Sydney-based QBE Insurance has licensed the PAM investment management system from Princeton Financial Systems for its front-to-back office operations.
The QBE contract is the first order from an Australian insurance company to be secured by State Street subsidiary Princeton. QBE provides all major lines of insurance coverage for personal and commercial risks and has approximately A$7 billion in assets under management. PAM will be implemented to handle modelling, trading, compliance, accounting and reporting requirements.
Mark ten Hove, QBE's group investment manager, says a key factor in the selection of PAM was its ability to meet the group's processing needs from a single database and the seamless communication of its front- and back office components. "We also have some very unique accounting requirements, and PAM's flexibility in this area was very impressive," he adds.