Adopts Clearwater within its Investment Operating Model Following the Merger of North P&I and The Standard Club
BOISE, Idaho and LONDON, Aug. 29, 2023 /PRNewswire/ — Clearwater Analytics (NYSE: CWAN), a leading provider of SaaS-based investment management, accounting, reporting, and analytics solutions, today announced that NorthStandard, one of the world’s preeminent marine insurers, has selected Clearwater to enhance its investment operations.
The Standard Club has used Clearwater over the last five years and underwent a strategic merger with North P&I Club in 2023, with the resulting entity renamed “NorthStandard”. The North P&I Club assets will be integrated onto the Clearwater platform to offer NorthStandard a consolidated, single lens perspective on investment accounting and reporting. Clearwater will offer additional transparency into the investment funds by aggregating the underlying holdings and providing fund look-through reporting.
“By selecting Clearwater, we gain a best-in-class, investment reporting solution that automates reporting processes, ensures data accuracy, and establishes a transparent operating model,” said Nick Jelley, Chief Financial Officer at NorthStandard. “The elimination of manual workarounds and fund reconciliation processes will allow us to redirect our efforts towards performing a comprehensive analysis of our portfolios. Embracing cutting-edge technology ensures we remain at the forefront of innovation in our industry.”
“The Clearwater platform empowers leading organizations like NorthStandard to grow seamlessly and scale by providing business leaders with transparency into their acquisitions,” said Scott Erickson, Chief Revenue Officer at Clearwater Analytics. “Our team is dedicated to driving impactful change with our state-of-the-art solutions. Clearwater continues to rewrite the playbook for investment management so our clients can benefit from greater efficiency, data accuracy, and strategic insight.”
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About NorthStandard
NorthStandard is one of the leading providers of global marine insurance products and services across the maritime industries. Established through the merger of North P&I Club and the Standard Club in February 2023 and ‘A’ rated by S&P Global, NorthStandard has a premium income around US$800M and provides cover for over 365 million GT of owned and chartered tonnage.
From headquarters in the UK and with offices throughout Europe, Asia and the Americas, NorthStandard offers a unique blend of worldwide presence and class-leading expertise across multiple specialist areas, including P&I, FD&D, War Risks, Strike & Delay, Hull and Machinery and ancillary insurance. Its Sunderland Marine and Coastal & Inland divisions also provide cover for owners’ fixed premium P&I, fishing vessels, inland waterway and coastal trading vessels and aquaculture. NorthStandard’s comprehensive local market and sector knowledge is underpinned by continuous investments in market-leading digital technologies.
NorthStandard is a leading member of the International Group of P&I Clubs (IG) and is fully committed to upholding the shared objectives of its 12 independent member clubs, which provide liability cover for approximately 90% of the world’s ocean-going tonnage.
About Clearwater Analytics
Clearwater Analytics (NYSE: CWAN), a global, industry-leading SaaS solution, automates the entire investment lifecycle. With a single instance, multi-tenant architecture, Clearwater offers award-winning investment portfolio planning, performance reporting, data aggregation, reconciliation, accounting, compliance, risk, and order management. Each day, leading insurers, asset managers, corporations, and governments use Clearwater’s trusted data to drive efficient, scalable investing on more than $6.4 trillion in assets spanning traditional and alternative asset types. Additional information about Clearwater can be found at clearwateranalytics.com.
SOURCE Clearwater Analytics
