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Derek is a principal and a senior consultant in Milliman’s London office. His role is to assist with the long-term development and day-to-day management of the practice, as well as service delivery to clients. He joined the firm in 2003.
Experience
Derek has experience with reserving, mergers and acquisitions (M&A) activity, premium rating, the underwriting process, management reporting, designing and evaluating non-traditional risk transfer mechanisms, and the design and construction of model office software.
His experience includes:
Providing a full actuarial reserving service to several Lloyd’s syndicates. These syndicates were mostly multi-line insurance providers, writing direct and reinsurance covers, covering short- and long-term, marine and non-marine, property and casualty business. The service included providing statements of actuarial opinion for Lloyd’s and for the relevant US insurance departments, and assisting with the preparation of internal capital assessments, in accordance with the relevant solvency requirements.
Leading assignments to review the underwriting effectiveness of several insurance operations, both commercial and personal lines, resulting in improved efficiency and additional profits to the insurers of several million pounds.
Leading teams reviewing reserves for two major divisions of a global reinsurer.
Providing expert-witness support to lawyers involved in legal action concerning insurance companies both in the UK and elsewhere.
Evaluating the need for stop-loss cover for a large US insurer that had just started to write creditor insurance to support mortgage lending.
Developing a stochastic model to help a motor insurer evaluate the benefits of a multi-year funding layer as a replacement for more conventional layers of reinsurance cover.
Leading the development of an innovative strategic planning tool for a UK insurer.
Leading the review of reserves of various Europe insurers as part of due diligence assignments. As a result, weaknesses in reserves and in underwriting processes of target operations were highlighted, leading directly to clients saving several million pounds.
Before joining Milliman, Derek was:
A Director of Heath Lambert's ART division (2002-2003).
A partner within Ernst & Young's UK property & casualty consulting practice (1998-2001).
In a variety of roles within Prudential plc, culminating in finance director and actuary for Prudential's UK general insurance operation (1983-1998).
Affiliations
Member, Council of the Institute of Actuaries
Chairman, General Insurance Practice Board of the Faculty & Institute of Actuaries
Past chairman of various actuarial working parties and author of papers
Derek also holds practicing certificates for providing Lloyd's and Irish statements of actuarial opinion | 