CSC WINS $90 MILLION OUTSOURCING CONTRACT FROM WILTON RE
News Release -- May 06, 2009
CSC's BPO Services to Support Growing Life Insurance Block for Leading Reinsurer
FALLS CHURCH, Va., May 6 -- CSC (NYSE: CSC) today announced that it has signed a new contract with Wilton Re, of Wilton, Conn., to provide a full range of business process outsourcing (BPO) services. The 10-year agreement, awarded to CSC during the company's fiscal 2009 third quarter ended Jan. 2, 2009, has an estimated value of $90 million. This contract was included in CSC's previously announced business awards of approximately $2.7 billion for the third quarter.
Under the agreement, CSC will provide full back-office administration services for an additional 270,000 life policies and convert those policies to its CyberLife policy administration system. Leveraging CSC's consolidated global processing environment, Wilton Re will gain a more predictable and scalable cost structure and access to advanced application software, business processes, and insurance and technology management best practices.
"We offer traditional reinsurance and capital market approaches to assist our clients in their risk and capital management activities," said Enrico J. Treglia, senior vice president and chief operating officer of Wilton Re. "By expanding our relationship with CSC, we are able to provide insurers with cost-effective divestitures of non-core businesses."
"With the current volatility in the financial services market, more companies are turning to CSC for innovative ways to efficiently, cost-effectively and reliably manage their business," said Michael W. Risley, president of the Life and Annuity Division within CSC's Financial Services Group. "Additionally, companies are seeing a true advantage in pairing with a provider that can leverage a full suite of insurance application software and industry expertise."
CSC has offered insurance BPO services for more than 20 years. The company provides full insurance operational support and processing for more than 6.5 million policies representing more than $3 billion in life and annuity premiums, $2.5 billion in property and casualty premiums, and more than $750 million in flood insurance premiums. CSC also has 35 banking BPO clients representing $2.7 billion in premiums, 1.3 million loans and 4.5 million policies and contracts. The company's BPO services support more than 100 financial services organizations worldwide from multiple BPO centers on three continents. CSC leverages its global resources, automated processes and proven technologies to support virtually any financial services product.
About Wilton Re
Wilton Re Holdings Limited provides traditional life reinsurance, life insurance Run Off solutions, and primary life insurance through its wholly owned operating subsidiaries. The Wilton Re Group was launched in early 2005 in order to provide a new source of life reinsurance capacity in response to the continuing consolidation in the U.S. life reinsurance industry. A.M. Best Co. has assigned a financial strength rating of A- (Excellent) to the Wilton Re Group's operating subsidiaries. This rating was most recently affirmed in March 2009. You can learn more about Wilton Re by visiting www.wiltonre.com.
CSC is a global leader in providing technology-enabled solutions and services through three primary lines of business. These include Business Solutions & Services, Global Outsourcing Services and the North American Public Sector. CSC's advanced capabilities include systems design and integration, information technology and business process outsourcing, applications software development, Web and application hosting, mission support and management consulting. Headquartered in Falls Church, Va., CSC has approximately 92,000 employees and reported revenue of $17.1 billion for the 12 months ended Jan. 2, 2009. For more information, visit the company's Web site at www.csc.com.