Conning, a leading global provider of asset management solutions, services and research to the insurance industry, announced today that the SIGNAL IDUNA Group, one of Germany's leading insurance and financial services companies, signed a multi-year license agreement for its GEMS® Economic Scenario Generator to enhance the company's economic and financial modeling capabilities.
SIGNAL IDUNA selected Conning for the quality and precision of their financial modeling scenarios, following an in-depth competitive evaluation. Conning's GEMS® Scenario Master is a state-of-the-art, general purpose Economic Scenario Generator that enables users to simulate future states of the global economy and financial markets. Its financial models are among the most technologically advanced in the industry, ensuring that models perform consistently with historical data and provide a realistic representation of extreme events such as those that occurred in the 2008 financial crisis. GEMS® Scenario Master is used for applications such as Solvency II, economic capital modeling, market consistent embedded value calculations, stochastic liability and capital valuation, and product design.
"Our evaluation of the software demonstrated that GEMS® modeling capabilities are optimally suited to meet our complex needs. In addition, they will provide us with support during the regulatory certifications which are required in accordance with the Solvency II Directive. An additional critical argument is the GEMS® Target Parameterization Tool. This allows us to precisely and efficiently calibrate the models according to our own needs," says Andreas Gründemann, project manager of Solvency II at SIGNAL IDUNA. "We were impressed by Conning's competence in capital market modeling as well as by the individual, personal contact provided while supporting our team during the test phase," Gründemann continued.
"As one of the leading service providers for insurance and finance for private and commercial needs, SIGNAL IDUNA is aware of the competitive advantages which can be achieved by the use of state-of-the-art corporate modeling," said John Knott, Vice President of Conning. "We are very pleased that the decision was made in favor of GEMS® in order to meet the requirements posed by capital market modeling and look forward to working with SIGNAL IDUNA in meeting the requirements of the Solvency II Directive."
About Conning
Conning Services (Ireland) Limited is a wholly owned subsidiary of Conning (www.conning.com) and is a leading technology provider of economic and financial modelling capabilities. Conning Services (Ireland) Limited complements Conning's unique combination of asset management, risk and capital management solutions and insurance research which helps clients achieve their financial goals through the implementation of customized business and investment strategies.
Conning is headquartered in Hartford, Connecticut, with additional offices in New York, London, Dublin, and Cologne. GEMS® and ADVISE® are registered trademarks of Conning Services (Ireland) Limited.
About the SIGNAL IDUNA Group
As a comprehensive financial services conglomerate, SIGNAL IDUNA offers all pension and financial products under one roof. More than 13,000 employees support more than 12 million customers. The SIGNAL IDUNA Group numbers amongst the top 10 of German direct insurers. The corporate group also includes a building and loan association, an investment company and a bank as well as foreign branches in Hungary, Poland, Romania and Switzerland.
Contacts:
Conning
John Knott
+49 221 78 800 304 (direct)
Mobile:
+49 162 9621433
John.knott@conning.com
or
Stanton
Public Relations & Marketing
Nicky McHugh
+1 646-502-3532
(direct dial)
+1 646-280-9283 (cell)
conningteam@stantonprm.com
