Actuary Rankings 2023: Milliman and WTW Lead

The Risk Retention Reporter has complied actuary rankings for risk retention groups for 2023. Milliman remains the largest actuarial service provider for risk retention groups, followed by WTW and Pinnacle Actuarial Resources. The data for the actuary rankings was compiled from data collected to produce the 2023 Risk Retention Group Directory & Guide, from self-reporting by captive managers and when no response was obtained from the captive manager from data obtained from the NAIC.

This is the most complete survey of RRG actuaries with just fourteen risk retention groups missing an assigned actuary. Most of the RRGs lacking an actuary are recent formations.

Milliman provides actuarial services to 36 risk retention groups, up from 34 in 2022. Milliman contracts with sixteen different captive managers, though Milliman has the most contracts with RRGs managed by Risk Services at thirteen, it also worked with RRGs managed by Advantage, Aon, and Strategic Risk Solutions, among others. Milliman has the largest number of contracts with Healthcare RRGs at 21 and Government & Institutions RRGs at five.

WTW comes in at the number two position and provides actuarial services to 32 risk retention groups, the same figure as 2022. WTW has more contracts with more different captive managers than any other actuary, providing actuarial services to RRGs managed by seventeen different captive managers. WTW does not provide services to any RRGs managed by Risk Services—the largest captive manager in terms of RRGs managed—illustrating how the selection of service providers can varies from captive manager to captive manager. WTW provides services almost exclusively to Healthcare RRGs with 29 of its contracted RRGs serving the Healthcare sector.

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