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Insurance Solutions

Reserving

Overview

Where expertise meets experience

Reserves are fundamental to any insurer’s financial strength, acting as a critical lens for assessing business performance and managing a constantly evolving risk landscape. As complexities in underwriting and claims grow, effective reserving is essential for meeting strategic objectives and sustaining market confidence.

At Milliman, reserving is a core component of our consultancy services. Whether we’re providing Statements of Actuarial Opinion (SAOs), delivering independent reserve reviews, or partnering to build an in-house reserving operation, our team brings both deep actuarial knowledge and practical insights that power better decision-making. Leveraging advanced modelling and proprietary software, we streamline processes, enhance data quality, and reduce risk exposure. Our global team has extensive experience across the UK, including within Lloyd’s and other major markets worldwide.

Related services

Milliman reserving services

Milliman’s independent global network of experts provide meaningful insights into exposures, liabilities, and underwriting performance.

Independent reserve reviews

Independent reserve reviews

Robust independence & collaboration: We strike the perfect balance between independent challenge and knowledge-sharing, ensuring you gain actionable insights into data trends. We take time to understand your underwriting business and how this aligns with your reserving risk appetite.

Efficient data & modelling processes: Our streamlined approach facilitates swift data preparation, model design, and calibration of assumptions to provide insightful, in-depth analysis. Our focused approach ensures a clear understanding of data trends and their implications, leading to meaningful communication of conclusions and associated uncertainties.

What we do

Milliman reserving case studies

Building a brand-new reserving process


An international reinsurance group requested that Milliman design and build a unified in-house reserving process, using a market-leading reserving software solution with newly established data feeds.


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Independent reserve review for large motor insurer


A Gibraltar-based general insurer writing a range of personal and commercial motor business through multiple entities faced significant complexities in its reserving process.


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Reserve review for new syndicate with limited data


A client engaged Milliman to review their reserves and recommend process improvements for one of their Lloyd’s syndicates. The primary limitation was the low volume of reported claims data.


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Legacy portfolio reserve review ahead of sale



A major European insurer was seeking to offload legacy liabilities from discontinued lines of business written in the UK.


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Supporting the launch of an innovative reinsurance product


A prominent London Market insurer sought to place an innovative reinsurance arrangement, collateralised through financial markets.


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Validating reserves to inform private capital funding



A private capital solutions firm sought Milliman’s expertise to evaluate the feasibility of a proposed loan arrangement to a managing general agent (MGA).


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Who we are

Milliman reserving experts

Veekash Badal headshot

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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Jeff Courchene headshot

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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Christopher Clarke headshot

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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Hot topics

Turn risk into resilience

The emergence of new technologies, economic uncertainty, and climate change will test and challenge insurance leaders, and create opportunities for those best prepared. Learn what questions to ask in the boardroom to stay ahead of emerging risks.

Read our review of risk and capital hot topics for 2026 to see what's changed since our previous observations.

Independent reserve reviews and Statements of Actuarial Opinion

An independent reserve review should go beyond compliance. It should give you clarity, confidence, and actionable insight.

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Insight

Milliman reserving insight

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Research report

Analysing 2025 SFCRs of non-life insurers in the UK and Ireland

We analyse the Solvency and Financial Condition Reports for non-life insurers regulated in the UK or Gibraltar, comparing year-end 2025 and 2024 results.

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Article

UK property insurance subsidence event: A 2026 reserving update

We assess the reserving implications surrounding the possibility of building subsidence claims due to drought.

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Report

UK motor insurance profitability: Analysing 2024 market financial results

We analyse the performance of the UK motor market and share insights on market issues.

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Briefing note

Are non-life Part VII transfers on the rise?

Recent trends point to a steady flow of Part VII transfers going forward, as they remain a powerful tool for insurers.

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White paper

Reserve development in Lloyd’s syndicate data

Leveraging benchmark observations to better predict the adequacy of reserves given the uncertainties of social inflation

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Report

Extreme Weather Events in Europe

Insurance industry impact and actionable steps for insurers to integrate climate risk assessment throughout their organisations

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Report

The “forever chemical” risk is now: PFAS claims and litigation

We examine the current PFAS litigation landscape and offers an actuarial reserving methodology that can help insurers estimate their PFAS liability.

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White paper

Inflation: A P&C reserving actuary’s guide

We give a brief overview of the recent inflation trends before discussing factors that a reserving actuary may need to consider relating to inflation.

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We’re here to help

Ask the tough questions. We’re ready for them.