Clearwater Analytics Partners With Pool Re to Support its Investment Accounting and Reporting Processes

Rhea-AI Summary

Clearwater Analytics (NYSE: CWAN) has announced a partnership with Pool Re, a UK government-backed terrorism reinsurer with £7.0bn in funds. Pool Re will transition from a custodian-based model to Clearwater's SaaS-based investment accounting and reporting platform. This change aims to enhance data timeliness and accuracy, streamline monthly close processes, and enable strategic decision-making. The scalable Clearwater platform will help Pool Re adapt to market dynamics and meet HM Treasury reporting requirements. The collaboration signifies Clearwater's expanding presence in the UK market.

Positive

• Clearwater Analytics partners with Pool Re, transitioning £7.0bn to its platform.
• Pool Re's adoption of Clearwater's platform aims to improve data accuracy and timeliness.
• Clearwater's platform will enable Pool Re to streamline and modernize its finance and investment processes.
• The collaboration will help Pool Re meet evolving HM Treasury reporting requirements.
• Partnership signifies Clearwater's expanding presence in the UK market.

Negative

• None.

News Market Reaction – CWAN

+4.09%

1 alert

+4.09% News Effect

On the day this news was published, CWAN gained 4.09%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

UK Reinsurer Transitions to Clearwater's SaaS-Based Solution for Greater Transparency and Strategic Decision Making

BOISE, Idaho and LONDON, July 11, 2024 /PRNewswire/ -- Clearwater Analytics (NYSE: CWAN), a leading worldwide provider of SaaS-based investment management, accounting, reporting, and analytics solutions, today announced that Pool Re, Britain's government-backed terrorism reinsurer with funds of £7.0bn, will transition from using a custodian-based model to Clearwater's market leading investment accounting and reporting platform.

Pool Re will leverage Clearwater's single instance, multi-tenant platform to streamline and modernize their finance and investment processes. The adoption of Clearwater will enable Pool Re to achieve highly efficient monthly close processes and empower all departments with timely and accurate data. The scalability and flexibility of the Clearwater platform will also enable Pool Re to rapidly adapt to evolving market dynamics and HM Treasury reporting requirements.

"Clearwater Analytics' investment accounting and reporting platform will significantly improve the timeliness and accuracy of our data and enable strategic decision making," said Tom Clementi, CEO at Pool Re. "Adopting Clearwater Analytics is a big step forward in modernizing our investment operations to better serve our members and the broader UK insurance market."

"Choosing the Clearwater platform means Pool Re isn't just keeping pace – they're setting it," said Keith Viverito, General Manager of EMEA and APAC at Clearwater Analytics. "We're delighted to expand our significant UK market presence through our collaboration with Pool Re, a leading specialty re-insurance provider that plays an important role in the UK economy and is an arm's length part of HM Treasury."

To learn more about Clearwater Analytics, speak to an expert today.

About Pool Re

Pool Re is the insurance industry's mutual for reinsuring terrorism risk in Great Britain and an Arm's Length Body of HM Treasury (HMT). It exists to protect Britain's economy and safeguard society and livelihoods from acts of terrorism.

Pool Re offers commercial property reinsurance cover for losses caused by terrorism on an "All Risks" basis, including chemical, biological, radiological and nuclear (CBRN), damage caused by remote digital interference and non-damage business interruption. It offers a financial safety net for more than £2 trillion of assets belonging to businesses of all sizes.

Pool Re has a reserve fund built up over 30 years by investing insurers' premium contributions in preparation for the unthinkable. Pool Re is also backed by an unlimited HMT loan facility which underpins its work to support the resilience of the British economy.

For more information, visit www.poolre.co.uk.

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 $7.3 trillion in assets spanning traditional and alternative asset types. Additional information about Clearwater can be found at clearwateranalytics.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/clearwater-analytics-partners-with-pool-re-to-support-its-investment-accounting-and-reporting-processes-302194300.html

SOURCE Clearwater Analytics

FAQ

What is the significance of Clearwater Analytics' partnership with Pool Re?

Clearwater Analytics' partnership with Pool Re involves transitioning £7.0bn to Clearwater's SaaS-based investment accounting and reporting platform, enhancing data accuracy and enabling strategic decision-making.

How will Clearwater Analytics' platform benefit Pool Re?

Clearwater Analytics' platform will improve the timeliness and accuracy of Pool Re's data, streamline monthly close processes, and enable strategic decision-making.

When did Clearwater Analytics announce its partnership with Pool Re?

Clearwater Analytics announced its partnership with Pool Re on July 11, 2024.

What is the stock symbol for Clearwater Analytics?

The stock symbol for Clearwater Analytics is CWAN.

What is the value of funds Pool Re is transitioning to Clearwater's platform?

Pool Re is transitioning £7.0bn in funds to Clearwater's platform.