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Oliver Wyman, a major management consultancy, has hired insurance industry veteran Colin Forrest to head a newly launched business unit in the U.K.

Oliver Wyman said that the business will provide actuarial services to insurers.

To figure out how much to charge for an insurance policy, an insurer needs to calculate how likely it is that payments will have to be made to the client. The potential size of those payments is another factor that needs to be forecasted in advance, which involves some fairly complicated math.

Oliver Wyman’s newly formed actuarial practice will assist insurers with those calculations. It will operate separately from, but in collaboration with, an existing team within Oliver Wyman that provides management consulting services to insurers.

Colin Forrester is taking up the helm at the business after a brief stint as the CEO of Aon’s strategy and technology practice. The practice provides management consulting services to insurers along with software sourced from third-party tech vendors.

Forrester, who holds a bachelor’s degree in mathematics, earlier held a senior role at WTW. London-headquartered WTW is a major insurance company that has more than 40,000 employees across 140-plus offices worldwide.

Earlier in his career, Forrester worked at Big Four member Deloitte. He was a partner at the part of Deloitte’s insurance actuarial practice that works with clients in the U.K. and Switzerland.

Forrester’s new role at Oliver Wyman will see him work out of London. The business unit he heads will provide actuarial services to not only insurers but also companies in other sectors including investment firms. 

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