Clearwater Analytics and Brown Brothers Harriman & Co. (BBH) have signed a joint servicing relationship agreement.

The agreement combines global custody services, specialized investment management and banking from BBH as well as investment accounting, reporting and analytics from Clearwater Analytics for the clients.

BBH senior vice president, Investor Services for the Insurance and Reinsurance Market Diane Wiley said that Clearwater Analytics has developed accounting, compliance, performance and risk platform that will enable insurers and reinsurers’ investment portfolios to gain up-to-the minute visibility as well as prepare them to deal with accounting and reporting challenge in the future.

"Our insurance and reinsurance clients will benefit from a powerful tool that provides a consolidated view of their securities wherever they are held, including at statutory deposit banks, as well as complies with specialized insurance accounting, regulatory reporting and investment risk requirements," Wiley added.

Managing risk and adapting to shifting accounting standards are becoming more important than ever, particularly as the EU pushes closer toward Solvency II implementation.

Clearwater’s accounting, compliance, risk and performance platform helps prepare insurers and reinsurers for the big changes.