Jeff Courchene
FCAS, MAAA
Principal, Senior Consultant
London, UK
Jeff Courchene is a principal and consulting actuary in Milliman’s London office. He joined the firm in 2001.
Experience
Jeff specialises in reserving, reinsurance analysis, M&A and other portfolio transfers, and dynamic financial modeling. Jeff has experience with international property and casualty insurance in matters related to both personal and commercial lines of business in the UK, the US, and continental Europe including:
- Leading reserve and financial condition reviews (implementing both deterministic and stochastic techniques) as part of ongoing support, a reviewing actuary role, and due diligence assignments
- Supporting the Independent Expert in more than nine Part VII transactions since 2015
- Leading reinsurance structure and retrocession program reviews, assessing per risk and per event protections
- Leading methodological reviews to increase automation and improve operational efficiency as part of transformation projects
- Supporting capital adequacy and rating adequacy assessments
- Leading solvency II-related projects including: AFRs, ORSA projections, USP applications, and IM calibration
Jeff has experience with a range of software including Excel/VBA, Word, PowerPoint, Arius, SAS, @Risk, Access, and ResQ.
Before joining Milliman, Jeff worked at the Cologne Re (now GenRe) as a reserving and research actuary responsible for facultative and European treaty motor & general liability.
Jeff is a native speaker of English, but also speaks near fluent German.
Publications and Presentations
Jeff is an author and frequent presenter on actuarial topics including:
- "Individual claims reserving: Opportunity as a Challenge," GIRO 2018.
- "The Actuary & ERM: Integrating Reserve Variability," 2016 CAS Forum.
- “Integrating Reserve Variability and ERM: A Case Study,” ICA 2014.
- A primary author of the IAA monograph, “Discount Rates in Financial Reporting – A Practical Guide” and a contributing author of “Stochastic Modeling - Theory and Reality from an Actuarial Perspective” and speaker for the European Actuarial Academy (EAA), 2011-2017, based on the IAA monograph.
- Solvency II Technical Provisions for General Insurers.” GIRO 2013 (contributing author for Brian Hey prize winning paper).
Professional Designations
- Fellow, Casualty Actuarial Society (CAS)
- Member, American Academy of Actuaries
- Affiliate, Institute & Faculty of Actuaries (IFoA)
Education
- BS, Mathematics, University of Denver
Affiliations
- Jeff is a member of Milliman’s Quality Assurance Committee. He is also involved in committees of the CAS and working parties of the IFoA. Jeff recently served on the Executive Council of the CAS as Vice President International and CAS liaison to the IFoA General Insurance Board.
Publications
Read their latest work
Article
Inflation: A P&C reserving actuary’s guide
15 March 2023 - by Alice Gutteridge, Jeff Courchene, Veekash Badal
We discuss factors that a reserving actuary may need to consider in this record-setting period of high inflation.
Article
Individual claim reserving models: Adding value
27 February 2019 - by Alexandre Boumezoued, Jeff Courchene
Individual claim models is an emerging area of research and practice which uses individual claim level data to estimate loss reserves.
Article
EIOPA Final Report on its second set of advice to the European Commission on the Solvency II Delegated Regulation
03 April 2018 - by David Burston, Eamon Comerford, Jeff Courchene, Bridget MacDonnell, John Mulvihill, Vincent Robert
This update summarises the key feedback received by the European Insurance and Occupational Pensions Authority regarding the final report and the impact, if any, that it has had on the proposals made in the Consultation Paper.
Article
EIOPA Consultation Paper on its second set of advice to the European Commission on the Solvency II Delegated Regulation
20 December 2017 - by David Burston, Neil Christy, Eamon Comerford, Jeff Courchene, Emma Hutchinson, Bridget MacDonnell, John Mulvihill, Jennifer Strickland, Marie-Lise Tassoni
This briefing note summarises the final advice from the first stage of the EIOPA review and provides details on EIOPA’s proposals in the latest consultation paper on its second set of advice.
Article
Extracting more value from the GI reserving process
30 September 2016 - by Jeff Courchene
By restricting quantifying reserve uncertainty to regulatory and risk assessment questions, many inherent and readily accessible benefits embedded in reserve and uncertainty analyses could be overlooked.
Article
Optimising non-life reinsurance strategy under risk-based capital measures
12 September 2016 - by Jeff Courchene, Vincent Robert
An exploration of the possible impact of risk-based economic capital and ERM frameworks on a non-life insurer’s reinsurance strategy.
Article
The actuary and enterprise risk management: Integrating reserve variability
22 August 2016 - by Jeff Courchene, Mark R. Shapland
This paper develops and examines a framework for reserve distribution testing and validation and demonstrates its use with real datasets within an enterprise risk management framework.
Article
Driving For Profit: A View of the UK Private and Commercial Motor Insurance Markets 2014
27 July 2015 - by Jeff Courchene, Derek Newton, Vincent Robert, Gary Wells
Driving For Profit shows the results of our analyses of the performance of the Private and Commercial Motor Insurance Markets in the UK.
Article
Capital management in a Solvency II world: A non-life perspective
11 November 2014 - by Jeff Courchene, Vincent Robert, Gary Wells
An overview of the many ways that Solvency II will affect capital management for insurers and reinsurers.
Article
Valuation of non-life technical provisions under Solvency II
31 January 2013 - by Jeff Courchene, Vincent Robert, Joël van der Vorst, Gary Wells
Solvency II introduces a new approach to establishing technical provisions for outstanding claims and premiums that is driven by the need to calculate liabilities on a market-consistent basis.