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PrintMay 05, 2009
J.P. Morgan today announced that it has been appointed by Flagstone Re to provide global custody, portfolio accounting and short-term cash management services for their insurance investment assets. Total assets under custody will be approximately $1.3 billion.
NEW YORK, May 5, 2009 – J.P. Morgan today announced that it has been appointed by Flagstone Re to provide global custody, portfolio accounting and short-term cash management services for their insurance investment assets. Total assets under custody will be approximately $1.3 billion.
Flagstone Re is a global reinsurance and insurance company that employs a focused, technical approach to the specialty, property, property catastrophe, and short-tail casualty reinsurance and insurance businesses. Flagstone Re has offices in Bermuda, Switzerland, Luxembourg, the United Kingdom, Cyprus, Canada, Cayman Islands, Puerto Rico, South Africa, India, and the United Arab Emirates.
Chris Lynch, Western Hemisphere sales and client executive for J.P. Morgan Worldwide Securities Services, said: “We are pleased to add Flagstone Re as a new client to our North American insurance franchise. Bermuda is an important market for us. As such, the mandate from Flagstone is an excellent example of our ability to service the custody, accounting and related services needs of Bermuda-based re-insurers.”
From a cash management perspective, J.P. Morgan will provide multicurrency account and liquidity services. Through its Internet portal, J.P. Morgan ACCESS, Flagstone Re will be able to access both its custody and cash accounts via a single Web-based platform. Stephanie Wolf, Western Hemisphere sales and client executive for J.P. Morgan Treasury Services, said: “This deal demonstrates our ability to leverage firm-wide capabilities to bring best-in-class solutions to our clients.’’
Martin Gaudet, Director of Treasury and Investments for Flagstone Re, said: “We are very pleased with our selection of J.P. Morgan and the level of support and product capabilities they are able to offer us. It positions us well for the future to be able to obtain both our global custody and cash management services from a primary provider.”
About J.P. Morgan Worldwide Securities Services
J.P. Morgan Worldwide Securities Services (WSS) is a premier securities servicing provider that helps institutional investors, alternative asset managers, broker dealers and equity issuers optimize efficiency, mitigate risk and enhance revenue. A division of JPMorgan Chase Bank, N.A. (NYSE: JPM), WSS leverages the firm’s unparalleled scale, leading technology and deep industry expertise to service investments around the world. It has $13.5 trillion in assets under custody and $3.7 trillion in funds under administration. For more information, go to www.jpmorgan.com/visit/wss.