Jackie VanErp
Vice President, Marketing
Financial Services Sector
512.275.5844
> Email
Janet Herin
Manager, Media Relations
Corporate
310.615.1693
> Email
CSC SIGNS $20 MILLION OUTSOURCING CONTRACT WITH WILTON RE
News Release -- September 13, 2007
CSC’s Life Insurance BPO Services to Support Reinsurer’s Acquisition StrategyEL SEGUNDO, Calif., Sept. 13 – Computer Sciences Corporation (NYSE: CSC) today announced that it has signed a 10-year, $20 million business process outsourcing (BPO) contract with Wilton Re to support the privately owned life reinsurance group’s growth strategy of acquiring large blocks of insurance policies.
Under the agreement, CSC will transition approximately 80,000 policies acquired by Wilton Re to CSC’s insurance BPO operations and provide full back-office administration services, including policy and claims administration, customer service, billing and premium processing, in support of the company’s policyholders. CSC will also provide the scalable foundation for future Wilton Re acquisitions.
“CSC’s transition experience and operational expertise allow us to be agile and aggressive with our acquisition strategy,” said Enrico Treglia, Wilton Re Services Inc. senior vice president and chief operating officer. “CSC’s BPO services will also provide a predictable cost structure and greater capacity to support future large-scale deals.”
“During the past 10 years, we’ve helped our clients successfully complete more than 85 large-scale life insurance BPO transitions and transformations,” said Jim Cook, president of CSC’s Financial Services Sector. “Our combination of industry experience, innovative solutions, proven processes and ability to deliver operational results positions Wilton Re for growth.”
CSC, which has offered insurance BPO services for more than 20 years, provides full insurance operational support and processing for more than 5.3 million policies representing more than $3 billion in life and annuity premiums and $2.5 billion in property and casualty premiums. CSC’s BPO services support more than 100 financial services organizations worldwide from multiple BPO centers on four continents, providing a broad array of technical capabilities and managing outsourced processes at mutually agreed and measured service levels.
About Wilton Re
Wilton Re Holdings Limited provides traditional life reinsurance and insurance Run Off Solutions through its wholly owned operating subsidiaries, Wilton Reassurance Company, Wilton Reinsurance Bermuda Limited, and Wilton Reassurance Life Company of New York. 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. Founding investors were CEO Chris C. Stroup, Trident III, L.P., a private equity fund managed by Stone Point Capital, along with private equity funds managed by Vestar Capital Partners and Friedman, Fleischer & Lowe, among others. New investor Lehman Brothers brings the total capital commitments to $925 million. 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 October 2006. You can learn more about Wilton Re by visiting www.wiltonre.com.
About CSC
Computer Sciences Corporation is a leading global information technology (IT) services company. CSC’s mission is to provide customers in industry and government with solutions crafted to meet their specific challenges and enable them to profit from the advanced use of technology.
With approximately 87,000 employees, CSC provides innovative solutions for customers around the world by applying leading technologies and CSC’s own advanced capabilities. These include systems design and integration; IT and business process outsourcing; applications software development; Web and application hosting; and management consulting. Headquartered in El Segundo, Calif., CSC reported revenue of $14.9 billion for the 12 months ended March 30, 2007. For more information, visit the company’s Web site at www.csc.com.
