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Bruce Edwards

  • Position: Adjunct Lecturer - Department of Applied Finance and Actuarial Studies
  • Unit Name: ACST402/831/831x: Actuarial Control Cycle 1

Contact Details

Profile

Bruce was born in London in 1950 and decided to emigrate to Australia two years later. He grew up in Brisbane and completed a BSc at the University of Queensland with a major in Maths. After University he moved to Sydney where he now lives in Turramurra with wife Zeny and sons Kim and Ian.

After two years with MLC, Bruce joined the actuarial firm of PTOW (now Russell Employee Benefits) as an actuarial student and, after qualifying as an actuary, as a partner of that firm. While at PTOW he completed an MA at Macquarie University.

Bruce joined Victory Reinsurance (now Hannover Re) in 1979 and worked there for five years as marketing actuary and appointed actuary. The role included marketing and selling reinsurance services to life insurers in Australia and New Zealand,  as well as product development and reserving.

In 1985 he founded a new actuarial consulting practice which has since become KPMG Actuaries. Bruce was the MD until he retired from the firm in July 2001. KPMG Actuaries continues as a strong practice within the KPMG group with a focus on insurance, risk management and financial modelling.

While working at KPMG Actuaries, Bruce made significant contributions in a number of large consulting projects, including:

  • the Judicial Management of Occidental and Regal
  • the Demutualisations of AMP and Tower
  • the Liquidation of HIH
  • a number of life insurance mergers and acquisitions
  • appointed actuary roles with Citicorp Life, Macquarie Life, Deutsche Life, Lumley Life and other life insurers
  • a range of new product developments, audit, experience analysis and other management consulting assignments.
In 2001 Bruce was appointed a non-executive Director of Lumley Life and subsequently PrefSure Life. He contributed to improving the management reporting to a high standard and to other aspects of the success of the business. He acted as Chairman of the Audit and Risk Committee and a member of the Compliance and Investment Committees, and has overseen the development of a risk management process for the company. He also chaired S & G Nominess, the trustee of the PrefSure Life superannuation funds and AFRM, a partly-owned distribution company. These roles continued until 2006 when PrefSure was purchased by the Tower Group.

Bruce is a Director of TRM Pty Ltd, the trustee of the Russell Supersolutions Mastertrust and other superannuation funds outsourced to Russell. This role began in February 2004. He is now Chairman of the Audit and Compliance Committee of TRM.

He was appointed Chairman of Pro-Super Holdings Limited in August 2006. Pro-Super Holdings is establishing itself as an underwriting agency for group risk life insurance business, providing marketing and outsourcing services to the life insurance industry. He joined the Rotary Club of Sydney in 1999 and was President of the Club in 2004-05 which was the Centenary year of Rotary International. He continues as a Director of the club, chairs a Club committee and is a member of the organising committee for the District Conference.

Bruce is Treasurer of the Centre for Volunteering, which provides a range of services to volunteer organisations, including the School of Volunteer Management. He chairs the Board Audit Committee with a focus on financial reporting and risk management.

He continues an active involvement with the Institute of Actuaries of Australia which he has served as a Member of Council and as Chairman of several committees. As Chairman of the Institute’s Economic Valuations Task Force, he helped to develop guidance for actuaries valuing financial services and other businesses, and to promote the role of actuaries in this field. He has co-authored papers on

  • Group life insurance
  • Maintainable earnings method of valuing life insurers,  and
  • Judicial Management
Since 2003 he has been an external lecturer at Macquarie University, teaching the Actuarial Control Cycle, which is the second of three parts in the actuarial education process. The role is shared with a Macquarie lecturer and involves a class of about 150 graduate students in Australia and overseas. He was also a co-author of the text book on this subject published in 2003.

His leisure activities include:

  • Memberships of the Company Directors’ Association, FINSIA, the Sydney Institute and the Australian Shareholders Association
  • Organising a small theatre party
  • Walking swimming cycling and gymming
  • Participating with Zeny in her literary, heritage and conservation activities and with his sons in family activities.