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
Transformation
Reserving uncertainty and emerging risks
Financial reporting
Legacy transactions and claims management
M&A due diligence

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

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

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.

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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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Insight

Milliman reserving insight

Read the most recent thought leadership from Milliman's reserving experts

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

Analysing 2023 Solvency and Financial Condition Reports (SFCR) of non-life insurers in Europe and the UK

We analysed 795 solo companies that conduct primarily non-life business across 13 European Union (EU) member states, the United Kingdom, and Gibraltar and found gross written premium rose 6%.

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