— Pacific Specialty Insurance Company first new client for enhanced offering —
PITTSBURGH, May 8, 2007 ¾ Mellon Financial Corporation announced that its Asset Servicing group has introduced a powerful new accounting, performance and reporting platform for insurance providers. Pacific Specialty Insurance Company (PSIC) is the first new client that will benefit from Mellon’s newly enhanced Schedule D accounting and performance services product.
Powered by Eagle Investment Systems' technology solutions for data management, accounting and performance, the new offering gives Mellon insurance clients flexible access to a wide range of sought after performance results. These include a specialized Grossed-Up Return for Municipal assets, via Workbench, Mellon' s real-time information delivery tool. Multiple performance and accounting metrics can be accessed daily, weekly or monthly through customized web-based queries and reports.
“Mellon’s superior technology and insurance industry experience were the key differentiating factors for us in this decision,” said PSIC Chief Financial Officer David Sacks. “The new platform gives us the data we need, whenever we need it, to better inform our daily decision-making.” Based in Menlo Park, Calif., PSIC also will be the first client served by Mellon Analytical Solutions (MAS) on the Eagle platform.
“Our dedicated insurance services, including Schedule D accounting, brings together the benefits of Eagle software, MAS performance measurement support, and Mellon client service into one seamless package for insurers,” said James P. Palermo, Mellon vice chairman and head of asset servicing. “It’s a product we believe goes a long way in meeting a very real market need.”
PSIC is recognized as an industry leader in motorcycle and personal watercraft coverage. PSIC offers automotive, homeowners, dwelling fire, boat, motor-home, mobile home and commercial products, and has become the “one spot” independent brokers and agents can source all their clients’ coverage needs.
Eagle Investment Systems LLC, a Mellon Financial CompanySM, is a global provider of financial services technology, serving the world's leading financial institutions. To learn more about Eagle's solutions, contact 1-800-810-3819, or sales@eagleinvsys.com or visit www.eagleinvsys.com.
Mellon's Asset Servicing group develops solution-oriented tools to support the entire investment process for insurance companies, asset managers, mutual funds, public and private pension funds, and endowments and foundations.
Mellon Financial Corporation is a global financial services company. Headquartered in Pittsburgh, Mellon is one of the world's leading providers of financial services for institutions, corporations and high net worth individuals, providing asset management, wealth management, asset servicing, issuer services and treasury services. Mellon has approximately $5.8 trillion in assets under management, administration or custody, including $1.034 trillion under management. News and other information about Mellon is available at www.mellon.com.