Actuarial firm Milliman expands in Middle East with Israel office launch

The US-based international actuarial firm Milliman has expanded its operations in the Middle East with a launch of an office in Israel, adding to its base in Dubai.

Described as one of the world’s largest pure play actuarial consulting firms, Milliman provides actuarial and consulting services in the areas of retirement, healthcare, property & casualty insurance, life insurance and financial services to clients from some 30 international offices outside of its base in the US – covering every continent of the globe.

Founded in 1947, and privately-owned, Milliman has been licensed in the UAE since 2008, winning a slew of top insurance industry awards in the region – including ‘Service Provider of the Year’ in the 2017 Middle East Insurance Industry Awards – and acting for a number of high profile public agencies, such as an actuarial advisor for the Saudi Arabian Monetary Authority (SAMA) and the Insurance Authority of the UAE.

Now, the firm has expanded its regional operations with a new office in Israel – to be based in Tel Aviv and headed by Benny Gabbay and Daniel Sharon; leading insurance figures in the local market with over 40 years of industry experience between them. The new outlet will offer Milliman’s full range of insurance and actuarial consulting services.Milliman's president and CEO, Steve White, said of the launch, “Milliman continues to expand into new regions amid increasing demand for the firm's services across the Mideast and the world. Israel is recognized as a leading force in insurance innovation and we believe Milliman's creative culture is well-suited to the Israeli environment.”

Sharon, who crosses from a chief actuary role with local leading insurance provider The Israeli Phoenix, said; “We are thrilled about opening the Israeli Milliman office. We have received a warm welcome from the industry and it's now up to us to live up to the Milliman brand. I'm particularly excited about delivering exceptional service, which Milliman is famous for. Not just answering the question at hand – but also raising and addressing the questions that haven't been asked.”

Gabbay added; “Developments in the insurance and actuarial industry, particularly in areas of regulation (IFRS 17, Solvency II) and Insurtech, represent the ideal timing for Milliman's expansion to Israel. We have an excellent team and I am confident we will make a valuable contribution both to the Israeli insurance industry as well as to the global Milliman enterprise.”

In Israel, the firm will be competing against market players Aon Hewitt, which has branches in Tel Aviv and Haifi, and Mercer and Willis Towers Watson, which operate locally through partnerships and third-parties, along with and the actuarial lines offered by the Big Four firms. In the UK, the ten largest actuarial and pension consulting firms brought in revenues of £2 billion last year.