Milliman expands Middle East operations with Israel office

Actuarial firm Milliman is expanding its operations in the Middle East with the launch of a new office in Tel Aviv, Israel.

The new office in Israel will be headed by Benny Gabbay and Daniel Sharon. It will offer the full gamut of insurance and actuarial consulting services.

Gabbay is said to be a known figure in the Israeli insurance industry, and Sharon was until recently chief actuary of Phoenix Insurance, an Israeli insurer.

"Milliman continues to expand into new regions amid increasing demand for the firm's services across the Mideast and the world. Israel is recognized as a leading force in insurance innovation and we believe Milliman's creative culture is well-suited to the Israeli environment," said Milliman CEO Steve White.

Nick Dumbreck, a principal with Milliman in London, added: "Israel has a growing insurance market which faces a number of challenges. The Milliman Israel office will bring independent consulting together with our global quality standards to help clients to meet these challenges."

Gabbay said: "Developments in the insurance and actuarial industry, particularly in areas of regulation (IFRS 17, Solvency II) and Insurtech, represent the ideal timing for Milliman's expansion to Israel. We have an excellent team and I am confident we will make a valuable contribution both to the Israeli insurance industry as well as to the global Milliman enterprise."

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