State Street Corporation has been appointed by insurance company Ageas UK to provide global custody and investment accounting services for US$4.5 billion of its assets.

State Street is contracted to provide services to three of Ageas UK’s underlying legal entities: Ageas Insurance, Ageas Protect and Tesco Underwriting

Fernley Dyson, chief financial officer at Ageas UK said: “State Street’s insight into the insurance sector was a key factor in our decision to choose them. We value their ability to treat the three entities of our business as individual customers while still allowing us to benefit from the economies of their combined scale.”

Martha Whitman, head of insurance solutions for Europe, Middle East and Africa at State Street Corporation, said: “Insurers are facing an increasing amount of reporting, regulation and compliance issues. In a recent survey we commissioned, Data is increasingly central to insurance companies’ ability to rise to these challenges. Our survey shows that today’s global insurers are fully aware of what is at stake, with 82 percent of insurance executives viewing data and analytics as a strategic priority. Given the issues here, insurers are increasingly looking to outsource operations to third parties, and so it remains a strong and growing market for us. We are delighted to be working with Ageas UK, which is an exciting and fast growing business.