Good Luck Caroline !!

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Last Friday, the National Treasury announced the appointment of key executives to the Financial Services Board (FSB), including Mutual & Federal’s Caroline da Silva, who has been appointed deputy executive officer for Financial Advisory and Intermediary Services (FAIS), to take effect from 1 August.

Commenting on why she wanted to join the FSB, Da Silva told RISKSA that her love for regulation began very early on in her career. “I loved anticipating how the industry would respond to new regulation and identifying the opportunities that would emerge as a consequence, since for me regulation is simply a catalyst for good business practice,” she says.

Da Silva replaces Gerry Anderson, who has been deputy executive officer since 2004 and now serves as chief operating officer and acting deputy executive officer for intermediaries at the FSB.

“Every good CEO in the financial services sector will tell you that they believe in the intention of market conduct regulation and acknowledge that the amount of regulation we face now is inversely proportionate to the level of trust the customer has in the sector,” continues Da Silva, who was previously executive for market development at Mutual & Federal and brings extensive experience in the short-term insurance industry, having worked with the FSB on several projects.

“I love the industry and I am very conscious of the need to truly connect with our customers to be sustainable. For me, the very best place to do that, to build an industry that customers trust, understand and believe in, is the FSB,” she adds.

Raimund Snyders, recently appointed CEO of Mutual & Federal, says, “At Mutual & Federal, we view Caroline’s role at the FSB in a particularly positive light. The regulatory framework that governs our industry presents an opportunity to improve customer service, prudent risk management and to increase our professionalism. With her knowledge of Mutual & Federal, Caroline will be valuable for our business in this regard.”

Snyders adds that the industry stands to benefit from Caroline’s experience, knowledge and strong networks.


New Chief Executive for Mutual and Federal

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Mutual & Federal, a member of the Old Mutual Group, announced today that it has appointed Raimund Snyders as chief executive, following Peter Todd’s decision to resign in order to pursue other business interests.

In an interview with RISKSA, Mike Harper, chairman of Mutual & Federal, acknowledged that this kind of transition can be very disruptive and difficult to deal with, but emphasised that this is not a change in direction for Mutual & Federal and continuity will be maintained.

“In light of this, we did not want to go to market in search of a new CEO, rather, we wanted to bring somebody in who would continue to do the work that Peter has been doing. Raimund brings knowledge of our Africa operations, the South African advisory market and Old Mutual’s approach to distribution. In having to move quickly, we can rely on Raimund to continue Peter’s work,” he explains.

Snyders is currently the chief operating officer and head of distribution for Old Mutual’s African operations. He joined Old Mutual in 1990 and has operated in a variety of roles within Old Mutual South Africa (OMSA), including CEO of the life company in Namibia before heading the personal financial advice distribution business.

He is a qualified advocate by profession and brings a wealth of knowledge of the industry and the Old Mutual Group to the role.

During his tenure as CEO, Todd brought about significant strategic change, by strengthening the executive team, simplifying the organisational structure and building a customer-centric culture, supported by vastly improved information technology and a closer alignment with Old Mutual on the iWYZE and Africa initiatives.

“With the expanding cooperation between OMSA and Mutual & Federal in the creation of iWYZE and stated strategy to expand further into Africa, Raimund’s background is ideal to lead the Mutual & Federal business into its next phase of growth,” says Harper.

“We wish Peter all the best in his future endeavors and thank him for his leadership of Mutual & Federal during his tenure as CEO. The staff members will be sorry to see him go and will be disappointed. But we would like to assure them staff that Mutual & Federal remains an important business and a key part of the Old Mutual group. The fact that we are using group resources, in appointing Raimund, sends a positive message”

Todd will remain with Mutual & Federal until the end of September, ensuring a smooth transition through that period.

Change in M&F structure

Harper told us that the major piece of work currently underway is Mutual & Federal’s move into a divisional structure, which Todd has been driving. The short-term insurer plans to focus on three pillars, namely, corporate, commercial and personal lines, and will appoint executives to run each pillar. The change in structure is being announced later today, but the relevant appointments are still being made.

On brokers, Harper assured us that the broker market will remain incredibly important to Mutual & Federal, which will continue supporting its brokers in a tough operating and regulatory environment.

On Mutual & Federal’s recent partnership with FNB Insurance Direct, Harper notes, “We have had longstanding relationships with all the major banks over a period of time and will be providing Nedbank with the same support. Bancassurance is an important channel to customers. Banks offer distribution expertise and we have the insurance expertise, so it is a good fit.”

Hanna Berry – Risk SA

Meyer is ” loyal to performance “

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Springbok coach Heyneke Meyer believes the form-based selections in his squad prove that he is ‘loyal to performance’.

Meyer sprung a few surprises at Newlands on Saturday when he announced his squad for the incoming tour this month with nine uncapped players in an inflated group of 34.

