Milliman launches in Sri Lanka with acquisition of local consultancy

09 November 2020 2 min. read

International consulting and actuarial firm Milliman has established a presence in Sri Lanka, marking its 13th office location in the Asia-Pacific region.

Founded in 1947, Milliman is one of the world's larger providers of consulting services, with a strong focus on actuarial, risk management, benefits, healthcare financing and regulatory compliance services. 

According to Steve White, CEO and President of Milliman, the firm’s expansion into Sri Lank was a logical next step in the firm’s regional growth. “Asia's economic growth has led to a substantial demand for actuarial and consulting services in the region. The establishment of a team in Sri Lanka is another step in our journey to increase the depth and breadth of our service offering in Asia.”

Milliman launches in Sri Lanka with acquisition of local consultancy

Having served the Sri Lankan market from other office locations for several years (mainly from the hubs in India and Hong Kong), “a team on the ground will help us increase the scope and level of expertise we offer to clients in the market,” said Richard Holloway, who leads the South East Asia & India division of Milliman. 

This team comprises 15 actuaries, including three Fellows and One Associate of the Society of Actuaries (SOA) and Institute of Actuaries (IFOA). They all transferred from Colombo-based Spark Actuarial and Risk Consultants, which joined Milliman at the start of this month.

“Our team of analysts and associates, led by senior actuaries, support global insurance companies under life, health and property and casualty verticals, providing services in valuation, product development, asset liability management, risk management and financial reporting,” explained Milanthi Sarukkali, founder and chief executive officer at Spark Actuarial and Risk Consultants and now Head of Milliman Sri Lanka. 

The new Milliman office will support local and international clients with the firm's full range of actuarial services. Sarukkali: “I'm looking forward to our new journey with a trusted global brand like Milliman. They will provide existing clients with more holistic support while our talented team will now have access to a wider global network with more avenues for growth.”