NMG Consulting increases commitment to General insurance market

Tuesday, 18 February 2014 00:01 -     - {{hitsCtrl.values.hits}}

Specialist financial consulting firm NMG Consulting’s footprint in Sri Lanka has grown considerably in recent years and it is now the largest supplier of actuarial consultancy advisory services in the General insurance market, providing consulting services to a majority of local insurers. On Monday 10 February, NMG Actuarial, the actuarial consulting practices of NMG Consulting, held a reception at Cinnamon Lakeside for all their clients and supporters in the field of insurance. The event coincided with NMG Consulting’s 21st annual global management rendezvous which took place in Sri Lanka this year, further demonstrating the importance of Sri Lanka to the NMG Group. Two of the co-founders of NMG, Group Chairman Geoff Baars and NMG Consulting CEO Mark Prichard were present at the client event along with other senior management including the Partner Matthew Maguire and Principal Consultant of NMG Actuarial Roshan Perera. The event was attended by senior members of the Sri Lankan insurance industry including Managing Directors and CEOs of virtually all of the insurance providers in the market. Addressing the gathering Baars stated; “NMG started off 21 years ago as a small multinational organisation in Singapore. The company has a long history working with Sri Lankan insurance agencies and today we have over 60 actuaries around the world.” Maguire provided a short presentation giving some exclusive insights into the General insurance market stated: “ Recent changes in the regulatory landscape in Sri Lanka have resulted in companies having to think more strategically about their underlying business, and the consequences from a risk based capital perspective. This has led to an overall step change in companies’ attitudes towards risk and a focus on the importance of actuarial skills in the management of this risk.” Furthermore, NMG Consulting announced its intention to extend its service offering within the employee benefit space by entering in to a strategic engagement with a well-respected local actuary. NMG Consulting is a specialist, multinational consultancy focused on the insurance, reinsurance and investment sectors. The Firm provides strategy insights, consulting, actuarial, and marketing and research to multinational and domestic financial institutions including leading insurers, reinsurers, banks and asset managers. NMG has been providing actuarial services to General insurance companies across South Asia for over 20 years. During that time they have built an excellent knowledge of the regulatory environment, which in turn allows them to advise clients on the optimal strategies for operating within these jurisdictions. NMG Consulting is part of the NMG Group (www.NMG-Group.com) established in Singapore in 1992, which is a global financial services business with operations across employee benefits, pension administration and advisory, underwriting services, product origination and strategic equity.