A subsidiary of Bermudian-based property and casualty re/insurance run-off group Premia Holdings has become the latest customer for an automated finance software system created by Phinsys.

Phinsys, which has an office in Bermuda, said it had been selected by Premia Managing Agency Ltd to support its Lloyd’s run-off business. It will use Phinsys products Tandem, Rapport and Inform to manage the migration of its Lloyd’s transactions.

Stuart Conibear, commercial director at Phinsys, said: “We’re delighted to be working with Premia; not only to provide them with the ability to automate their finance and accounting processes, but also support the systematic migration and assimilation of their multiple legacy transactions. We look forward to working with Premia as their business grows”.

Phinsys said its software enables insurers to conform data from multiple disparate systems into a single, scalable finance data warehouse and automatically reconcile and post accounting entries to their general ledger.

Justin Ward, chief information officer at Premia, said: “The ability for us to efficiently absorb incoming portfolios within predictable time frames is critical to the way we do business. The implementation of Phinsys products supports our continued drive for scalable operational excellence”.