Rand Mutual Assurance (RMA) appoints new chief financial officer

Bilal Adam.

Bilal Adam aims to enhance recent successes of injury-on-duty compensation company.

The Board of Rand Mutual Assurance (RMA), an injury-on-duty compensation company that has experienced unprecedented growth in recent times, is pleased to announce the appointment of Mr Bilal Adam as Chief Financial Officer with effect 1 October 2015.

Having spent the past nine years in a number of senior management positions within the Regent Insurance Group, a subsidiary of the JSE-listed Top-40 company Imperial Holdings, the 40-year-old Adam has a proud track record in financial services including corporate credit, treasury and risk. During his career at Regent Insurance Group, Adam rose rapidly through the ranks ending his tenure with the company in the position of chief financial officer.

Earlier this year RMA, which has been responsible for workers’ compensation for the mining industry for the past 121 years, took over injury-on-duty and occupational diseases compensation for Class 13 companies, which include the iron, metal and steel industries, from the Compensation Fund.

In commenting on the appointment of Bilal Adam, Jay Singh, Chief Executive Officer of RMA, noted: “During the past year RMA has effectively doubled the lives under its management to nearly one million. We are therefore at an exciting yet crucial stage in our expansion and need to ensure that our growth is complemented by an increase in service levels, financial stability and efficiency. RMA’s Finance Division plays a key role in this, and we believe that Bilal Adam will offer a considerable depth of knowledge, experience and leadership to the company.”

Adam believes that there is room for further growth within RMA, a company with a proud history. “Many wonderful prospects have arisen in the insurance industry over the last few years which have been made possible by rapid changes in technology, and previously low penetration levels on the continent and in emerging markets. A company with the stature and expertise of RMA is better equipped than most to harness such opportunities.”

“These are certainly exciting times to be part of the RMA team and I look forward to making an important contribution to the company and its future growth,” concludes Adam.