Bermudian-based insurer and reinsurer Axa XL's alternative capital team has selected an Idaho company, Clearwater Analytics, as a provider for investment accounting services.

The worldwide provider of SaaS-based investment management, accounting, reporting and analytics solutions has said they are providing strategic support for a portion of Axa XL's investment portfolio.

Axa XL provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies, globally.

Clearwater Analytics is a Software as a Solution company that automates the entire investment life cycle for companies.

The company said in a statement: “After carefully reviewing the investment management reporting solutions in the market, the Axa XL alternative capital team chose Clearwater for its proven reliability, accuracy, and comprehensive ability to meet their complex accounting book of record and regulatory requirements, including customised general ledger entries.”

Keith Viverito, general manager of Emea and Apac at Clearwater Analytics, said: “We're incredibly excited to welcome Axa XL as a Clearwater client.

“Our mission is to deliver cutting-edge solutions that radically simplify investment management and accounting workflows and reporting.

“Our solutions provide our clients with best-in-class investment analytics and a single source of truth for their investment portfolios across all asset classes.

“These solutions help them achieve their strategic growth and investment objectives and navigate a constantly evolving regulatory landscape.”