Pinnacol Assurance, a provider of workers’ compensation insurance, has selected financial services firm State Street Corporation (STT) to provide service custody and accounting services as well as compliance monitoring and performance and analytics solutions.

STT will service $1.9bn in assets for Pinnacol Assurance.

Pinnacol chief investment officer David Bomberger said, "After an extensive review of several providers, we found State Street’s offering, particularly its investment accounting services, to be a key differentiator."

"State Street will provide us with timely information regarding our investment portfolio, which will help us maximize our financial stability," added Bomberger.

STT executive vice president of investment services and institutional services for the Americas Alan Greene said the company will manage functions like custody, accounting and analytics to help the company to focus more of their resources on growing their business.

In STT’s latest study on the insurance sector, 82% of the global insurers said that effectively allocating capital to the most business critical priorities represents a challenge for them today.

STT offers a range of investment servicing solutions such as custody, fund accounting, analytics and client reporting to institutional investors. It operates in more than 100 geographic markets worldwide, including the US, Canada, Europe, the Middle East and Asia.