Pillar Capital invests in technology to support growth

Bermuda-based insurance linked securities investment manager Pillar Capital Management is automating its financial reporting. The move is part of a wider strategic investment in finance infrastructure and people.

According to the finance software provider Phinsys, the manager is using its product Rapport, which manages the calculation and allocation of data required by the finance and actuarial teams for management and regulatory reporting. It will help the organisation as it rapidly grows: ILS assets at the firm are up by a third in the last 12 months.

Tara Railton, Pillar Capital COO and CFO, said: “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.”

With Covid restrictions on travel throughout most of 2020, the Phinsys team managed the project remotely.

Pillar Capital manages third party capital invested in the global property catastrophe risk market. It invests in indemnity based primary reinsurance. Previously Juniperus Capital Limited, Pillar was founded in 2008 and is managed by Philip Lotz, former CEO of Swiss Re Capital Management and Advisory. It’s jointly owned by the management team and New York-headquartered reinsurer TransRe.