State Street Appointed by Midwest Medical Insurance Company to Provide

State Street Appointed by Midwest Medical Insurance Company to Provide Investment Accounting Services

    Business Editors

    BOSTON--(BUSINESS WIRE)--Feb. 8, 2005--

State Street is the Leading Provider of Accounting Services to the U.S. Insurance Industry
    State Street Corporation (NYSE:STT), the world's leading provider of services to institutional investors, announced today that it has been selected by the Midwest Medical Insurance Company (MMIC Group) to provide investment accounting services for $250 million of general account assets.
    State Street will utilize Princeton Financial(R) Systems' PAM(R) for investment accounting and will service the assets from State Street's Kansas City facility. The MMIC Group provides insurance products and healthcare services to clients in the upper Midwest.
    "We chose the investment services provider with the most sophisticated offerings and capabilities to accommodate our complex accounting needs," said Niles Cole, chief financial officer of the MMIC Group. "State Street's investment professionals and robust technology processes were the determining factors in our selection."
    State Street is the leading provider of investment accounting services to the insurance industry, currently servicing more than 90 insurance customers in the United States. State Street also continues to win new business and expand existing relationships, recently announcing insurance mandates from MetLife and White Mountains Advisors LLC in October of 2004.
    "We continue to see increased demand for our services from insurance companies, who are seeking providers to help them navigate the ever-evolving tax and reporting landscape," said Andrew Fry, senior vice president of State Street. "We look forward to providing MMIC with the most advanced solutions for its business."

    About MMIC:

    Headquartered in Minneapolis, Minn., The MMIC Group provides medical malpractice insurance, workers' compensation and other property and casualty insurance products and a range of technology, human resources and strategic health care products and services to physicians, clinics, hospitals and health systems in the upper Midwest. For more information about the MMIC Group and its products, visit www.mmicgroup.com.

    About Princeton:

    Princeton Financial Systems, a wholly owned subsidiary of State Street, is a leading provider of client/server-based portfolio management and accounting systems and ASP services for global institutional investors. Its PAM investment system is used by more than 375 asset managers, mutual funds/unit trusts, insurance companies, pension funds and banks in North America, Europe, Australia, and Asia to manage approximately US $3 trillion in assets.

    About State Street Corporation:

    State Street Corporation (NYSE: STT) is the world's leading specialist in providing institutional investors with investment servicing, investment management and investment research and trading. With $9.5 trillion in assets under custody and $1.4 trillion in assets under management, as of December 31, 2004, State Street operates in 25 countries and more than 100 markets worldwide. For more information, visit State Street's Web site at www.statestreet.com.

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CONTACT: State Street Hannah Grove, 617-664-3377 or Carolyn Cichon, 617-664-8672

KEYWORD: MASSACHUSETTS INDUSTRY KEYWORD: BANKING MARKETING AGREEMENTS SOURCE: State Street

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