Industrial Companies
Meet our Industrial Companies Team

Adrian McGarva
Managing Director

Adrian McGarva
Managing Director
Adrian qualified as an actuary in both Australia and the UK, and has extensive experience within the general insurance, reinsurance and corporate finance industries in Australia, the UK, and Switzerland.
Adrian has over 25 years’ experience, including seven years as the Chief Actuary of a global insurance and reinsurance group where he was responsible for the pricing, reserving, and capital adequacy functions as well as providing significant input into underwriting and business strategy.
He has been the Managing Director of PFS Consulting since early 2020 after 8 years as a Principal.
Speak to Adrian about anything to do with actuarial and insurance matters, finance, running, snowboarding or twins.
- Phone:(02) 9225 6100
- Email:adrianmcgarva@pfsconsulting.com.au

Madeleine Mattera
Practice Leader

Madeleine Mattera
Practice Leader
Madeleine is a qualified Chartered Accountant and Auditor with over 35 years’ experience covering the entire Australian financial services industry and global FS clients.
She was National Practice Leader for Financial Services for Grant Thornton for 7 years and has held roles in KPMG & EY as a Financial Services Partner for an additional 10 years.
Madeleine specialises in Risk Advisory Services, Internal Audit Services (outsource & co-source) and acting as Chief Risk Officer or Chief Audit Executive.
- Phone:(02) 9225 6100
- Email:madeleinemattera@pfsconsulting.com.au

Thach Huynh
Principal

Thach Huynh
Principal
Thach is an actuary and senior associate of FINSIA, and a leading practitioner in the areas of valuation and financial modelling. He has worked in specialist financial modelling roles, and as a management consultant, both in Australia and overseas.
Speak to Thach about stochastic analysis and modelling, unlocking insights from data, executive remuneration, and the benefits of living and working in Canberra.
- Phone:(02) 9225 6100
- Email:thachhuyn@pfsconsulting.com.au

Jayesh Bhana
COO & Director

Jayesh Bhana
COO & Director
ayesh Bhana is an Actuary and Risk Management professional with a broad and diverse background in the financial services sectors across both banking and insurance in Australia and South Africa. He has worked across a range of critical areas, with deep expertise in financial modelling, reserving, capital management, risk management, pricing, and product development, particularly within the life and general insurance industries. His consulting experience spans both technical actuarial functions and strategic business challenges, enabling him to advise on comprehensive solutions tailored to industry needs.
In addition to traditional actuarial roles, he is also a specialist in emerging and non-traditional areas such as climate-related financial disclosures, risk governance frameworks, and actuarial and finance transformations. He has led initiatives on claim remediations, business process improvements, and regulatory compliance, ensuring that businesses not only meet their current obligations but are positioned to thrive in a rapidly evolving risk landscape. His breadth of experience enables him to drive strategic outcomes for organisations looking to strengthen their resilience, efficiency, and compliance with new reporting standards and governance expectations.
Speak to Jayesh about modelling, valuations, implementation of actuarial processes, cricket, soccer and ultra-marathon running.
- Phone:(02) 9225 6100
- Email:jayeshbhana@pfsconsulting.com.au

Thinus van der Merwe
Senior Consultant

Thinus van der Merwe
Senior Consultant
Thinus is an actuary with experience in the African and Australian markets.
He has experience in life insurance, health insurance and technology implementation.
Speak to Thinus about financial modelling, pricing, implementing solutions and optimising processes.
- Phone:(02) 9225 6100
- Email:thinusvandermerwe@pfsconsulting.com.au

Daniel Frank
Senior Consultant

Daniel Frank
Senior Consultant
A business owner and serial entrepreneur, Daniel understands that taking and managing risk is fundamental to business success. He advises organisations on the best ways to develop robust, commercial risk management frameworks and how to navigate compliance challenges. He has worked with banks, superannuation funds, insurers and AFS licensees as well as with APRA. He has broad experience including APRA and AFS licence applications, developing and reviewing policies and procedures, facilitating training, and undertaking reviews and updates of compliance and risk management frameworks. He also assists clients prepare for, and respond to, regulatory reviews.
- Phone:(02) 9225 6100
- Email:danielfrank@pfsconsulting.com.au
Applications of Actuarial and Risk Knowledge into wider fields
PFS brings our wide ranging actuarial, risk governance, and financing knowledge to provide insight to a range of industrial companies including the valuation of long term incentives, business planning in uncertainty and business valuation.
- Case Study 1
- Case Study 2
- Case Study 3
- Case Study 4
Valuation of executive long term incentives (LTI’s)
PFS undertakes the valuation of a complex range of Long Term Incentive (LTI) benefits granted by the Company to its executives. In addition, PFS provides final and interim monitoring reports to the Remuneration Committee. These reports keep the company up-to-date on the progress of market-based performance hurdles and give shareholders peace of mind that the assessments are calculated independently and using industry accepted methodologies under AASB2.
Valuation of executive long term incentives and strategic input
PFS provider regular input into the performance assessment of the executive LTI plan as well as strategic input on its design along with a range of strategic advice on insurance options.
Actuarial advice on the operation and funding requirements of risk protection fund
PFS provide the appointed actuary to the largest and most critical provider of risk protection required for residential building in one territory as well as a range of advice on benefit design, pricing, risk management and operations.
Strategic advice on business planning in an uncertain environment
PFS provided an actuarial perspective on planning through significant uncertainty introduced into the business planning process during measures designed to limit the spread of COVID-19. This enabled the significant ASX listed infrastructure company to improve their business planning processes, including risk assessments and scenario testing and to plan to be well positioned for a return to pre-COVID conditions.
Contact us for more detailed information about our capabilities
Core Strengths
PFS apply our actuarial and risk skills to undertake projects and valuations of value to non-financial services companies.
- Data insights relating to risk and funding
- Liability valuation
- Executive remuneration valuations
- Company valuation
- Financial projection modelling
- Planning through uncertainty
- Business Planning
- Risk Management
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