Best's Review

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Auditors & Actuaries
Top Audit and Actuarial Firms — 2021 Edition

Ranked by loss reserves. Special Section sponsored by Johnson Lambert.
  • Best's Review Staff
  • December 2021
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The Auditors and Actuaries Special Section is sponsored by Johnson Lambert.

Best's Review presents its ranking of the top auditors and actuaries.

These rankings focus on independent accountants who audit an insurer's annual financial statements and on third-party actuaries who provide an annual statutory actuarial opinion regarding an insurer's policy and claim reserves. These listings of auditor and actuarial firms include only insurance companies with statements that listed auditors or external actuaries. The insurer population includes U.S. and Canadian companies that file with AM Best.

Unlike the annual statutory audit, for which the insurer must use an independent certified public accountant, the actuarial opinion may be provided by an internal actuary, which is an actuary directly associated with the insurer. The data are derived from individuals or firms in the context of providing an annual audit or actuarial opinion. Many of the individuals or firms listed in the tables are likely to have additional insurance clients for which they perform a variety of other services, but such services are not reflected in this survey's data.

The primary task of audit firms working with insurance companies is to certify the audits of financial statements. That means they must understand statutory-based financial accounting. They also stay abreast of developments among regulatory bodies, particularly the National Association of Insurance Commissioners in the United States, to ensure compliance with current standards.

Rankings for both the auditing and actuarial firms are based on the loss reserves held by their client insurance companies. Again, as described in the methodology, not all insurers are included, and not all client relationships between insurance companies and their auditing and actuarial firms have been reflected.

For property/casualty insurers, loss reserves are the total of loss and loss adjustment expense reserves.

 

For health insurers, loss reserves are the sum of:

1. Claims unpaid, less reinsurance ceded.

2. Accrued medical incentive pool and bonus amounts.

3. Unpaid claims adjustment expense.

4. Aggregate health policy reserves.

5. Property/casualty unearned premium reserves.

6. Aggregate health claim reserves.

 

For life insurers, loss reserves are the sum of:

1. Aggregate reserves for life and for accident and health.

2. Liabilities for deposit type contracts.

3. Life policy and contract claims.

 

Count for each sector (P/C, life and health) includes companies for which an auditor or actuary was listed on the statements of companies designated in that sector, plus where they were listed by other companies that also had reserves of that sector's type. For example, some companies designated as health carriers report P/C loss reserves in addition to health reserves; those companies are included in the count for the P/C sector, in addition to being included in the client count for the health sector.

Actuary Firm – 2021 Edition

P/C Loss Reserves (US$000)

Actuary Firm P/C Loss
Reserves
(US$000)
P/C
Count
PricewaterhouseCoopers 53,907,868 83
Beneficial Consultants 46,948,502 7
Ernst & Young 43,778,471 97
KPMG 38,187,859 63
Milliman 34,352,411 146
Willis Towers Watson 30,207,178 141
Deloitte 11,985,762 36
TMNA Services 6,434,760 6
Regnier Consulting Group 4,090,366 54
Pinnacle Actuarial Resources 2,826,232 53
Merlinos & Associates 1,881,545 84
Perr & Knight 1,060,543 41
The Actuarial Advantage 936,409 14
Christopher Gross Consulting 936,345 1
Streff Insurance Services 892,129 29
Central Actuarial Solutions 761,350 7
Oliver Wyman 737,246 17
Kufera Consulting 724,042 33
FTI Consulting 711,894 4
Actuarial Advisors 574,412 15
EVP Advisors 513,611 19
Lewis & Ellis 474,697 23
Enstar 473,520 3
LWCC 453,599 1
SG Risk 445,290 9
Constellation 366,320 2

Source: AM Best data and research

Actuary Firm – 2021 Edition

Life Loss Reserves (US$000)

Actuary Firm Life Loss
Reserves
(US$000)
Life
Count
Milliman 23,087,789 20
PricewaterhouseCoopers 14,633,326 8
Lewis & Ellis 8,128,222 43
Miller & Newberg 7,486,472 22
Allen Bailey & Associates 7,267,694 11
Griffith Ballard & Company 7,251,007 14
Guggenheim Insurance Services 6,145,075 1
Willis Towers Watson 5,838,920 7
RGA Enterprise Services 2,903,825 2
Actuarial Resources Corporation 2,879,059 8
Steimla & Associates 1,269,557 5
Jeffrey D. Miller & Company 1,237,933 1
Rudd and Wisdom 1,148,073 28
Actuarial Management Resources 896,879 7
Deloitte 630,746 3
Hause Actuarial Solutions 556,223 18
Wakely 485,230 2
Bruce & Bruce Company 463,307 1
Bruce & Associates 420,431 1
Agee & Associates 353,397 10
Everence Services 291,690 2
CPS Actuaries 274,948 11
DJOrr Consulting 230,446 1
Davies Insurance Services 170,475 1
KPMG 123,296 1

