The Guarantee Company of North America USA

Adopting a Different Way with Clearwater

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The Guarantee Company Case Study

For The Guarantee Company of North America USA (The Guarantee), a recognized leader in surety insurance, managing investment accounting operations from its Detroit, Michigan, headquarters with a parent company based in Canada presented a unique set of challenges.

The Guarantee's U.S. investment accounting team—which includes accounts payable and receivable, financial reporting, investment reporting, and reinsurance accounting for over $180 million in assets—is required to manage everything from their month-to-month close process to taxes and statutory reporting. They must also report their internal financial statements on a Canadian GAAP basis, because their parent company is headquartered in Toronto, Canada. Another challenge was the company requirement that they close their books on the last Friday of the month, regardless of the calendar date. "One of the things we were up against was trying to get investment reporting completed in a timely fashion," said Sara Schrauben, Treasurer and Chief Financial Officer. "If the calendar month happened to be on the Thursday following our close, it could be extremely difficult to get month end information for investments." As a result, The Guarantee could often take an additional five business days to get their investment information ready for consolidation, "We were constantly holding up our parent company," said Schrauben.

Business Situation

  • Lack of timely access to data and information
  • Inability to proactively manage and track compliance requirements
  • Static reports
  • Overly manual investment accounting process

Results and Benefits

  • Daily reconciliation and access to real-time data
  • Accurate data; delivered daily
  • Automatic investment compliance monitoring
  • Prompt reporting: month-end numbers within a day of close
  • Detailed, flexible reporting
  • Streamlined investment accounting process

The Guarantee Company of North America USA "If somebody's interested in Clearwater, I think just going through a demo, you'll see that the Clearwater business model is a little different than a lot of the competitors out there." David Korson | Accounting Manager, The Guarantee

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