The Banking Report 2011: More than safekeeping


Intelligent Insurer investigates how developments in both the life and non-life insurance sectors are altering the demands being made on custodians—and how banks are responding to these changes.

“Traditionally, through our insurance relationships, we have provided what we refer to as global custody, meaning traditional settlement, safekeeping, administration and reporting services. This means that whatever assets you have invested in, you know where they are held and what your entitlements are.”

This is how Penelope Biggs, executive vice president and head of the institutional investor group for EMEA at Northern Trust, describes the conventional services provided by a custodian to an insurer or reinsurer.

However, according to Biggs, this role is changing.

Banking, Northern Trust, State Street, BNY Mellon, Hiscox, Insurance, Reinsurance, Custody

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