Reducing monthly close time by 8 business days

Chesapeake Employers’ Insurance Company

Chesapeake Employers’ Insurance Company is a Maryland-based insurance company specializing in worker’s compensation. Their portfolio of more than $2 billion in AUM includes securities, limited partnerships, CLOs, and more.

• Headquarters Towson, Maryland
• Assets Under Management $2B
• Website https//www.ceiwc.com/

Clearwater’s automated daily reconciliation reduces Chesapeake’s close time by eight business days and enables deeper data analysis. Clearwater’s custom reporting functionality streamlines Chesapeake’s board reporting and general ledger process for significant time-savings across the team.

• $2 billion in AUM
• 8 days reduced from monthly close
• 20k+ policyholders

Challenges

• Legacy investment accounting system couldn’t efficiently accommodate non-traditional assets
• Manual data inputs were taking up too much time
• Needed a solution that would cause minimal team disruption

Results

• Ability to handle complex regulatory needs for non-traditional assets
• Insurance-oriented functionality and support
• Timely data and reporting for faster period-end closes

“We’re very impressed with Clearwater’s extremely knowledgeable team; they’ve even educated us on complex asset classes’ statutory reporting. From implementation onwards they’ve exceeded our expectations, especially with their forward-thinking dedication to the insurance industry.”

Frank Linardi, CFO, Chesapeake Employers’ Insurance