SS&C Technologies, Inc., a subsidiary of SS&C Technologies Holdings, Inc. (Nasdaq:SSNC), today announced that Essent Guaranty, Inc., has selected SS&C Direct, SS&C's institutional and insurance back- and middle-office software-enabled services, to service their insurance investment accounting processes.
As a provider of private mortgage insurance for financial institutions and mortgage investors in the United States, Essent required a back office service provider that was independent from both their custodian and their asset manager, and capable of handling all statutory accounting requirements for mortgage insurance.
"With SS&C executing our investment accounting, we are able to more effectively control our operating expenses as we grow and stay focused on building our core insurance business," said Larry McAlee, Chief Financial Officer of Essent. "We were impressed with SS&C's technology and reputation for servicing the needs of small and large insurance companies. We look forward to building a long-term relationship with SS&C."
"We are excited about the opportunity to be Essent's investment accounting provider," said Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies Holdings, Inc. "SS&C is a leading single source provider of investment management software such as CAMRA™ and Recon™, and SaaS and BPO services for insurance companies and asset management firms of all sizes. We believe this combination of technology and services gives us a competitive advantage in today's market as we continue to see growth in outsourcing middle- and back-office processes."