Milliman has announced it will launch operations in Sri Lanka after acquiring Colombo-based Spark Actuarial Private Limited and gaining entry into the South Asian market. The terms of the deal were not disclosed.

The acquisition, which came into effect on November 02, brings Milliman’s presence in the Asia-Pacific region to 13 key cities. The new operation will support local and international clients with the firm's full range of actuarial services.

“We've been supporting the Sri Lankan market from our other office locations for several years,” said Richard Holloway, Milliman managing director for South East Asia & India. “An office in Colombo, with a team already on the ground, will help us increase the scope and level of expertise we offer to clients in the market, while strengthening our global actuarial outsourcing capability.”

“I'm looking forward to our new journey with a trusted global brand like Milliman,” said Milanthi Sarukkali, founder and CEO of Spark Actuarial. “I believe Milliman will provide existing clients with more holistic support while the talented team at Spark will now have access to a wider global network with more avenues for growth.”