Seattle-based consulting firm Milliman has acquired Ruark Consulting, an insurance data analytics firm headquartered in Simsbury, Connecticut.
The firms didn't disclose the financial terms of the deal, which was announced Thursday. With Ruark Consulting, Milliman has now made three acquisitions in 2021.
"This is an exciting acquisition for Milliman and for our life insurance clients," Stephen Conwill, Milliman's global practice director for life and financial services, said in a news release. "With this addition, Milliman will be able to deliver these data-driven benchmarks to our insurance clients in tandem with our consulting and complementary analytic offerings."
Ruark Consulting was founded in 1998. The company uses insurance data to create studies examining policyholder behavior. According to the firm, its studies ingest more than 12 years of data. Ruak also creates behavioral models to help clients improve risk management. In the release, Milliman said Ruark CEO Timothy Paris will join Milliman as part of the deal.
In September, Milliman acquired SkySail Rx, a pharmacy benefit tech firm headquartered near Cleveland. At the time of that acquisition, Milliman had about 4,200 employees around the world. Milliman acquired the Doylestown, Pennsylvania-based consulting firm McHugh Consulting Resources in March.
Milliman, founded in 1947, offers consulting in health care, insurance and financial services. The company also offers analysis on topics like pension funds and mortgages. In addition to Seattle, Milliman has offices throughout the U.S. It also has international offices in Africa, Asia, Latin America, Europe and the Middle East. The firm seems to be growing organically on top of its acquisitions, as Milliman has almost 230 open roles listed on its website.
"Milliman's data-driven culture and deep life insurance prowess pairs perfectly with our expertise," Paris said in a news release. "By combining our consulting and experience studies with Milliman's industry reach and depth, we give clients a unique offering that allows sharper, data-driven decision making."
