Marsh Captive Solutions has added actuarial services to its Cayman captive advisory capabilities, appointing Steve Papciak as principal actuary.
The expansion comes as a collaboration between Marsh and Oliver Wyman, both businesses of Marsh McLennan.
In his newly created role, Papciak will work closely with Marsh Captive Solutions and Oliver Wyman Actuarial to provide services including reinsurance transactions, the establishment of affiliate companies in Cayman, risk management, financial reporting and modelling, and actuarial pricing.
He joins the team from North End Re, where he served as actuarial vice president, optimising capital allocations across insurance companies and jurisdictions, with a particular focus on the Cayman Islands and Bermuda.
Papciak brings extensive experience in collaborating with investment management teams to assess the impacts of reinsurance transactions on asset liability management and investment strategies.
Commenting on the appointment, Michelle Sivanayson, island practice leader at Marsh Captive Solutions, says: "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."
David Weinsier, partner and global actuarial Life and health leader at Oliver Wyman, adds: "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.
“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."
