An American provider of software as a service-based investment management, accounting, reporting and analytics solutions to the Bermudian and US insurance markets has added another client with an island connection.

Boise, Idaho-based Clearwater Analytics said RiverStone International, the global non-life run-off insurance business specialist with an office in Bermuda and the largest provider of legacy solutions in the Lloyd's market, has successfully implemented the Clearwater platform.

Selected for its investment accounting and reporting capabilities, the Clearwater platform automates and streamlines RiverStone's data consolidation, investment accounting, trade reconciliation and reporting processes, the company said.

It added that RiverStone would leverage Clearwater to help diversify their investment strategy, scale their business quickly with newly acquired books of business, consolidate the single view of a multi-manager strategy and bolster industry expertise.

Clearwater said it eliminated the need to manually process and reconcile data from different sources and systems.

"By leveraging Clearwater's platform, we now have a daily comprehensive view of our entire portfolio across all asset classes," said Neil Taylor, group chief investment officer at RiverStone International.

“Clearwater's technology and our increased transparency will allow for data-driven investment decision making and support our global growth ambitions."

Scott Erickson, chief revenue officer at Clearwater Analytics, said: "Our team implemented RiverStone International in a remarkable four-month window and now provides their managers with a ‘single pane of glass’ view of their entire portfolio across all asset classes.

“Clearwater supports leading global insurers in a direct relationship across the globe with over $6 trillion in assets flowing through the system on a daily basis.

"We help global insurers and reinsurers such as RiverStone International, as well as US and Bermuda-based insurers, and we have a large presence across the European insurance market, making Clearwater the de-facto solution for investment accounting and reporting processes."