Mazars opens Gibraltar actuarial consultancy

Mazars Actuaries and Consultants, the UK-based actuarial arm of accounting firm Mazars, has opened an office in Gibraltar. The new venture will be led by director Paul Tysoe.

Mazars said the main reasons for setting up the office were the growth in Gibraltar’s insurance market over the past eight years and the increasing demand for specialist advice on the Solvency II directive.

The main focus of the practice will be general insurance-related actuarial services, specifically reserve reviews, pricing reviews and Solvency II advisory work. It will also be able to provide services relating to life insurance and pensions via Mazars’ network of 50 actuaries across Europe, plus a wider network of specialist associate actuaries.

“There are now over 60 insurance companies based in Gibraltar compared to 22 in 2002,” said Tysoe in a statement. “Few of these companies have an in-house actuarial resource and we believe that a dedicated consultancy based in the peninsular is best placed to offer actuarial services to the market.”

Tysoe has lived and worked in Gibraltar for six years and played an instrumental role in setting up Gibraltar’s Solvency II sub-committee, which acts as the local insurance industry’s technical forum on directive matters. He has worked in the general insurance industry for the last 14 years, most recently as an executive director at Zenith Insurance. Prior to working for Zenith he spent a number of years working as the general insurance actuary at the then Liverpool Victoria (now LV=).

“There’s no substitute for having a person on the ground within close proximity to the client, and the new office in Gibraltar will make us unique in that regard,” said Andrew Hubbard, head of Mazars’ UK insurance practice. “We’re delighted that Paul has joined us to lead the business.”