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Ron Muallem

Consulting Actuary
Zürich, CH

Tel: +414 4287 9075

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Professional Designations

  • Ron is pursuing the degree of the Swiss Association of Actuaries (SAV).


  • Bachelor's degree, Physics, Imperial College, University of London
  • Master's degree, Mathematics, Wolfson College, University of Cambridge

Current Responsibility

Ron is a consulting actuary and joined the firm’s Zurich office in 2014.

Ron specializes in life insurance and in particular in Solvency II, Swiss Solvency Test, risk management, internal models and market consistent financial reporting.


Ron joined Milliman after 10 years of experience in the financial services industry in Switzerland, primarily focusing on portfolio management and investment advisory. In this role, responsibilities included:

  • Management of investment portfolios, specializing in fixed income and credit. Ron also managed a high-yield bond mutual fund.
  • Valuation, hedging and trading equity structured products.

Ron’s project experience encompasses:

  • Implement SST and Solvency II (standard model and internal models), particularly with respect to market risk.
  • Assess and estimate a project for a large insurance group in Switzerland to quantity differences between its internal model and implementation of the SST standard model.
  • Support insurance companies in the design, development, documentation and validation of their internal models.
  • Support and advise a large insurance company in Switzerland regarding a possible exit from its group insurance business, involving detailed scenario calculations.
  • Development of reserve and MCEV calculation tools (EXCEL and VBA) for a Swiss insurance group.
  • Review of mortality assumptions for a Swiss health insurer.
  • Review and implement tools (mainly in Excel) that analyse and validate bridges between different reporting metrics (SST, IFRS, SII and MCEV). These tools track, understand and validate differences between various financial reporting metrics and help management (on the group level) understand where those differences originate and mean for future business decisions.
  • Comprehensive internal model documentation project in the context of an internal model application to FINMA.
  • Pre-study evaluating options for a large German health insurer to implement a new cash-flow modelling system.

Key skills

  • Life insurance valuation and risk modelling
  • SST (standard model and internal models, including hands-on experience)
  • Programming skills (R, VBA and others)
  • Quantitative/statistics skills
  • Market risk modelling
  • MCEV and Solvency II
  • Excellent technical documentation skills
  • Work at Milliman

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