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The Actuary The magazine of the Institute & Faculty of Actuaries

Institute of Actuaries awards its highest honour

Institute of Actuaries awards its highest honour Institute fellow professor Phelim Boyle was presented with the Institute’s highest honour, a Gold Medal, at a ceremony in December. It was the first time in a decade that the award had been made.

Professor Boyle, based in Canada, received the medal in recognition of the important contribution he has made to actuarial science over more than 30 years. It is only the 13th Gold Medal that has been awarded since the inception of the medals in 1919.

Professor Boyle gained an international reputation for his pioneering work on options. In 1977, he published one of the most important financial papers on the topic, which introduced a pricing method that is still widely used today. More recently, he has improved this method by showing how quasi-random numbers can outperform random numbers for an important class of financial problems. He was also co-inventor of the Asian option.

Professor Boyle has held educational posts around the world and published extensively, contributing almost 100 papers to both actuarial and finance journals. He currently holds the position of professor of finance at Wilfrid Laurier University in Canada. His sustained work on the fusion of actuarial science and modern finance achieved worldwide recognition when he was awarded the honour of Financial Engineer of the Year in 2005.