With some players still recovering from injury Meyer opted for a larger squad with one eye on the upcoming Rugby Championship as well.

“It is great to have a bigger squad because we can train better, and we also want to use this squad to prepare for the Rugby Championship,” he said.

Meyer said that he did his best to reward players who have shown good form in Super Rugby this year.

“The great thing is there are nine uncapped players, and six guys who are in the squad for the first time. It shows the players that if you really play hard in Super Rugby there is always a chance to play for your country,” he said.

Whilst the selection of promising young players such as Jan Serfontein and Pieter-Step du Toit was widely anticipated the biggest surprise was the selection of Cheetahs tighthead prop Lourens Adriaanse who did not attend the most recent Springbok camp in Durban but was picked ahead of the Sharks’ Wiehan Herbst.

Meyer explained that with many Cheetahs players set to play an impact role for the Boks from the bench, Adriaanse’s established partnership with the other Cheetahs forwards tipped the scales in his favour.

“I always said that we were going to look at players outside the squad. In a sense it is quite tough on the other guys but Lourens has been in great form, and I think if you look at the whole Free State pack probably quite a lot of those guys will be impact players coming off the bench and I just felt in the end that they are a good combination,” he said.

Two other Cheetahs players to get their first sniff of the Green and Gold are Lappies Labuschagne and Willie le Roux, whose Super Rugby form was simply too good for Meyer to ignore.

Meyer said that Le Roux could give the Boks the kind of creativity that they have missed in the past, while his ability to play at fullback also counted in his favour.

“I had a great chat with Willie on the camp, I think he brings the x-factor that we probably need at times.

“We want to improve our backline play and score more tries and he has been awesome this year so it is well-deserved,” said Meyer.

The Bok boss added that the selection of Labuschagne was due recognition for his consistent form.

“Lappies has really played well the whole year and I want to prove to the players that I am loyal to performance, I don’t have favourites although the public probably thinks so,” he said.

Meyer explained that while he will probably not rush any of the new players into the starting line-up, he is keen to see what they can do when introduced from the bench.

“A lot of these youngsters will be great players in the future so I definitely want to give one or two of them chances from the bench and see how they perform at the highest level,” he said.

By Michael de Vries

Tiger wins again !!

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Tiger Woods has always been Sergio Garcia’s nemesis – and still is. Nothing has changed it seems.

As he has too often done before, Spain’s ‘El Nino’ folded in his closing-stretch battle with the World No 1, this time blowing himself out of contention when he dunked three balls in the water on the final two holes – and this after leading for much of the tournament and then still being tied for the lead with Woods when he walked onto the 17th tee to play the second-last of the regulation 72 holes.

His blunder at the 17th, where, al la ‘Tin Cup’, he plopped two shots into the water with his pitching wedge for a shattering quadruple-bogey seven, damaged his cause irreparably and when he found water again on the 18th it served only to increase his humiliation.

For Garcia, it was an especially tragic ending to what so easily could have been a triumph that would always be remembered as the one that gave him some of the greatest satisfaction of his career.

Not only because it would have helped him shrug away his earlier failures against Woods, but also because victory would have enabled him to thumb his nose and say “so there” to an antagonist he claimed had never been his “favourite guy” and who he had accused of having bad manners after the third round.

Though denied by Woods, Garcia insisted he was at the top of his swing when Tiger hauled a fairway wood out of his bag that caused the raucous gallery to cheer loudly because it signalled that their hero was going to attempt a daring escape from the trees on the left of the fairway.

As it was, a distracted Garcia sliced his approach shot and made a bogey while Woods was able to birdie the hole for a two shot swing that enabled him to edge clear of Garcia for the first time in the tournament.

“I’m not going to lie; he’s not my favorite guy to play with,” Garcia said of Woods after that round. “He’s not the nicest guy on tour. We don’t enjoy each other’s company. You don’t have to be a rocket engineer to figure that out.”

Instead it was Woods who was be able to take away sweet memories from famed TPC Sawgrass, a Pete Dye course that since 2001 when he won The Players for the first time, had never been kind to him.

“I hadn’t played really well here since 2000, 2001,” said Woods who had managed only one Top 10 finish here since his win in 2001.

“This golf course has been a little bit tricky over the years, and I’m not the only one who’s struggled with it.”

But more than this, victory by a man who is injury-free once more and seems to have put his domestically-troubled recent past firmly behind him and is heading towards another career peak, marked a new mile-stone in an already illustrious career in that it came quicker than any previous fourth career victory in a season.

It was his seventh win in 22 starts, an astonishing 53rd time in 57 tournaments that he has closed with a win after having at least a share of the lead entering the final round, and it was also his 78th victory overall on the US PGA Tour.

No wonder then that it brought with it his confident smile of old and a bold answer to the question, “Were you surprised?”

