The firm
Actuarial and advisory services for insurance organisations. We develop and publish two cloud SaaS solutions: Magellan, to automate Solvency II calculations, and Etudata, to monitor and analyse the profitability of your insurance cover.
Since 2012
The firm was founded in 2012. Julien Garcia spent eight years at the ACPR as deputy head of an inspection team and coordinator of the Solvency II project. At EIOPA, he contributed to drafting the directive, including the design of the ORSA. Our practice has grown around mutual insurers, insurance organisations and social protection groups. We are independent of any network and distribute no products other than the tools we operate.
We deliver complete projects, provide independent reviews and support high-stakes matters such as licensing, mergers and ACPR inspections. Since the firm was founded, we have supported more than 100 clients in France, Malta, Cyprus, Luxembourg and Spain.
Founder
Founder · ACPR, EIOPA, Solvency II
Eight years at the ACPR: deputy head of an inspection team, Solvency II project coordinator and steering committee member. At EIOPA, negotiation and drafting of the Solvency II directive, including the design of the ORSA, capital add-ons, governance and reporting requirements. Founder of the firm.
The firm brings together a multidisciplinary team of employees, partners and partner actuaries, all working under its supervision.
Financial strength
The firm’s own funds.
Professional indemnity insurance.
Urssaf social contribution certificate, insurance certificate and business recovery plan. Kept up to date and available on request.
Selected achievement · Formation and authorisation
The firm supported the founders and investors in the creation of Acheel, a diversified health and property and casualty insurer, with no existing portfolio or claims history.
The company received its ACPR authorisation on 21 April 2021. At the time of its creation, it became the first property and casualty insurer authorised from scratch in France in 35 years.
We defined the cover and set premium rates without a pre-existing company database. We also negotiated the reinsurance programme, prepared prudential projections and the capital plan, and managed the authorisation application with the ACPR. Our work also covered health insurance authorisations and approvals relating to effective management, key functions and ancillary own funds.
The firm also regularly obtains life insurance authorisations for insurers that are already authorised in other lines.
Selected achievement · Mutual group structuring
The firm supported the creation from scratch of the first mutual insurance group union (UMG) of Groupe Harmonie, which gave rise to Groupe VYV. The assignment combined the financial, prudential and governance aspects of the combination.
Selected achievement · Regulatory change
As early as 2014, the firm worked alongside the FNIM on the preparation and submission of an amendment to raise the Solvency II application thresholds so that small mutual insurers could be excluded from its scope. This technical work was followed by more than a decade of regular advocacy in support of these proposals.
The objective of raising the exclusion thresholds was ultimately reflected in the Solvency II revision adopted in 2024 and published in 2025. National transposition measures are to apply from 30 January 2027; exclusion remains subject to the conditions set out in the legislation.
We also regularly proposed proportionality measures to simplify the standard formula and quantitative reporting templates (QRTs). The changes adopted more than ten years after these initial efforts strengthen proportionality, but remain less far-reaching than our original proposals.
The progress report dated 2 December 2019 presents a calibration based on the 2018 SFCRs of 107 mutual insurers, mainly active in health insurance, each with turnover below €150 million.
Initial regression calibration
Simplified SCR = 17% × net premiums + 22% × risky investments
Goodness of fit within the sample: R² = 96.67%.
Prudent expert-adjusted variant
Simplified SCR = 20% × net premiums + 30% × risky investments
Premiums are net of reinsurance. The risky investment base is the sum of the market values of equities, property and investment funds.
These two expressions are historical proposals developed by the firm and studied within this specific scope. Their coefficients have not been adopted as the regulatory standard formula.
Source: Garcia Rochette & Associés for the FNIM, “Solvency II — Simplification of the standard formula — Progress report”, version 1, 2 December 2019, pages 10 and 11.
Revision and timetable: Directive (EU) 2025/2. Implementing and proportionality measures: European Commission.
Where we work
France, Malta, Cyprus, Luxembourg and Spain. Based in Paris.
A strong presence in the French overseas territories: the French West Indies and Réunion.
Address
51, rue Blanche
75009 Paris
Based in Paris, with assignments in Malta, Cyprus, Luxembourg and Spain.
