Pillar Capital adopts Phinsys tech to streamline ILS reporting

Pillar Capital Management Limited, the Bermuda headquartered specialist collateralized reinsurance and insurance-linked securities (ILS) investment manager, has adopted technology from Phinsys to help it streamline its ILS financial reporting.

Financial technology software and service provider Phinsys said today that Pillar Capital has implemented Phinsys’ product Rapport as part of a wider strategic investment in finance infrastructure and people.

The goal at Pillar Capital is to further build on its 33% growth of ILS assets under management in the last 12 months.

As we reported earlier this year, Pillar Capital added almost 40% to its ILS AuM over the course of 2020, to reach US $2.4 billion. It seems that growth has been continuing in 2021.

Pillar Capital aims to also implement Phinsys’ Postbox product as well later this year.

Tara Railton, COO and CFO at Pillar Capital explained, “As our funds under management continued to grow last year, using complex spreadsheets to calculate and report on key finance data quickly became unsustainable. With minimal configuration, Phinsys systems have brought our finance data into a single location, automated previously manual processes and enabled rapid, detailed analysis, audit and financial reporting on a per-fund or combined basis. All of this means we can quickly and efficiently onboard new funds as we scale our business further in 2021 and 2022.”

Phyinsys’ Rapport product manages the modelling of finance data for processes such as the earning of premium, allocations amongst funds, currency conversions and various other reinsurance accounting requirements in accordance with US GAAP.

It can also calculate ceded transactions and IBNR, and alongside Postbox, Phinsys can support the configuration and processing of accounting journal entries and post these to any general ledger system.

The project to implement the technology was managed remotely by the Phinsys team, given the prevalence of the pandemic over the last year.

Richard Tyler, chief executive officer at Phinsys commented, “Working remotely with Pillar Capital during a global pandemic certainly presented challenges and it’s testimony to the collaboration of our respective teams that we’ve been able to deliver a successful implementation. After a year of substantial growth for Pillar Capital, we’re delighted that Phinsys will play a key role in the next stage of their journey.”