Worshipful Company appoints new Master/ Maltas actuaries join forces/ Golfing hat trick for ACA chairmen/ Announcements: Obituaries
The Worshipful Company of Actuaries held its annual installation dinner to appoint its new Master on 10 July at Haberdashers Hall. In addition, it made the first award of the Phiatus prize, which is designed to recognise a member of the profession who has made a significant effort for charity.
The new Master is Bill Smith and his Wardens are Charles Cowling and Martin Miles. In his speech, the new Master noted the record amount of charitable contributions distributed in the past year - this amounted to over £150,000. He also drew attention to the continued progress of the major project with The Royal Society that the Company supported. It is aimed at improving the teaching of mathematics in schools.
The Phiatus Award, funded by a legacy from the former dining club, went to Ella Spencer. Ella has been heavily involved in two major projects. She is a regular visitor to Gambia and is raising funds for The Gambia Upcountry Development Charity to help develop a village nursery school and local business initiatives.
In London, Ella has set up a programme offering free tutoring in maths and English for people from a low-income estate in South London. The Company felt these were outstanding efforts that deserved every recognition.
The principal guest at the dinner was Bob Jenkins, an external member of the financial policy committee of the Bank of England. His speech was a clear outline of the issues facing the banking industry and it received significant coverage in many national newspapers.
To make a donation to The Gambia Upcountry Development Charity, visit www.gambiaupcountry.com/data/donate/donate.html
Society launch as Malta's actuaries join forces
On 31 July 2012, a public launch event was held at the Hilton Hotel in Portamaso for the Malta Actuarial Society.
Approximately 70 actuarial professionals and senior insurance industry executives gathered to celebrate this event, including Gábor Hanák, the chairman of the Groupe Consultatif Actuariel Européen, professor Joe Bannister, the chairman of the Malta Financial Services Authority, and James Hewitson, the first president of the Malta Actuarial Society.
In recent years, the insurance industry in Malta has grown rapidly in size and sophistication. Alongside this rise has been an increase in the number of practising actuaries on the island. The Malta Actuarial Society is the first organisation to specifically represent actuarial professionals based in Malta.
Membership of the society is open to all actuarial professionals working in Malta. Anyone considering an actuarial career or whose daily role involves working on actuarial matters is also welcome to join.
Full details of the society and an application form can be found at www.maltaactuarialsociety.org
Golfing hat trick for ACA chairmen
Effingham Golf Club in Surrey has three past chairmen of the Association of Consulting Actuaries (ACA) among its members, shown here standing in front of the clubhouse. In the centre is Ian Farr, the current captain of the club, wearing his captain's green jacket. On his left is Peter Felton, a past chairman of the club, and on his right is Stuart Southall, the immediate past chairman of the ACA. The members of Effingham are blissfully unaware of this phenomenon and would probably regard it as a boring actuarial statistic. Readers of The Actuary know better.
New project for features editor
Tracey Pritchard (LCP) and Ross Pritchard (Schroders) are delighted to announce the birth of Elliot Berkeley Pritchard on Thursday 6 September at 18.23 weighing 8lbs 5oz.
Tracey was The Actuary's senior features editor for many years, before departing earlier this year to take up the role of full-time mother.
The editorial team wish Tracey, Ross and Elliot all the very best for the future.
Come on in and make a splash for Ocean Stars
Paul Grant has started a 'YOU-nami' of people in the water to raise £10,000 for the Ocean Stars Trust, a UK based charity working in Sri Lanka. The money will help provide support and education for orphaned or deprived children in Sri Lanka whose potential could otherwise be limited by the challenges all around them, arising from 26 years of civil war and the devastating impact of the tsunami in 2004.
Paul has invited family, friends, colleagues and clients to set themselves a personal swimming challenge and raise some sponsorship in the process. So far, these challenges range from getting sponsored to learn to swim, through swimming with a disability that makes it impossible to get into a pool unaided, to taking part in a triathlon. Paul has swum the distance of the English Channel (21 miles) in chunks of no less than one mile.
To support the YOU-nami, go to www.justgiving.com/YOU-nami and make your donation.
For more information about the Ocean Stars Trust, go to http://oceanstars.org.uk/home
Glasgow student scoops Deloitte prize for topic on Black-Scholes
Sinead Morris from Glasgow University has been awarded the 2012 Deloitte Financial Mathematics prize for outstanding academic achievement after fending off competition from two other finalists from Scottish universities.
The competition is open to financial mathematics students - chosen in recognition of their commitment to their studies - representing Glasgow, Strathclyde, Edinburgh, Herriot Watt and St Andrews universities.
The students taking part gave 10- minute presentations on topics relating to their financial mathematical studies in front of a panel of specialists from Deloitte, all of whom work in the actuarial and insurance solutions team. As well as technical knowledge, presentation style and originality, students were also judged on their ability to answer questions on their chosen topic.
Sinead, who is from Glasgow, was selected as the overall winner after impressing partner Andrew Smith and manager Julie Davidson with her presentation on the Black-Scholes formula.
The prize includes a £400 cheque for Sinead and a trophy for the winning university. Two previous participants have secured employment with Deloitte.
Actuary Zoe sets record with Channel swim
On 23 July, Zoe Sadler from KPMG in Reading completed a solo swim of the English Channel. It is believed she is the first UK actuary and the first female actuary to do so.
The swim was due to take place on the neap tide between 26 and 31 July, when the tidal range would be lower, with less water movement. However, on 19 July, Zoe's pilot said the conditions were favourable and she should be prepared to swim earlier. This would be challenging as it meant swimming in the middle of a spring tide, when the tidal range and movement is biggest, making it really difficult to fight the tide when closing in on France. However, the weather conditions were excellent so Zoe went ahead.
Along the way there were a few dramas: violent sickness half-way - common on a Channel swim; encounters with jellyfish; and a microclimate mid-Channel, making it dangerously choppy. Then the tide turned 3 miles off the French coast, and Zoe found herself heading towards Norway! Despite this, 16 hours after setting off, Zoe stood up on a beautiful sandy beach in the sun at Cap Blanc Nez. A perfect place to finish.
So far, Zoe has raised £4,800, which will go directly to St Michael's Hospice in Hampshire. If you would like to donate, please visit www.justgiving.com/Zoe-Sadler1
Died 2 July 2012 after a long illness
Colin Berman was an actuarial role model for son Andrew Berman and nephew Roger Simler. Dedicating 33 years to Legal & General from age 15, Colin then consulted for a further 17 years. He contributed hugely to the profession via the Continuous Mortality Investigation Board (CMIB), expert work and SIAS papers, as well as being a Times Listener Crossword fanatic, winning even though in poor health.
Colin was an actuary in the purest sense - quiet, unassuming, with absolute integrity and a dry, but brilliant, wit. He was immensely proud of his actuarial roots, relating to other fellows through these common values. Actuaries are so often stereotyped - on occasion even misunderstood. Ironically, our unique ways are maybe those that should be most celebrated. Colin was a man of few words, but never at a loss for words, and everything he said was of relevance. Shakespeare wrote that "men of few words are the best men". Statistically, he may have been right.
Andrew Berman and Roger Simler
Alf GULDBERG died on 8 August 2012, aged 68. He became an Honorary Fellow of the Faculty in 1997.
Leonard Thomas HINDE died recently, aged 87. He became a Fellow of the Institute in 1956.
Paul STARK died in February 2012, aged 23. He became a Student in 2010.