Oliver Wyman, the global management consulting firm and business of Marsh McLennan, has announced the opening of a new actuarial office in Bermuda under the leadership of Faisal Haddad.

"As demand for our actuarial services continues to grow both in Bermuda and for our US clients with Bermuda subsidiaries, our new office under Faisal’s leadership will establish a strong local presence and provide additional resources to better serve and collaborate with clients across the insurance industry,” said David Weinsier, US insurance practice leader, Oliver Wyman Actuarial.

“I am excited to have Faisal lead and grow our Bermuda team and local offerings. He will strengthen our existing deep Bermuda and reinsurance expertise and enhance our ability to serve our clients."

Chad Wischmeyer, actuarial practice managing partner, added: "We are proud of our growth and consistent high-quality service to our clients. Our new Bermuda office will bring Oliver Wyman’s actuarial teams even closer to clients and better assist them with their strategic and business needs globally.”

The company said the office opening marked a new milestone in Oliver Wyman’s global footprint. With a local presence and resources in Bermuda, Oliver Wyman will improve its service to clients across all industries and capabilities.

Mr Haddad has more than 15 years of diverse international industry experience for reinsurers and consultancies on both sides of the Atlantic. He specialises in offshore reinsurance solutions for back books and new product offerings, capital management and balance sheet optimisation.

An approved actuary for companies in Bermuda, Mr Haddad has assisted clients with setting up offshore reinsurers, primarily Bermuda and Cayman, and discussions with the regulators.

Before joining Oliver Wyman, Mr Haddad was the chief actuary for Brookfield’s offshore entities in Bermuda and Cayman. Before that, he was with Willis Towers Watson Bermuda.