Source: AM Best data and research

Actuary Firm – 2021 Edition

Health Loss Reserves (US$000)

Actuary Firm Health Loss
Reserves
(US$000)
Health
Count
Milliman 5,640,946 105
Ernst & Young 4,584,528 24
Lewis & Ellis 1,955,408 20
Wakely 1,500,286 32
Optum 1,487,945 19
PricewaterhouseCoopers 1,156,614 9
Oliver Wyman 604,227 13
Deloitte 466,386 11
KPMG 384,417 6
Lake Consulting 352,252 2
Willis Towers Watson 256,352 3
InnovaCare Services Company 212,699 1
Lumeris Healthcare Outcomes 148,367 2
Novarest Actuarial Consulting 134,745 3
Barry, Dunn, McNeil & Parker 113,690 1
The Kilbourne Company 97,070 5
Lucerna Health 59,869 2
CBIZ 57,587 6
RSM US 53,192 2
Lee Benefits Consulting 40,803 3
Aetna Resources 38,720 1
Axene Health Partners 35,919 1
Crooks Actuarial Consulting 34,877 4
Actuarial Solutions 31,266 2
Mulberry Management 30,453 4

Source: AM Best data and research

Auditor Firm – 2021 Edition

P/C Loss Reserves (US$000)

Auditor Firm P/C Loss
Reserves
(US$000)
P/C
Count
PricewaterhouseCoopers 219,843,320 259
Ernst & Young 158,165,545 215
Deloitte 157,018,078 139
KPMG 119,436,291 190
Johnson Lambert 12,809,025 132
EisnerAmper 10,537,652 12
RSM 7,811,145 53
Baker Tilly 5,437,439 26
Mazars 5,138,508 38
BDO 3,353,683 34
Crowe 2,764,945 72
BKD 2,682,646 38
Strohm Ballweg 2,278,000 35
Plante Moran 2,199,684 29
Grant Thornton 1,629,884 14
Dixon Hughes Goodman 1,306,114 24
State Auditor General 1,207,723 1
Eide Bailly 1,076,117 7
MCM 667,151 3
Thomas Howell Ferguson 612,631 19
Jaynes, Reitmeier, Boyd & Therrell 529,871 13
JLK Rosenberger 509,849 30
Brown Schultz Sheridan & Fritz 446,908 26
Mountjoy Chilton Medley 435,231 3
KMH 434,902 7

Source: AM Best data and research

Auditor Firm – 2021 Edition

Life Loss Reserves (US$000)

Auditor Firm Life Loss
Reserves
(US$000)
Life Count
PricewaterhouseCoopers 1,830,727,481 114
KPMG 632,970,081 78
Deloitte 605,787,887 103
Ernst & Young 593,985,461 98
Seward & Monde 24,082,258 1
BKD 16,562,157 19
RSM 8,921,119 16
BDO 8,611,166 10
Johnson Lambert 8,433,083 14
H2R CPA 5,010,790 6
Strohm Ballweg 4,651,233 5
Larson & Company 3,967,322 6
JLK Rosenberger 3,536,533 10
Kerber, Eck & Braeckel 2,908,798 14
EisnerAmper 2,435,574 6
Brown Smith & Wallace 2,362,589 8
Eide Bailly 2,177,469 9
Ginoli & Company 1,163,411 1
Grant Thornton 1,152,051 3
Dalby, Wendland & Company 1,026,769 1
Hosack, Specht, Muetzel & Wood 952,080 3
Frank J. Baker & Company 891,495 2
Mazars 560,412 2
Lambert Lanza, CPA 556,671 2
Crowe 547,289 2
Williams-Keepers 540,045 2
Baker Tilly 497,528 11

Source: AM Best data and research

Auditor Firm – 2021 Edition

Health Loss Reserves (US$000)

Auditor Firm Health Loss
Reserves
(US$000)
Health
Count
Ernst & Young 37,325,678 178
Deloitte 24,067,777 134
PricewaterhouseCoopers 18,820,017 121
KPMG 14,760,452 100
Grant Thornton 3,024,359 21
Baker Tilly 1,399,511 18
RSM 1,078,621 19
Eide Bailly 953,993 14
BKD 930,030 19
Plante Moran 817,410 34
CliftonLarsonAllen 649,355 9
Accuity 579,448 3
Moss Adams 286,275 8
Carr, Riggs & Ingram 207,089 6
Kernutt Stokes 191,904 2
Dixon Hughes Goodman 180,371 2
BDO 165,715 7
Centeno Figueroa & Co. 161,268 1
Wipfli 161,224 8
Marcum 131,848 2
McGee, Hearne & Paiz 116,520 2
Baird, Kurtz & Dobson 69,749 1
Brown Smith & Wallace 66,655 1
MCM 60,229 1
Baker Newman Noyes 60,051 5

Source: AM Best data and research



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