Oliver Wyman snaps up Aon c-suite executive as it launches UK-based actuarial practice

Marsh McLennan-owned global management consulting firm Oliver Wyman has established an actuarial practice in the UK that will be led by a former Aon c-suite executive.

According to a statement released today (17 August 2023), Oliver Wyman Actuarial will act as a specialist business and provide actuarial services to insurers, investors, healthcare providers, corporates and other clients.

The business will also collaborate with the management consulting team within Oliver Wyman and its Insurance and Asset Management practice.

Mick Moloney, actuarial managing partner and global head of insurance and asset management at Oliver Wyman, said that “the UK is one of the largest actuarial services markets globally with significant opportunity for us”.

New appointment

As part of the move, Oliver Wyman has appointed Aon’s former chief executive of strategy and technology Colin Forrest to spearhead the operation.

Forrest will serve as partner and UK actuarial leader and will be based in the firm’s London office.

Mario Hoerig, partner at Oliver Wyman, said that Forrest’s “experience and track record in the UK and across the wider European market will be instrumental in growing our European actuarial platform, allowing clients to benefit from our market-leading capabilities across Europe”.

“I’m thrilled to welcome [Forrest] to the team,” Hoerig said.

“He joins us at exciting, yet challenging times, in which our clients face a very dynamic market environment, rapidly evolving regulatory requirements and the need to increase the speed and flexibility of their actuarial and wider finance operations.”

Experience

Prior to Aon, Forrest was the Europe, Middle East and Africa (EMEA) regional leader of insurance consulting and technology at Willis Towers Watson.

He also served as a partner in Deloitte’s Insurance Actuarial Practice based in the UK and Switzerland.

Considering his appointment, Forrest said: “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.”