Our Company

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 and 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 products liability and medical malpractice.

Selected Publications

  • Reviewing Hurricane Matthew: Wide-reaching economic impacts, but unlikely to shake the reinsurance and ILS markets,” Milliman Insight, October 2016
  • "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
  • "Winds of change: Could Haiyan be a catalyst for sovereign catastrophe risk transfer in Southeast Asia?" Milliman Insight, December 2013

Selected Presentations

  • “In Demand: The Rapidly Growing Role for Actuaries in the ILS Market,” CAS Annual Meeting, November 2016
  • “Locked Collateral: How Much is it Costing You?” ILS Convergence, November 2016
  • “An Actuary’s Role in Alternative Capital,” CAS Seminar on Reinsurance, June 2016
  • “On Beyond Cat Bonds: How Alternative Capital is Reshaping the Reinsurance Industry”, CAS Webinar, February 2016
  • “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