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Old Mutual Insure appoints Chief Actuary

19 October 2021 Old Mutual Insure
Ronald Richman, Chief Actuary at Old Mutual Insure

Ronald Richman, Chief Actuary at Old Mutual Insure

Old Mutual Insure (OM Insure) has appointed Ronald Richman to the position of Chief Actuary as of 1 September 2021.

“I am very excited to welcome Ronald to the OM Insure family. One month into his tenure and he is already playing a pivotal role in assisting us to enhance our Actuarial Control Function across the OM Insure brand and support our ambition of becoming our customers’ first choice,” says Garth Napier, MD at Old Mutual Insure.

Richman, who has extensive experience as an actuary and risk manager within the non-life and life insurance sectors, joins the OM Insure team from SA Taxi where he was the Managing Head of Insurance Actuarial. Previously, he was an Associate Director at QED Actuaries and Consultants, Africa’s largest independent actuarial consulting firm. There he was responsible for non-life and life insurance customers, researching the application of machine learning and Artificial Intelligence. Prior to this, he led the Enterprise Risk Management and Actuarial Functions for the AIG group across Africa.

He has published several award-winning papers on how modern machine and deep learning techniques can be applied to actuarial science modelling.

Richman is a Fellow of the Institute and Faculty of Actuaries (IFoA) and the Actuarial Society of South Africa (ASSA), holds practicing certificates in Short Term Insurance and Life Insurance from ASSA, and a Masters of Philosophy in Actuarial Science, with distinction, from the University of Cape Town. He chairs the Actuarial Society of South Africa’s ERM committee and is a member of the International Actuarial Association’s ASTIN Board.

Quick Polls

QUESTION

The second draft amendments to Regulation 28 will allow retirement funds to allocate up to 45% of their assets to SA infrastructure, with a further 10% for rest of Africa; but the equity & offshore caps remain unchanged. What are your thoughts on the proposal?

ANSWER

Infrastructure? You mean cash returns with higher risk!?!
Infrastructure cap is way too high
Offshore limit still needs to be raised
Who cares… Reg 28 does not apply to discretionary savings
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