“No,” he said with conviction. “I know a lot of people in this room thought I was done. But I’m not.”

It certainly doesn’t look that way and despite missing out in this year’s opening major, the Masters, in April, it looks, more and more, as if he can break his major drought of the last several years, and, still aged 37 and with 14 majors already in the bag, get back into a serious chase of Jack Nicklaus record 18 major titles.

With the world class fields it always attracts and based fact that only a handful of men have ever won it twice, it is not for nothing that The Players is called the “fifth major” and now that Woods has joined that handful and won it for a second time, there seems to be no reason why he shouldn’t start winning the majors again – and perhaps as soon as next months US Open.

This because it will be played at the storied Merion Golf Club in Pennsylvania.

Merion, like TPC Sawgrass’ Stadium Course, cannot simply be overpowered.

Both need strategy and clever course management in which every shot has to be hit to the correct place.

Birdie opportunities do exist, perhaps more so than on some other US Open courses, but it needs guile and skill and not raw power to make them.

Woods didn’t use his driver all that often at Sawgrass this week. He preferred hitting conservative shots with the correct shape and angle rather than blasting them long distances.

His final approach at the 18th was a perfect example. It never looked like finding trouble as he coolly drew a 9-iron into position behind the flag.

It has been recalled that he won two majors using a strategy of this nature – the 2006 British Open at Hoylake and the 2007 PGA at Southern Hills.

Can he do it again in view of this year’s developments?

“You know, it’s a great question,” he said after this week’s triumph.

“I’ve never played Merion. It sounds good in theory. But I don’t know,” he said before concluding his answer by adding that he would need to come up with the right game plan to whatever conditions “the golf course gives you”.

You can never be sure if anything in golf. Garcia can confirm that, I am sure. But right now if there is any one man looking like a good bet to win the next major at Merion, love him or not, it has to be Tiger.

Neville Leck

Blitzbokke win Glascow Sevens

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Quoted from

” The Springbok Sevens side capped a memorable weekend at the Glasgow Sevens by beating HSBC World Series champions New Zealand 28-21 to win their third tournament this season.

While the Blitzbokke are too far behind to catch the New Zealanders for the overall title, they produced another memorable weekend of excellence to go through the tournament unbeaten and add to their titles in Las Vegas and Tokyo.

With just under two months to go until the Rugby World Cup Sevens in Moscow, it bodes well for coach Paul Treu and his team, whose hard work and long hours has paid off big time.

Even without injured stars Kyle Brown, Cecil Afrika and Branco du Preez, the Blitzbokke have sustained their own high standards, and came back after halftime to rattle the All Blacks to such an extent that they stole the game from underneath them.

The Blitzbokke opened the scoring early, when speedster and their player of the tournament Seabelo Senatla stepped off his left foot to smoke the Kiwi defence and speed through for the opening try.

The All Blacks did recover though, and it wasn’t long before they found a gap as first Lote Raikabula and then Kurt Baker scored to give them a 14-7 halftime lead.

Some stern words at the break saw the Blitzbokke regain their shape, and it wasn’t long before they placed the All Blacks under pressure, forcing a professional foul and a yellow card to Sherwin Stowers.

The card meant that the Blitzbokke were able to use their numerical advantage to send Steven Hunt in at the corner, and they followed that up a minute later with another try when Justin Geduld charged down a kick on the New Zealand goalline and Phillip Snyman pounced to score.

The Blitzbokke then produced the defining moment when Cornal Hendricks stretched over to score, despite New Zealand pleas for a double movement.

There were some tense moments at the end when Trinity Spooner-Nera scored to bring New Zealand within seven, but the Blitzbokke held out for the win.

Afterwards, an elated coach Paul Treu paid tribute to the All Blacks, who the Blitzbokke have beaten in all three of their finals this year.

“Credit to New Zealand, they’ve been the only consistent team this season and they deserve to be series winners,” Treu said after the win.

“But also credit to our players. We came into this tournament not knowing if our players would hold up. But the fighting spirit and character they showed was brilliant. I can really take my hat off to them and we can enjoy this one tonight.

“We are just glad we can finish the season on a high.”

Treu said the team’s performances this season – which ranged from high of winning to lows of not making the cup quarterfinals were necessary in their development ahead of the Sevens World Cup.

“Those low moments were needed for us to come back to where we are now. You can’t say we won anything but today we took our opportunities and were glad we won the tournament.”

Captain Frankie Horne had high praise for his players.

“The boys worked for each other. We put a team effort together. Hats off to New Zealand, they are a dangerous team that can strike at every moment, but the guys just stuck in there and grinded on until they got the result,” said Horne, who played in his 49th consecutive tournament.

The Blitzbokke will head to London for the final tournament in this year’s series, hoping to secure second spot on the log and for another great performance ahead of the RWC Sevens in June.”


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