State Street Corp. to service $1.9b in assets for Pinnacol Assurance
State Street Corp., the Boston-based financial-services company, said Wednesday that it has been appointed by Pinnacol Assurance to provide full service custody and accounting services as well as compliance monitoring and performance and analytics solutions.
Pinnacol is Colorado’s leading provider of workers’ compensation insurance, State Street said in a press release.
“We are very pleased to be selected by Pinnacol to support their continued growth,” Alan Greene, State Street’s executive vice president of investment services and institutional services for the Americas, said in a statement. “According to our newly published research on the insurance sector, 82 percent of insurers globally say that effectively allocating capital to the most business critical priorities represents a challenge for them today. Partnering with companies like State Street to manage functions like custody, accounting, and analytics helps insurance companies to focus more of their resources on growing their business.”Chris Reidy can be reached at firstname.lastname@example.org.