Flagstone Re, a global reinsurance and insurance company, has appointed JPMorgan to provide global custody, portfolio accounting and short-term cash management services for their insurance investment assets. Total assets under custody will be approximately US$1.3 billion.
From a cash management perspective, JPMorgan will provide multicurrency account and liquidity services. Through its Internet portal, JPMorgan ACCESS, Flagstone Re will be able to access both its custody and cash accounts via a single web-based platform.
Martin Gaudet, director of treasury and investments for Flagstone Re, said: “We are very pleased with our selection of JPMorgan and the level of support and product capabilities they are able to offer us. It positions us well for the future to be able to obtain both our global custody and cash management services from a primary provider.”