BNP Paribas Securities Services has been appointed global custodian of all life and non-life insurance assets of the French insurer MAIF Group, covering EUR13bn in assets.
MAIF is a mutual insurance company at the head of an insurance group that has almost 2.7 million members.
MAIF deputy chief financial and administrative officer Eric Berthoux said until now, they had used two different custodians, including BNP Paribas Securities Services, for our life and non-life insurance assets. While they were already satisfied with the services provided by BNP Paribas Securities Services, they decided – after a competitive tender process – to extend their agreement with them while entrusting all their activities to a single service provider.
BNP Paribas Securities Services head of relationship management for Institutional Clients in France Gilliane Courtines said they have worked with insurance companies for many years and are delighted to be extending our contract with MAIF.
"Our strategy is based on providing a full range of solutions to meet the needs of insurance companies. From global custody to sophisticated reporting, we work with our clients to help them adjust to market trends in the run-up to Solvency II, and in their international development," Courtines said.