Actuarial team of the year: Hymans Robertson
Hymans Robertson has helped re/insurers tackle industry issues ranging from IFRS 17 to Solvency II matching adjustment, which earned them the actuarial team of the year award.
One key example showed the firm reviewing and formulating strategies to defend the Solvency II balance sheet from volatility in interest rates. The team combined its Solvency II expertise with its derivatives and quantitative modelling expertise to review the effectiveness of complex hedges implemented by clients to immunise the balance sheet against sharp falls in interest rates.
The team has supported a number of firms in developing, validating and managing their internal models, with a particular focus on complex areas including credit risk, longevity trend risk and dependency structures. This year, it supported a number of firms by developing their approach to the Solvency II matching adjustment, ensuring regulatory approval.
A major milestone was being appointed to the Prudential Regulation Authority's (PRA) skilled persons panel to provide expert reports on issues relating to specific firms which are of regulatory interest and concern to the PRA.
The team has also published research and thought leadership over the past year to help shape industry thinking and inform the ways clients manage and grow their businesses. These include a matching adjustment benchmarking survey, an introduction to the IFRS 17 accounting standard), and insights into the Continuous Mortality Investigation's new mortality improvements model.
Led by Emma McWilliam, life and financial services leader, it has steadily grown to a 30-strong team of life consultants, winning more than 25 engagements with re/insurers in the first six months of 2017 alone.
Looking ahead, the team has ambitions for further expansion to a team of 50 by 2020.