Perot Systems reports National Life Group deal
20 October 2006 | 1850 views | 0
Source: Perot Systems Corporation
Perot Systems Corporation (NYSE: PER) today announced that Vermont-based National Life Group, a growing and diversified family of financial service companies founded more than 150 years ago, has signed a multi-year contract with Perot Systems for mainframe operations services.
Under terms of the deal, Perot Systems will provide data center, storage and network services to the insurer's flagship company, National Life Insurance Company, and to Life Insurance Company of the Southwest. Perot Systems will migrate these insurers' mainframe operations into its Plano, TX data center. Through Perot Systems' global delivery capability, National Life Group will gain flexibility needed to accommodate its business growth projections and cost advantages to enhance its competitive position.
"We are pleased to be moving forward with Perot Systems. The quality and high degree of expertise of their associates and the culture of the Perot Systems organization blends well with National Life Group and our commitment to quality and high performance," said Edward Bonach, executive vice president and chief financial officer for National Life Group.
"This agreement is a further example of how Perot Systems teams with insurers to significantly improve their return on assets," said Peter Altabef, Perot Systems president and CEO. "Through this collaborative approach, we enable our clients to focus resources on their key differentiators -- investment performance, product development and distribution management -- while our scale, expertise and dedicated insurance solutions provide high quality service with a lower cost structure."
Over the last year, Perot Systems has worked with National Life Group on several smaller projects, which have already provided substantial operational improvements and measurable impact for the insurer.
"We are thrilled to expand our work with National Life Group during this exciting period in their business. Perot Systems offers National Life Group the scalability, flexibility and operational stability they need as they broaden their portfolio and create a solid platform for growth," said Paul Hardy, director of insurance solutions for Perot Systems.
National Life Group and National Life Insurance Company are headquartered in Montpelier, VT, while Life Insurance Company of the Southwest is based in Dallas, TX.