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Pillar trying to keep up with growth of ILS assets

A Bermuda-based investment manager has called on finance automation software provider Phinsys in order to streamline its financial reporting.

Pillar Capital Management Ltd is an island-based collateralised reinsurance and catastrophe insurance-linked securities investment manager.

Phinsys, headquartered in London and having offices in Bermuda and New York, provides finance automation software for the insurance sector.

Phinsys said Pillar Capital has implemented the Phinsys product Rapport as part of a wider strategic investment in finance infrastructure and people, to further build on Pillar Capital’s 33 per cent growth of ILS assets under management in the last 12 months. The Postbox product will also be implemented later this year.

Tara Railton, COO and CFO of Pillar, 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 on-board new funds as we scale our business further in 2021 and 2022.”

Phinsys said Rapport manages the modelling of finance data for processes such as the earning of premium, allocations among funds, currency conversions and various other reinsurance accounting requirements in accordance with US GAAP.

It has the capacity to calculate ceded transactions and IBNR, and together with Postbox, Phinsys supports the configuration and processing of accounting journal entries and posts these to any general ledger system, the company said.

With restrictions on travel throughout most of 2020 caused by Covid-19, the project was managed remotely by the Phinsys team.

Richard Tyler, 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.”

Richard Tyler, chief executive officer of Phinsys

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Published September 09, 2021 at 8:08 am (Updated September 09, 2021 at 8:08 am)

Pillar trying to keep up with growth of ILS assets

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