The Main Street America Group, a mutual insurance holding company, has selected Clearwater Analytics, an investment accounting and portfolio reporting and analytics software firm, to provide consolidated investment accounting, reporting and analytics on its $1.7 billion investment portfolio to streamline investment reporting and support more efficient workflows.
Clearwater says Main Street America’s accounting team now has the ability to close on the first business day after month-end, in order to start the period-end process, with the ability to add National Association of Insurance Commissioners designations or update pricing post-close without affecting other accounting values.
Clearwater adds that it provides Main Street America with daily, web-based statutory, GAAP and tax multi-currency investment accounting reports and disclosures to streamline the period-end close processes and reconciliation of journal entries, create an audit trail of daily-reconciled and independently verified investment data, and facilitate the creation of accurate and timely financial disclosure statements.
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