNewswire/ -- SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced that Producer's National Corporation (PNC) has chosen SS&C SmartSource to manage accounting and operations across its alternative and fixed income investment portfolios. The platform will service PNC's three insurance companies: Unique Insurance Company, Viva Seguros Insurance Company, and Stonegate Insurance Company. SS&C SmartSource will also support the PNC team as it adds new asset classes to its investment lineup.

"SS&C's extensive insurance expertise and cutting-edge technology enables it to provide us with a single accounting, reporting, and regulatory solution for our investment portfolios," commented Todd Barton, Chief Financial Officer of PNC.

"SmartSource offers flexibility and scalability, along with operational and portfolio transparency, to allow our internal team to focus on what we do best – manage and grow our portfolio of investments," added Paul Nealon, Co-Founder & Managing Partner at ILS Capital, PNC's major shareholder.  

SS&C SmartSource provides intelligent, comprehensive outsourcing solutions for middle- and back-office services powered by Singularity, SS&C's next-generation, AI-driven investment analytics, operations and accounting platform. The solution is backed by SS&C's 35 years of insurance-specific domain expertise with complex asset types and regulatory and reporting requirements.

"We are delighted to power PNC's investment accounting operations," said Kyle Fields, Head of SS&C Insurance Solutions. "As we continue to see convergence of insurance and alternatives, we look forward to supporting the PNC team with the tools they need to scale and diversify into more complex asset classes."

About Producer's National Corporation

Producer's National Corporation (PNC), founded in 1996, is an insurance holding company based in Niles, Illinois. PNC is transforming its operations and building a platform of member companies to expand its core non-standard auto business while partnering with proven leaders to expand into niche lines of business. Its current members include Unique Insurance Company, Viva Seguros Insurance Company, and Stonegate Insurance Company.

About ILS Capital Management

ILS Capital Management Ltd. is an employee-owned SEC-registered investment advisor with $300 million in  assets under advisement, 12 employees and four offices worldwide. ILS Capital aims to generate attractive risk-adjusted returns by thoughtfully investing in insurance and reinsurance contracts across geographic regions, and lines of business, couple with portfolio management analytics.

About SS&C Technologies

SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 18,000 financial services and healthcare organizations, from the world's largest companies to small and mid-market firms, rely on SS&C for expertise, scale and technology.

SOURCE: SS&C 

Additional information about SS&C (Nasdaq: SSNC) is available at www.ssctech.com.

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SOURCE SS&C

FAQ

What is SS&C Technologies partnering with Producer's National Corporation for?

SS&C Technologies is partnering with Producer's National Corporation to implement SS&C SmartSource for managing accounting and operations across its investment portfolios.

Which insurance companies will use SS&C SmartSource?

SS&C SmartSource will service Producer's National Corporation's three insurance companies: Unique Insurance Company, Viva Seguros Insurance Company, and Stonegate Insurance Company.

How does SS&C SmartSource benefit PNC's investment management?

SS&C SmartSource provides operational transparency and allows PNC to scale and diversify into complex asset classes, enhancing its investment management capabilities.

When was the announcement about SS&C and PNC made?

The announcement about SS&C and Producer's National Corporation was made on May 18, 2021.

What is the significance of SS&C's 35 years of insurance expertise?

SS&C's 35 years of insurance expertise ensures robust support for PNC in managing complex asset types and meeting regulatory and reporting requirements.