Milliman denies culpability for clients' hedging losses


A double whammy of losses on the hedging programmes of US-based variable annuity providers has brought into question the effectiveness of actuarial service provider Milliman's external hedging platform, MG Hedge. But defenders of the Chicago-based consulting firm say that some insurers are not using the platform properly.

At an investor presentation day in June 2008, the soon to be ex-chief executive of Old Mutual's US life business, Bruce Parker, said that one of the challenges facing its busin