Global consulting firm Oliver Wyman has established an actuarial practice in the UK. The new team will be led by Colin Forrest, who brings more than 20 years of actuarial experience to the firm.
The UK’s actuarial consulting industry has performed well in the last five years, in spite of headwinds that have negatively impacted many other sectors. While uncertainty has remained high in the economy, actuarial consulting revenue in Britain was estimated Ibis World research to reach £4.3 billion by the end of 2023. Pensions funds, insurers and other clients are keen to access help navigating challenges arising from increased commodity and energy prices, supply chain disruptions and rising living costs, meaning industry revenue is expected to continue to rise by 3.9% year-on-year.
In this booming market, strategy consultancy Oliver Wyman is looking to use the launch of an actuarial practice to help it build on its recent momentum in the UK. The new Oliver Wyman Actuarial will provide actuarial services to insurers, investors, healthcare providers, corporates and other clients.
Oliver Wyman Actuarial will collaborate with the management consulting team within Oliver Wyman, in particular the insurance and asset management practice, which provides management consulting services to the same client base. According to a release from the firm, the combination of management consulting, actuarial expertise, and access to insights from across parent company Marsh McLennan, means that Oliver Wyman is “uniquely placed to serve the needs of insurance sector clients.”
Oliver Wyman Global Head of Insurance and Asset Management Mick Moloney said, “The UK is one of the largest actuarial services markets globally with significant opportunity for us. Given our rapidly expanding continental European actuarial practice, the breadth and depth of our Americas operations, and our already market-leading UK management consulting business, we are delighted to serve the actuarial needs of our UK insurance clients.”
Leading the new practice is Colin Forrest; a dedicated actuarial consultant with more than two decades of experience in the sector. Mandated to build out the actuarial practice in the UK, particularly serving the needs of life insurers and property and causality insurers, he will be based in Oliver Wyman’s London office.
Forrest joins from Aon, where he was CEO of the firm’s strategy and technology wing. Earlier in his career, he also spent time in the actuarial wings of Aegon, PwC, WTW and Deloitte, where he was a partner in both the UK and Switzerland.
UK Actuarial Leader Forrest added, “It’s the perfect time to be joining Oliver Wyman’s new UK-based actuarial practice. Our highly successful EMEA actuarial team, combined with our market-leading Insurance and Asset Management Practice, gives us the perfect platform to provide the high-quality, independent advice that clients need to navigate their current challenges and continue to have the best possible environment for their actuaries to thrive.”
Globally, Oliver Wyman hosts more than 6,000 professionals in more than 30 offices around the world reported revenues of $28 billion for its latest financial year. Elsewhere in Europe, the firm is continuing to enjoy rapid expansion, as it builds on a major contract win in Switzerland. Early in 2023, Oliver Wyman was picked ahead of McKinsey & Company, Bain & Company and Boston Consulting Group to oversee the emergency integration of UBS and Credit Suisse.