Our Company

Luca Inserra

Managing Director, Spain & Portugal
Madrid, ES

Tel: +34 91 5984077

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Professional Designations

  • Fellow, Actuaries Institute of Australia (since 2001)


  • Bachelor of Economics & Commerce, First Class Honours, The University of Melbourne
  • Fellowship, Life Insurance and Finance, Actuaries Institute of Australia

Current Responsibility

Luca is the managing director for Spain and Portugal at Milliman. He joined the firm in 2009.


Luca has almost 20 years of experience working in the insurance industry, mainly in consulting, and has lived and worked in a number of insurance markets, including the United States, UK, Australia and continental Europe, including more than 10 years in Spain and Portugal.

He has ample experience in mergers and acquisitions, risk management, economic valuation and capital, and product development.

Economic Valuation and Performance

Luca has extensive experience in economic valuation of insurance companies a number of international markets. He has defined and led the implementation of tools that give a holistic view of value, risk and capital. During his career Luca has also reviewed the externally reported Embedded Values of a number European multinationals.

Mergers, acquisitions and restructuring He has significant experience advising insurance companies in the areas of mergers and acquisitions, with a key role in approximately 30 major transactions (in the United States, UK and continental Europe), in which he worked in the areas of business planning, products, actuarial and economic valuation, and risk assessment. Luca also acted as the lead full-service advisor for the VIF monetisations of two of the top two banks in Spain and Portugal.

Product Development

During his career Luca has been involved in a number of projects related to product design and pricing in protection, savings and pensions business, and also in feasibility studies, retention, and validation of business plans.

Risk Management and Solvency II Luca has defined and led the implementation of Solvency II solutions in all three pillars (quantitative, ORSA, and reporting). He advises clients on capital optimisation strategies under the new regime.

Before joining Milliman, Luca worked in the corporate operations of Fortis (Ageas) insurance business where he was the director of risk programmes for the insurance operations of the group (Ageas), with responsibility for managing the overall rollout of risk management and Solvency II capabilities. Part of his role was to represent the CRO in the Solvency II working groups of the CRO Forums, working with other member companies of the forum to develop Solvency II additions.


Luca is fluent in English and Spanish.

  • Work at Milliman

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