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Storebrand Chooses Standard & Poor’s Global Data Solutions to Meet Solvency II Risk Management Requirements

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Standard & Poor’s Global Data Solutions – part of the S&P Valuation and Risk Strategies group – today announced an agreement to supply Nordic Insurer Storebrand with an integrated data offering for its asset management business, Storebrand Kapitalforvaltning.

The agreement is designed to help Storebrand meet local customer and European regulatory requirements – in particular around concentration risk – across its portfolio. The solution gives Storebrand the capability to feed its securities master database with accurate and timely data needed for regulatory reporting, back office processing and risk reporting.

“Storebrand initially asked us to help with its new concentration limit and credit rating reporting requirements under Solvency II and QIS 5,” said Rui Carvalho, mnaging director, Global Data Solutions, based in New York. “Our RatingsXpress and Security to Entity CrossWalk data feeds deliver these capabilities; however, we also found that we were able to provide data to meet a number of other risk identification and reporting requirements that were important to Storebrand.”

“Good quality in the underlying asset data is crucial for Storebrand to meet the requirements in Solvency II”, said Raman Bhatnagar, chief operating officer in Storebrand Kapitalforvaltning. “S&P Global Data Solutions was able to help us with datasets that enable us to meet some of these requirements”.

Storebrand Kapitalforvaltning will be utilising Global Data Solutions in its new data infrastructure for the purposes of:

• Managing risk classification from a rating perspective,

• Monitoring concentration risks posed by individual securities and their domestic and ultimate parent company – providing a clear picture of market exposure and potential conflicts of interest across portfolios,

• Accessing a comprehensive database of global security identifiers to cross-referencing their holdings.

• Accessing real-time terms and conditions data for more than two million fixed income securities,

• Accessing the CUSIP Global Services database.

Global Data Solutions combines high-quality, multi-asset class and market data to help investors meet the new analytical, risk management, regulatory and front- to back-office operations requirements. Access to this specialised content, including Standard & Poor’s exclusive data sets, is available through a customisable portfolio, flexible data packages and a variety of other delivery formats.

Marc Anthonisen, managing director who heads Global Data Solutions for EMEA and Asia, said that S&P continues to develop custom data solutions to meet new regulatory requirements under Solvency II, Basel III, IFRS 7 and IFRS 9: “Regulatory reporting will be the focus of our feed product development in Europe over the next few years. We are seeing a lot of client demand around tracking exposure in both the asset management and risk management spaces.”

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