Oliver Wyman opens actuarial office in Bermuda led by Faisal Haddad
Management consultancy Oliver Wyman last month announced the opening of a new actuarial office in Bermuda. The New York-based firm has hired Faisal Haddad to lead its new Bermuda location.
Bermuda is a leading offshore financial centre, with a large number of international insurance companies operating on the small island located approximately 643 miles east of North Carolina in the North Atlantic Ocean. The British Overseas Territory, which holds the allure of no corporate or personal income taxes, is home to the underwriting operations of more than 30 major international insurance and reinsurance firms.
Oliver Wyman’s local presence and resources in Bermuda will help it improve its services to clients across all industries, the firm said in a press release. Oliver Wyman also has an office location in Barbados.
“As demand for our actuarial services continues to grow both in Bermuda and for our US clients with Bermuda subsidiaries, our new office under Faisal’s leadership will establish a strong local presence and provide additional resources to better serve and collaborate with clients across the insurance industry,” said David Weinsier, actuarial US insurance practice leader, Oliver Wyman. “I am excited to have Faisal lead and grow our Bermuda team and local offerings. He will strengthen our existing deep Bermuda and reinsurance expertise and enhance our ability to serve our clients."
Haddad is an actuary with more than 15 years of international experience working for reinsurers and consultancies, with expertise in offshore reinsurance solutions for back books, new product offerings, capital management, and balance sheet optimization.
He joins Oliver Wyman from Brookfield, where he spent the last year as chief actuary for its Cayman and Bermuda entities. Before that, he spent three years as a director at Willis Towers Watson, where he was an approved actuary for several entities in Bermuda and assisted clients with setting up Bermuda reinsurers.
Haddad also previously spent seven years in the Munich office of Allianz Reinsurance, where he worked in life and health reinsurance client management. Earlier in his career he was a senior actuarial analyst at Oliver Wyman’s sister company Mercer, where he worked on pension plans in the Vancouver office.
Faisal has a bachelor’s degree in actuarial science from Simon Fraser University, Canada, and is an approved actuary for companies in Bermuda.
“We are proud of our growth and consistent high-quality service to our clients,” Chad Wischmeyer, actuarial practice managing partner, said. “Our new Bermuda office will bring Oliver Wyman’s actuarial teams even closer to clients and better assist them with their strategic and business needs globally.”
Oliver Wyman has more than 5,700 global employees who deliver consulting services in strategy, operations, risk management, and organizational transformation. The firm has offices in more than 70 cities across 30 countries.
It is part of Marsh McLennan, which includes Marsh (insurance broking), Guy Carpenter (reinsurance), and Mercer (HR consulting and asset management).
Oliver Wyman earlier this month announced the completion of its acquisition of Booz Allen Hamilton’s Middle East and North Africa (MENA) management consulting and cybersecurity practices.
