The Main Street America Group Selects Clearwater Analytics

21-Aug-2012

Florida-Based, Super-Regional Insurer to Become More Efficient with Improved Investment Accounting, Reporting and Analytics Solution

BOISE, ID – August 21, 2012 — The Main Street America Group, a super-regional mutual insurance holding company that operates nine property/casualty insurance carriers and offers coverage in 27 states, has selected Clearwater Analytics, a leading investment accounting and portfolio reporting and analytics software firm, to provide consolidated investment accounting, reporting and analytics on its $1.7B investment portfolio.

The Jacksonville, Fla.-based insurer has been very successful in a volatile property/casualty insurance market. Main Street America was recently honored by the Ward’s 50 for the second consecutive year as one of the top-performing insurance companies in the United States. Main Street America’s sustained success is the result of steady underwriting discipline, focus on risk management and an organizational philosophy that supports innovation and efficiency. In line with this corporate strategy, it has selected and implemented Clearwater Analytics’ powerful investment accounting, reporting and analytics solution to streamline investment reporting, support more efficient workflows among its accounting and investing teams and continue the company’s trend toward scalability across the organization.

“Data access is critical to our company’s operations,” said Jim Ganley, Main Street America’s portfolio strategist. “Before we partnered with Clearwater, we didn’t have direct access to our [investment] data. In fact, we did not have the ability to make or extract data of any kind. We could write some reports but it wasn’t very easy and it wasn’t very timely.” Main Street America’s investment team also had to manually calculate performance returns. “By engaging Clearwater, the manual process should be completely eliminated,” said Ganley.

For Main Street America, lack of access also created challenges for its accounting team. Most insurance carriers are under the gun at the end of the month, quarter and year to promptly deliver financial statements and necessary disclosures. Main Street America is no exception and the delays were unnecessary. At month’s end, the insurer would typically get reports on business day four; quarter-end reports on business day six; and year-end reports on business day seven, and had to manually prepare required reports and filings. With Clearwater, Main Street America’s accounting team now has the ability to close on the first business day after month-end in order to start the period-end process, with the ability to add National Association of Insurance Commissioners designations or update pricing post-close without affecting other accounting values.

“Clearwater will help our investment team better coordinate with our accounting team,” said Andrea Galea, treasury analyst at Main Street America. “We will be able to work from the same system and the same data.”

Clearwater provides Main Street America with daily, Web-based statutory, GAAP and tax multi-currency investment accounting reports and disclosures to streamline the period-end close processes and reconciliation of journal entries, create an audit trail of daily-reconciled and independently verified investment data and facilitate the creation of accurate and timely financial disclosure statements, including Schedule Ds. Clearwater’s integrated solution also provides Main Street America with portfolio analytics, including investment policy compliance monitoring, portfolio performance and risk analytics, for daily updated, critical portfolio insight.

In the end, Main Street America decided to move to a solution that was scalable, agile and wouldn’t require a lot of time and energy to maintain. In short, Main Street America chose a solution that the company could grow with. “With Clearwater, we are enhancing our infrastructure,” Ganley said.

“We’re excited to work with The Main Street America Group and provide the level of access, transparency and accuracy they need,” said Dave Boren, Clearwater’s CEO. “Plus, our system is flexible and adaptable, meaning Main Street America can customize it to meet specific investment accounting and reporting needs.”

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About The Main Street America Group 

The Main Street America Group is a super-regional insurance company that operates nine property/casualty insurance carriers: NGM Insurance Company, Old Dominion Insurance Company, Main Street America Assurance Company, MSA Insurance Company, Great Lakes Casualty Insurance Company, Grain Dealers Mutual Insurance Company, Main Street America Protection Insurance Company, Spring Valley Mutual Insurance Company, and Austin Mutual Insurance Company. Based in Jacksonville, Fla., Main Street America offers a wide range of commercial and personal insurance, and fidelity and surety bond products to individuals, families and businesses throughout the United States.

With nearly $900 million in premiums written exclusively by 2,000-plus independent insurance agents, the 89-year-old company insures more than 600,000 policyholders in 27 states and writes bonds in 46 states. A.M. Best Company rates The Main Street America Group as an "A" (Excellent). Main Street America is the founding company partner of Trusted Choice®, the global branding program of the Independent Insurance Agents & Brokers of America. Main Street America is also an investor carrier in the new Consumer Agent Portal. For more information about Main Street America, please visit www.msagroup.com or connect with us on Facebook at www.facebook.com/MainStreetAmerica.

About Clearwater Analytics 

Clearwater Analytics® provides web-based investment accounting and portfolio reporting and analytics for corporate treasuries, insurance companies, and asset managers. Clearwater’s daily-aggregated and reconciled solutions deliver the highest level of portfolio transparency available on the market today for insurance clients such as Group Health Companies, The Main Street America Group, Savings Bank Life Insurance Company of Massachusetts, CopperPoint, The Warranty Group, and WellCare. Launched in 2004, with offices in New York, New York; Boise, Idaho; and Edinburgh, U.K., Clearwater Analytics reports on more than $1 trillion in assets for thousands of institutional investors. For more information about Clearwater Analytics, visit www.clearwateranalytics.com.