U.K.-based Watson Wyatt LLP has spun off its Boston-based insurance and financial services strategic consulting group with a management buy-out led by two senior managers.This follows a review of Watson Wyatt LLP's insurance and financial services consulting strategy in the United States which resulted in a decision to focus on the firm's core life and non-life actuarial consulting business.

The new organization, Spring Consulting Group LLC, will be led by former Watson Wyatt LLP partners Karin Landry and John Cassell. Spring Consulting Group will focus on providing strategic consulting services to institutions operating in the healthcare, retirement, disability, life and captive insurer markets.

"The new arrangement presents an exciting opportunity for our existing United States insurance and financial services strategy consulting team to build upon its successes and growing reputation," said Philip Brook, global head of insurance and financial services consulting at Watson Wyatt LLP.

"The change will not directly impact our day-to-day relationships with current clients. Although the two groups will be separate entities, we expect there to be a close collaborative relationship between Watson Wyatt and Spring Consulting Group."

"This structural change allows us to operate more broadly than Watson Wyatt's core actuarial focus, while still benefiting from a close working relationship with a leading global insurance and financial services consulting firm," said Karin Landry, managing partner of Spring Consulting Group.

Source: Watson Wyatt LLP

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