JP Morgan Worldwide Securities Services, a provider of custody and fund services, has been selected by Transatlantic Holdings, a reinsurance organization, to provide global custody for its invested assets.
According to JP Morgan, the invested assets of Transatlantic Holdings total approximately $11bn. Transatlantic offers reinsurance capacity on both a treaty and facultative basis by structuring programs for a full range of property and casualty products, with an emphasis on specialty risks.
Headquartered in New York, Transatlantic Holdings has operations on six continents. Its subsidiaries, which will all be serviced by JP Morgan, are Transatlantic Reinsurance Company, Trans Re Zurich Reinsurance Company and Putnam Reinsurance Company.
James Ready, vice president and treasurer of Transatlantic Reinsurance Company, said: “We are pleased with our selection of JP Morgan and the level of support and array of services they are able to provide to satisfy our global custody needs.”
Robert Caporale, head of new business development of Americas at JP Morgan Worldwide Securities Services, said: “We are pleased to add Transatlantic Holdings as a new client to our North American insurance franchise. As such, the mandate is an excellent example of our ability to service the global custody needs of reinsurers.”