Our Company

Susan J. Forray, FCAS, MAAA

Principal, Consulting Actuary
Brookfield, WI, US

Tel: +1 262 7963328

E-Mail | Download bio | VCard

Professional Designations

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


  • BA (magna cum laude, with honors), Mathematics, Whitman College
  • MA, Mathematics, University of Wisconsin—Madison

Current Responsibility

Susan is a principal and consulting actuary with the Milwaukee office of Milliman. She joined the firm in 2001.


Susan's area of expertise is property and casualty insurance, particularly ratemaking, loss reserving, and financial planning. She has extensive experience in commercial lines of business, including various segments of professional liability (physicians, hospitals, lawyers, and contractors, among others) and workers' compensation. Susan has provided actuarial assistance to risk-bearing entities in both the private and public sector, ranging from large multi-line commercial insurance companies to self-insured programs.

Services provided include:

  • Reserving analyses for a spectrum of entities, including primary companies and reinsurers
  • Preparation of Statements of Actuarial Opinion
  • Assistance with IRS audits of loss reserves
  • Ratemaking analyses, including funding studies
  • Multi-variable analyses of rating factors, including predictive modeling
  • Risk transfer analyses under SSAP 62 and FAS 113
  • Predictive modeling and funding studies for self-insured entities

Susan has also been active in the Casualty Actuarial Society, serving on the Committee on Reserves, the Examination Committee, the Committee on Professionalism Education, and the editorial board for the journal Variance.

Presentations and Publications

Susan has published numerous articles in Best's Review, Contingencies, and The Physician Insurer, as well as the Casualty Actuarial Society's Forum. She has spoken at many insurance industry conferences, including those sponsored by A.M. Best, the Casualty Actuarial Society, the Insurance Accounting & Systems Association, Crittenden Conferences, and Milliman.

View more presentations

  • Work at Milliman

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