Pillar Capital streamlines ILS financial reporting to support growth

Bermuda-based collateralised reinsurance and catastrophe insurance-linked securities (ILS) investment manager Pillar Capital Management has selected  Phinsys' technology to streamline and automate its financial reporting.

Pillar has implemented Phinsys product Rapport, which manages the calculation and allocation of data required by the finance and actuarial teams for management and regulatory reporting. It will help the organisation as it rapidly grows: ILS assets at the firm are up by a third in the last 12 months.

Tara Railton, Pillar Capital COO and CFO, said: “As our funds under management continued to grow last year, using complex spreadsheets to calculate and report on key finance data quickly became unsustainable. With minimal configuration, Phinsys systems have brought our finance data into a single location, automated previously manual processes and enabled rapid, detailed analysis, audit and financial reporting on a per-fund or combined basis. All of this means we can quickly and efficiently onboard new funds as we scale our business further in 2021 and 2022.”

Richard Tyler (pictured), chief executive officer at Phinsys, said: “Working remotely with Pillar Capital during a global pandemic certainly presented challenges and it’s testimony to the collaboration of our respective teams that we’ve been able to deliver a successful implementation. After a year of substantial growth for Pillar Capital, we’re delighted that Phinsys will play a key role in the next stage of their journey.”

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