Economical Insurance has named Liam McFarlane, FCIA, FCAS as its new chief risk and actuarial officer, taking over two roles.
McFarlane was a partner with Ernst & Young LLP for the past decade, where he led the Canadian actuarial practice. He has also been an appointed actuary for several P&C insurers and reinsurers.
In addition to his professional actuarial positions, McFarlane has also served on actuarial advisory committees for automobile insurance in Ontario, as well as various committees with the Canadian Institute of Actuaries. Presently, he is chair of the Canadian Institute of Actuaries’ Committee on Professionalism, and is a member of the Standards and Guidance Council.
“Liam is one of the most recognized and respected actuarial experts in Canada and we’re proud to add someone with his experience and influence to our executive leadership team,” commented Economical president and CEO Rowan Saunders.
Saunders added that he believes McFarlane’s “combination of consulting and executive leadership skills” will ensure that Economical continues to operate with the “rigour and integrity” expected from a top P&C insurer.
Economical announced in July that the previous chief actuary Linda Goss would be retiring from her position in late 2020; she will move on to support the company on “special projects” next year.
Innes Dey, who has served as chief risk officer for over two years, will continue on in his role as senior vice-president of legal and strategy.