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Aaron C. Koch, FCAS, MAAA

Director, Insurance-Linked Securities Group, P&C Division Consulting Actuary
Wakefield, MA, US

Tel: +1 781 2136272

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Professional Designations

  • Fellow, Casualty Actuarial Society
  • Member, American Academy of Actuaries


  • BA, Mathematics, Dartmouth College
  • BA, Philosophy, Dartmouth College

Current Responsibility

Aaron is a director and consulting actuary with Milliman's Insurance-Linked Securities (ILS) Group, P&C Division.


Aaron develops innovative solutions for the rapidly growing catastrophe risk and alternative capital markets. He works with leaders in these fields—including specialist hedge funds and reinsurers—to provide independent analyses and establish best-practice standards for asset valuation, post-event loss reserving, and operational reviews. In addition, Aaron is a frequent writer and speaker on alternative financing structures for catastrophe risk.

Aaron's actuarial experience includes consulting for a diverse set of clients throughout the property and casualty insurance industry, with a particular focus on the Bermuda market. He frequently develops models for low-frequency, high-severity risks, e.g., property catastrophe and commercial liability risks such as product liability and medical malpractice.

Selected Publications

  • "The growing challenges of asset valuation for insurance-linked securities funds," Clear Path Analysis Insurance Linked Securities for Institutional Investors, May 2016
  • "Measuring the Impact of 'Locked Collateral' on Collateralized Reinsurance Returns," Milliman Insight, April 2016
  • "A New Model for Weathering Risk: CDOs for Natural Catastrophes," CAS E-Forum, May 2015
  • "Hedge fund today...reinsurer tomorrow?" Milliman Insight, October 2014
  • "One year to go: An ORSA checkup," Milliman Insight, March 2014 "Winds of change: Could Haiyan be a catalyst for sovereign catastrophe risk transfer in Southeast Asia?" Milliman Insight, December 2013

Selected Presentations

  • "An Actuary's Role in Alternative Capital," CAS Seminar on Reinsurance, June 2016
  • "Demystifying the World of Cat Bonds, Sidecards, and other 'Alternative Capital' Transactions," Johnson Lambert Webinar, May 2016
  • "On Beyond Cat Bonds: How Alternative Capital is Reshaping the Reinsurance Industry", CAS Webinar, February 2016
  • "Catastrophe Bonds for Governmental Risk Pools: Exploring the Possibilities," AGRiP Spring Conference, April 2015
  • "Risk on the Horizon: Are Developing Nations the Next Frontier for Alternative Capital?" CAS Centennial Celebration, November 2014


  • Member, CAS Joint Program Committee for Reinsurance Seminars
  • Work at Milliman

    • “I was offered a chance to come in, shake things up, create something."
    Work at Milliman