Milliman USA, a consulting and actuarial firm, has acquired the Insurance Actuarial Software (IAS) practice from IBM Business Consulting Services. The IAS unit is a provider of loss reserve analysis tools to the property and casualty market.
IAS designs and develops software packages marketed and licensed to actuaries and executives of P/C companies. Its 26 employees will continue to operate as dedicated business units and move to the Milliman (www.milliman.com) offices in Hartford and Atlanta, respectively.
“This is an important strategic step for our organization, underscoring our commitment to leadership in both the life insurance and property and casualty sectors,” Bradley Smith, chairman of Milliman USA, commented. “For P&C clients, IAS practice’s loss-reserving software — used by more than 200 corporations and insurance companies worldwide – directly complements one of the most important areas of our consulting services to the P&C market.”
Two loss-reserving systems – Affinity® and ReservePro® – are targeted to the P/C insurance and self-insurance markets and currently serve more than 200 clients through over 400 installations around the world. The suite of products, which includes both desktop and enterprise systems, provides flexible, comprehensive platforms that can support a high-performing actuarial or reserving department.
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