Marsh Captive Solutions expands Cayman operations
Marsh and Oliver Wyman, both businesses of Marsh McLennan have announced the expansion of Marsh Captive Solutions’ Cayman operations to include actuarial services for local and global insurance clients. Marsh Captive Solutions’ Cayman actuarial services will be led by Steve Papciak (pictured), principal actuary, Marsh Captive Solutions.
In this newly created role, Papciak is based in Cayman. He will work closely with Marsh Captive Solutions and Oliver Wyman Actuarial to provide innovative actuarial services – including reinsurance transactions, the establishment of affiliate companies in Cayman, risk management, financial reporting and modelling, and actuarial pricing – to local and global insurance clients.
Papciak joins Marsh from North End Re, where he served as actuarial vice president. In this role, he optimised capital allocations across insurance companies and jurisdictions, with a focus on the Cayman Islands and Bermuda. He has extensive experience in working with investment management teams to understand the impacts of reinsurance transactions on asset liability management and investment strategies.
Michelle Sivanayson, island practice leader at Marsh Captive Solutions, said: “Actuarial insights are a crucial component in assessing the effectiveness and long-term viability of captive insurance solutions. With Steve driving our new actuarial capabilities in Cayman, Marsh Captive Solutions and Oliver Wyman Actuarial will continue to ensure our expanding client base is able to effectively manage risk and deliver on their investment strategies.”
“In working closely with Steve and Marsh Captive Solutions, we will have the ability to expand and enhance our best-in-class actuarial presence in Cayman,” said David Weinsier, partner and global actuarial life and health leader, Oliver Wyman. “We see Cayman as an important opportunity to serve our expanding client base, both on the ground and those considering doing business on the island.”
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