Milliman opens office in Turkey following launch in Israel last month

Following a launch in Israel last month, the US-based international actuarial firm Milliman has opened another new branch in Turkey, extending its regional footprint to three locations.

With approximately 30 offices outside of its US base, including 14 in Europe and a second Middle East branch opened in Tel Aviv last month, Milliman is one of the world’s most prestigious actuarial firms, operating in the areas of healthcare, retirement and financial services as well as life, property and casualty insurance for both public and private sector clients.

Now joining the list of international Milliman locales is Turkey, with a new office launched in Istanbul as a response to what the consulting firm says is increasing demand for its actuarial and related services in the region. Specifically, the new office will specialise in actuarial and strategic consultancy services for non-life, life and private pension, health, and employee benefits.

Ed Morgan, Milliman's managing director for Italy and Central and Eastern Europe (CEE – under which the Turkey branch falls operationally), said of the launch, “Turkey is an important, fast-growing, and dynamic economy, and as demand for Milliman's services in the region expands, we see it as critical to have a strong local team in the market.”The new branch will be headed by Halil Kolbaşı, who has over 20 years of actuarial experience, including nearly nine in the Turkish Treasury. Kolbaşı crosses from leading local insurer Aksigorta, where he had served since 2011, most recently as Chief Actuary, joining the firm following an earlier four-year stint with French bank BNP Paribas.

“We are delighted to have Halil Kolbaşı lead our Istanbul practice, which will allow Milliman to offer the very best international expertise and innovative new approaches along with a deep local knowledge of the industry,” Morgan said of the appointment, with Kolbaşı stating that he was looking forward to supporting insurance companies on their innovative transformations.

“As an actuary in the Turkish market for over 20 years, I've been observing that there is a need for dedicated, internationally-reputed actuarial consultancy services in the region,” Kolbaşı said, adding that with new standards and technologies in insurance, “such as data science, Insurtech, artificial intelligence, and machine-learning, high-quality expertise from a global leader like Milliman is becoming more and more important.”

The launch in Turkey follows the 70 year old firm’s expansion to Israel just last month, with the office in Tel Aviv joining Milliman’s existing regional base in Dubai – where it has been licensed since 2008 and can count high profile agencies such as the Insurance Authority of the UAE among its clientele. Privately owned by its 430-plus principals, Milliman in 2015 generated revenues in excess of $900 million.