MAPFRE MSV Life plc has announced that Josef Gauci, a senior member of its Actuarial Team, has recently successfully completed all required examinations which lead to a fellowship qualification with the Institute and Faculty of Actuaries (IFoA) in the U.K. 

Mr Gauci joined MAPFRE MSV Life in September 1999 after successfully completing his first degree, a BSc. (Hons) in Maths and Physics through the University of Malta. He commenced his duties within the Client Services Unit as an Executive Trainee. 

Upon joining the company, Mr Gauci furthered his studies through the Association of the Chartered Insurance Institute and then went on to embark on the challenging journey towards the achievement of the IFoA Actuarial Qualification.

The Actuarial Unit of MAPFRE MSV Life currently boasts a team of six employees plus a trainee who are specialised in Mathematics, Accounting, Economics and Statistics. 

David G. Curmi, Chief Executive Officer, stated "Qualifying as an actuary is not for the faint-hearted even more so whilst working on a full-time basis and also raising a young family. The training programme is long and arduous and successful candidates are rare. Achieving the final qualification required the passing of 15 exams, with most subjects requiring between 150 and 400 hours of study." 

He adds, "MAPFRE MSV Life has always encouraged and supported employees to further their studies as it is a firm believer that Training and Development initiatives are highly mutually beneficial for both employees and employer".

Actuaries are experts in risk management. They use their mathematical skills to measure the probability and risk of future events and to predict their financial impact on a business and their clients.