Independent Reserve Reviews & SAOs

Does your independent reserve review feel like it could do more?

Sound familiar?

We hear these concerns consistently from CFOs, CROs, and actuarial function holders across the Lloyd's and UK market.

01 / Seniority

"Senior expertise is promised but only appears at sign-off."

You are paying for experienced practitioners. You should be working with them throughout, not just seeing their name on the final report.

02 / Insight

"Reviews can feel technically correct, but not particularly insightful."

The hard questions about uncertainty, expert judgment, and the drivers of change don't always get addressed.

03 / Independence

"True independence is difficult when your provider is embedded elsewhere."

When a firm plays multiple roles across your organisation, it is important to ensure their reserving opinion remains fully objective.

04 / Regulations

"Regulatory expectations keep evolving. Clarity doesn't always keep pace."

Your independent reviewer should be ahead of the curve on regulatory requirements, not catching up alongside you.

There is a better way. Here's what a genuinely valuable reserve review looks like — and how Milliman delivers it.

Download our approach

What a valuable review delivers

Five things to look for in your provider.

A high-quality independent reserve review is not just a compliance exercise. When choosing or reviewing who provides this service, we believe these factors are key.

Starts with your business, not a template

A good reviewer understands the classes you write and where professional judgment genuinely matters, before they open a model.

Adds insight, not just a conclusion

The opinion should tell you where reserves are robust, where uncertainty genuinely lies, and why — not just whether booked amounts are within a reasonable range.

Stands up to regulatory challenge

Clear, well-reasoned opinions grounded in current Lloyd's, PRA and Solvency II expectations and documented well enough to validate when questioned.

Genuinely independent

Free from conflicts, real or perceived. With the confidence to say what needs to be said, and the evidence to back it up.

Led by senior practitioners throughout

Not just senior names on the cover. Experienced actuaries actively involved from the kick-off meeting to the final report.

Why Milliman

Over two decades supporting Lloyd's and the UK market.

We have supported Lloyd's syndicates, London Market (re)insurers, and other UK-based carriers across personal and commercial lines with independent reserve reviews and SAOs. Trusted by Lloyd’s syndicates, London Market (re)insurers, and other UK-based carriers, we deliver independent reserve reviews and SAOs across personal and commercial lines.

Our team brings deep knowledge not only from independent reserving, but from reserving transformation, pricing, internal model validation, and roles held inside managing agents and reserving functions at the Corporation of Lloyd's itself.

20+

Years in Lloyd's and UK market

Senior FIA/FCAS qualified actuaries

Plus US and international benchmarks

SAO

Lloyd's SAO and Bermuda LRS specialists

The team you'll work with

Veekash Badal

Principal and Consulting Actuary

Veekash heads up Milliman's P&C Practice in the UK, leading an experienced group of actuaries, risk management specialists, and data scientists to service Insurance clients across all lines of General Insurance business.

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Christopher Clarke

Principal and Consulting Actuary

Christopher Clarke is a principal in Milliman's Property and Casualty Practice in London. He joined the firm in 2010.

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Joshua Flack

Consultant

Josh Flack is a consulting actuary in Milliman’s London Property and Casualty Practice. He joined the firm in 2020.

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Charlotte Whitehead

Consultant

Charlotte Whitehead is a consulting actuary in Milliman’s London Property and Casualty Practice. Bringing over a decade of actuarial experience within the Lloyd’s and London Market. Since joining Milliman in 2025, Charlotte has been instrumental in delivering innovative risk management solutions and actuarial insights to a diverse portfolio of clients.

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Jeff Courchene

Principal and Consulting Actuary

Jeff Courchene is a principal and consulting actuary in Milliman’s London office, where he has been a key member of the leadership team since 2015. Jeff brings extensive experience to a wide range of clients, covering areas that include reserving, actuarial function engagements, reinsurance, M&A, and portfolio transfers. He is a leading voice on technical matters, specifically, complex reserving methods and the evaluation of reserving uncertainty.

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Joshua Tomlin

Principal and Consulting Actuary

Joshua Tomlin is a principal and consulting actuary in Milliman's Property and Casualty Practice in London. His experience covers the London Market and specialty reserving, with knowledge of professional and financial lines.

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Get the brochure

Independent Reserve Reviews and Statements of Actuarial Opinion

Discover where expertise meets experience.

🗹 Why independent reserving feels harder than it should

🗹 Five factors for a high-quality reserve review

🗹 How Milliman approaches independence and challenge

🗹 Market knowledge, benchmarking and global reach

🗹 Introducing the team — experienced practitioners who understand your world

Download our brochure to find out how a genuinely independent reserve review delivers clarity, challenge, and confidence in the numbers.

Download brochure

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