Tokio Marine North America, Inc. announced today that it has selected Tax Credit Investment Technology (TCIT) to manage accounting and reporting for the LIHTC portfolio of its subsidiary, Philadelphia Insurance Companies (PHLY). One of the most respected insurance companies in the U.S., PHLY designs, markets, and underwrites commercial property & casualty and professional liability insurance products, incorporating value-added coverages and services for select industries. PHLY is a member of the Tokio Marine Group, Japan’s oldest and leading property & casualty insurer and one of the ten largest insurance groups in the world. The company will use TCIT to ease the back-office burdens of managing their tax credit portfolio, while enhancing validation, accuracy, and controls.
“We’re very optimistic about our new partnership with Community Investment Solutions and the value that we believe TCIT will bring,” says Michael Kelly, Senior Vice President of Tokio Marine North America. “I look forward to freeing our accounting department from the labor-intensive routines of managing our tax credit portfolio, allowing them to focus instead on more strategic, value-add activities.”
“We’re proud to partner with Tokio Marine and PHLY as they implement TCIT to manage their tax credit investments,” says Stuart Harris, Principal and Co-Founder of Community Investment Solutions. “PHLY protects good businesses across the U.S., and, through their LIHTC holdings, they’re investing in affordable American communities too. We look forward to making those investments easier for Tokio Marine and PHLY to manage.”
Community Investment Solutions (CIS) believes that tax credit investing should be simple. We develop technology that automates the complexity of managing tax credits. Tax Credit Investment Technology (TCIT) is our flagship service. The first SaaS solution custom-developed for tax credit investments, TCIT replaces error-prone spreadsheets and cumbersome user-developed applications (UDAs) with centralized data management, automated accounting and compliance, and real-time performance monitoring. Automatic, accurate, and audit-ready, TCIT simplifies tax credit investments. To learn more or request a demonstration, call 404-267-1969 or send us a message.