The investment banking community relies on Milliman experts for impartial insight into the rapidly changing insurance industry. We consult in three primary areas:

• Mergers and acquisitions: Milliman has been involved in more than three-quarters of the major industry transactions in the United States over the past decade and is a global leader in this area. We offer unparalleled experience. Our valuations of blocks of business and entire companies are used by sellers and purchasers as the basis for making their decisions.
• Securitizations: As investment banks take increasing interest in industry securitizations, Milliman offers financial modeling and forecasting expertise. We advise on all types of securitizations—XXX and AXXX, embedded value, closed block, and mortality-catastrophe bonds.
• Risk transfer: Milliman excels at structuring financial products so that insurance companies can transfer financial risk to capital markets. We helped develop a wide range of products and structures for investment banks interested in participating in risk-transfer deals.

Investment banks turn to Milliman for our in-depth industry knowledge and many years of experience. We often give investment banks advice before they begin deal negotiations. Through financial analysis, deal modeling, mock-portfolio evaluations, and tutorial sessions, we help investment bankers understand transaction risks and possible outcomes.

Analyzing strategic options for a divestiture project

In a recent project involving divestiture of a large life insurer, Milliman worked closely with an investment banker. Our analysis considered a range of combinations of alternative strategies including sale of the company, securitization and/or reinsurance of various portions of the business, and an IPO. Milliman was uniquely equipped to generate the necessary valuation and financial reports needed to compare these options.