WINDSOR, Conn., Sept. 1, 2010 (GLOBE NEWSWIRE) -- SS&C Technologies, Inc., a subsidiary of SS&C Technologies Holdings, Inc. (Nasdaq:SSNC), today announced that Essent Guaranty, Inc., has selected SS&C Direct, SS&C's institutional and insurance back- and middle-office software-enabled services, to service their insurance investment accounting processes.
As a provider of private mortgage insurance for financial institutions and mortgage investors in the United States, Essent required a back office service provider that was independent from both their custodian and their asset manager, and capable of handling all statutory accounting requirements for mortgage insurance.
"With SS&C executing our investment accounting, we are able to more effectively control our operating expenses as we grow and stay focused on building our core insurance business," said Larry McAlee, Chief Financial Officer of Essent. "We were impressed with SS&C's technology and reputation for servicing the needs of small and large insurance companies. We look forward to building a long-term relationship with SS&C."
"We are excited about the opportunity to be Essent's investment accounting provider," said Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies Holdings, Inc. "SS&C is a leading single source provider of investment management software such as CAMRA™ and Recon™, and SaaS and BPO services for insurance companies and asset management firms of all sizes. We believe this combination of technology and services gives us a competitive advantage in today's market as we continue to see growth in outsourcing middle- and back-office processes."
Essent Guaranty, Inc. is a member of the Essent Group Ltd. family of companies, which offer private mortgage insurance and reinsurance coverage for single-family mortgage loans in the United States. The company has $600 million of committed equity funding from a group of experienced financial services investors. Essent's mission is to support homeownership for borrowers who can afford a home, but not a large down payment, by insuring mortgage lenders and investors from credit losses. The company will achieve this mission by providing private capital to take mortgage credit risk, and working as a risk management partner with lenders and other mortgage investors. Essent's headquarters are in Radnor, Pennsylvania. Additional information may be found at .
About SS&C Technologies Holdings, Inc.
SS&C is a leader in the delivery of investment and financial management software and related services focused exclusively on the global financial services industry. Founded in 1986, SS&C has its headquarters in Windsor, Connecticut and offices around the world. 4,500 financial services organizations, from the world's largest to local financial services organizations, manage and account for their investments using SS&C's products and services. These clients in the aggregate manage over $16 trillion in assets. Additional information about SS&C (Nasdaq:SSNC) is available at www.ssctech.com.
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CONTACT: SS&C Technologies Holdings, Inc. Patrick Pedonti, Chief Financial Officer +1-860-298-4738 InvestorRelations@sscinc.com