Percana’s assets under management to reach €2.4bn with addition of Société Générale’s Inora Life
January 9th, Dublin - Percana Group is pleased to announce that its assets under management are set to reach €2.4bn with the addition of its fourth Third Party Administration (TPA) client Inora Life. Percana has just signed a 5 year multi-million outsourcing deal with Inora Life, the Irish based subsidiary of the global financial services provider Société Générale. Percana will provide Inora Life with the full range of TPA Services including policy, fund and financial administration from its outsourcing centre in Dublin.
Commenting on the new agreement with Percana, Peter Madden, Inora Life’s General Manager said, “We selected Percana after extensive due diligence on its technology and TPA service model and our conclusion is that Percana provides us with the most comprehensive solution for our requirements going forward ."
"Since Inora Life was established in 2000, we have seen our business expand considerably. In aligning ourselves with Percana we will have access to one of the most technically advanced and robust platforms in the markets and a highly skilled technical and business Life and Pension pool of expertise. We are confident that based on their proven track record, Percana will enable us to provide high levels of service excellence to our clients.”
Percana has seen substantial growth in its TPA activity since going live with its first outsourcing client Arca Vita International in January 2004. Percana ‘s other TPA clients include AZ Life, the Irish subsidiary of the Italian asset management company Azimut and Sella Life, the Irish subsidiary of the Italian private bank Banca Sella. Inora Life’s addition to Percana’s TPA client base will increase Percana’s assets under management from €1.8bn to €2.4bn.
Paul O’Kane, Executive Chairman of Percana Group said “ We are delighted that Inora Life have selected us as their preferred TPA partner. Their decision to select us as their provider after a thorough analysis of the market and a rigorous evaluation of our product and people validates the quality, cost effectiveness and efficiency of our TPA model. We look forward to building a strong relationship with Inora Life and helping them grow their business over the coming months and years”
O’Kane is confident that Percana will continue to expand in 2007 following on from its very significant growth rate in 2006.
“Signing four new clients in the past twelve months, securing Enterprise Ireland funding and redefining and improving our process and delivery capabilities have significantly strengthened our position in the market. All the building blocks are in place to help launch the next phase of our growth cycle.”
About Inora Life
Inora Life was established in Dublin in 2000 by Société Générale to provide an innovative and flexible range of unit-linked products. Its cross-border operation spans eight markets including Germany, France, Italy and Belgium. Inora Life sells exclusively through third party channels such as brokers, networks and private banks. Inora Life is a niche player manufacturing SGCIB's structured products in a life insurance wrapper, and providing both tailored insurance product solutions as well as global offerings.
The company offers direct access to the research and financial engineering teams of Société Générale, the world’s number one specialist in equity derivatives. Its platform is the largest in the world and has been recognised as Equity Derivatives House of the Year by the leading industry publications including Risk (2005, 2006), The Banker(2005, 2006) and IFR (2005, 2006).
About Percana Group
Established in 1999, Percana Group provides mission critical software, outsourcing and consultancy services to the Life and Pensions industry. Its product and service offerings are based on the Eclipse Product Suite, which is used to manage a wide range of Life and Pension products efficiently, securely and cost effectively throughout their life cycle. Percana’s clients include Quinn Life, Commercial Union International Life, the Luxembourg Life arm of AVIVA PlC and Dentists’ Provident Society, the UK based income protection provider.
