Mr. Rusi K. Daruwalla (1921 – 2013)

Mr. Daruwalla graduated in Commerce from Sydenham College, Mumbai in 1943. After graduation, he joined the New India Assurance Company Limited and by sheer hard-work and perseverance rose to become the Manager of New India Assurance Company Limited in 1961. Mr. Daruwalla became a Fellow of the Institute of Actuaries, England in 1958. When the general insurance business was nationalized in 1973, he was assigned to General Insurance Corporation (GIC), as the Managing Director. He went on the become the Chairman of GIC in 1979 and retired in 1981. On retirement from GIC, he joined Thanawala Consultancy Services on a full time basis as a Partner and continued his association with the firm till 2001. Mr. Daruwalla also served on the Managing Committee of Actuarial Society of India for many years in the 1980s and served as its President between 1982 and 1984.

Mr. Naresh H Thanawala (1932 – 2016)

Mr. Thanawala graduated in Commerce from Sydenham College Mumbai in the year 1952. He worked with the New India Assurance Company Limited and qualified as a Fellow of the Institute of Actuaries, England at a young age of 25 years in 1957. He was also an Associate of the Institute of Cost and Works Accountants (AICWA) and held a legal degree as well. He started his actuarial consulting practice on a part time basis in partnership with Mr. Daruwalla in 1958 whilst working with New India Assurance. He worked with the Khatau and Mafatlal group of companies in 1960s and 1970s and rose to the post of Director – Finance. In 1977, he moved full time with his actuarial practice at Thanawala Consultancy Services. He, along with Mr. Daruwalla, was instrumental in drafting the Actuaries Act and also served as the President of the Institute of Actuaries of India.