Professor Phelim Boyle [right], the actuary who developed the Monte Carlo method of pricing options has been awarded the first Gold Medal to be given out by the Institute of Actuaries in a decade. Currently holding the position of Professor of Finance at Wilfrid Laurier University in Canada, Boyle has received the award, only the 13th Gold Medal that has been awarded since the inception of the medals in 1919 in recognition of the important contribution he has made to actuarial science over more than 30 years. The Institute is also awarding members Andrew D. Smith and Greg Taylor Finlaison silver medals. Only 22 silver medals have been given out since their inception in 1966. Gold Medal winner Professor Boyle gained an international reputation for his pioneering work on options. In 1977, he published one of the most important financial papers on the topic, which introduced a pricing method that is still widely used today. More recently, he has improved this method by showing how quasi-random numbers can outperform random numbers for an important class of financial problems. He was also co-inventor of the Asian option.