07 Aug Munich Re Underwriting selects Finsbury Solutions for Solvency II Spreadsheet Control
London, 7th August 2012 – Munich Re Underwriting Limited, one of the largest marine insurance underwriters at Lloyd’s, has become the latest insurer to select Finsbury Solutions Spreadsheet Workbench software to help meet its Solvency II and wider enterprise spreadsheet management requirements.
Solvency II calls for a common set of solvency regulations across Europe, including the enactment of new rules regarding the level of capital that EU insurers must set aside to cover their combined risks on assets and liabilities. By the proposed Solvency II implementation date of January 2014, insurers will have to make significant changes to their finance and risk management systems, and prepare for greater public disclosure of financial statements, modelling and capital calculations.
Michael Hendry, Head of Solvency II Data workstream at Munich Re Underwriting comments “Solvency II requires us to demonstrate advanced controls over our critical financial reporting processes many of which are supported by spreadsheets. Finsbury’s spreadsheet management solution and implementation services will greatly assist us in achieving that. We were impressed by the flexibility of the software and Finsbury’s solution focussed approach.”
Jeremy Wood, Director at Finsbury Solutions comments “We are delighted that Munich Re Underwriting has selected our software. We are seeing increased demand for our solutions across the Lloyd’s market and general insurance sector driven by Solvency II and wider enterprise spreadsheet control requirements. As many insurance companies use hundreds and in some cases thousands of spreadsheets to support their core accounting and actuarial processes it can be a large part of their Solvency II data assurance program. Our software and best practice control methodology provide significant time and cost savings in helping them achieve this.”
Finsbury Solutions, which was recently voted as one of the top 20 governance, risk and compliance vendors in the annual compliance software survey by readers of Operational Risk & Regulation, is working with many of the UK’s leading underwriting and general insurance firms on their Solvency II and wider enterprise spreadsheet control projects.