NU Online News Service, May 1, 2003, 6:42 p.m. EDT – Milliman USA, Seattle, an actuarial firm, has acquired the insurance actuarial software practice from International Business Machines Corp., Armonk, N.Y.
The unit develops the Triton System valuation software for the life insurance industry as well as lost-reserving software for the property-casualty insurance industry.
Insurers can use the Triton software to calculate the value of their liabilities.
Terms of the transaction were not disclosed.
The 26 practice employees will move to the Milliman offices in Hartford and Atlanta, Milliman says.
Bradley Smith, chairman of Milliman, says his company made the deal because it wants to sell actuarial technology along with business advice.