Kenneth P. Mungan, an actuary who led the development of Milliman’s short-futures risk management strategy for variable annuity portfolios and the EvenKeel mutual funds, has been elected chairman of the board of the privately-held global actuarial consulting firm by its principals.
Mungan founded Milliman’s Financial Risk Management practice in 1998, the firm said in a release. That group has become a leading provider of hedging services to the retirement savings industry, working with $140 billion in assets on behalf of insurers, variable annuities, 401(k)s, and retail mutual funds.
Mungan succeeds Bradley M. Smith, who died in October. Smith had announced his retirement prior to his passing, and the chairman selection process was already underway.
In making the announcement, Milliman president, CEO, and interim chairman Steve White said, “Ken Mungan is an innovator and entrepreneur and has built a global consulting practice dedicated to tackling retirement security issues.”
Founded in 1947, Milliman is among the world’s largest providers of actuarial and related products and services. The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits.
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