Aramco Team Series: Olivia Cowan loving the camaraderie as well as the competition


John McAuley
  • English
  • Arabic

As the winning captain of the inaugural Aramco Team Series event, it shouldn't surprise that Olivia Cowan would rather focus on the collective once more in Spain this week.

Not that she isn’t gunning for success this time in the individual tournament that runs concurrently in Sotogrande, the second of four events in the new Golf Saudi-backed initiative. It’s just that her excellent victory in the team competition at London’s Centurion Club last month has left her hugely enamoured with that side of the format.

“I really like it,” she says of the Aramco Team Series that, after La Reserva Club de Sotogrande, will land in New York in October and then culminate in Jeddah the following month. “It’s a great event.

“I would like it even more if we didn’t have the individual bit, because we are trying to win the team event. I think we’d go for it a lot more, would risk a lot more shots, and act more as a team if it was just the team.

“But I do really like this event. It’s something different than every other week when it’s the same thing, where we’re playing only for ourselves. So it’s quite nice that we have a team event and we’re all trying to win together.”

The plush surroundings in Sotogrande certainly must add to the allure. London wasn’t too shabby either, with Team Cowan triumphing there at the end of the 54-hole tournament by three shots. Each event plays out across three days and carries with it a total prize fund of $1 million, with $800,000 divvied-up between the three professionals in the winning side (the fourth team member is an amateur). The individual competition carries the other $200,000.

If player reactions this week are anything to go by, the injection of both money and innovation into the Ladies European Tour (LET) has created quite the buzz among its participants.

“One-hundred per cent,” Cowan says. “Saudi golf has done amazing things. They’re obviously trying to help the women’s game and really push it. They’re just amazing supporters. What they’re trying to do to help us on the LET as well is brilliant, and respect to them for what they’re doing.

“What’s great about this event is we have a great players’ lounge and there are stands everywhere, so it just gives everyone a really good feeling coming into this place.

“A lot of people are playing with their friends so they’re excited to come here as well. It’s just a chilled week to be honest; there’s not so much pressure.”

However, do not take that as Cowan’s competitive juices running low. After all, the German comes into the week as a defending champion of sort, and her bid to go back-to-back in the series should be enhanced by the retaining of compatriot Sarina Schmidt as teammate. The 36 captains – Cowan is one – got to choose their second colleague at Tuesday night’s draft, while the third member of the team was later randomly assigned. For Diksha Dagar in London, Team Cowan have Frenchwoman Anaelle Carnet in Sotogrande.

“Yeah, we want to win again,” Cowan says. “I’m so happy I’ve got Sarina again in the team and I hope we do well. I knew I was going to pick her again, so I was just hoping that no one would select her before me.

“When I saw my name was seventh in the draft to pick, I was just so excited. I knew [fellow captain] Angel Yin - a friend of mine - had got to know Sarina last week as well as we were all hanging out. I knew then if she was in front of me she was going to pick Sarina, so I was very happy that she wasn’t."

So, mixing competition with camaraderie.

"To be honest, I think that’s what makes the series quite cool," Cowan says. "You know there’s a lot at stake, you know you need to make birdies, but you have your teammates as well. So if you’re struggling they’ll help you out. And it might motivate you to push and push more. Yeah, it’s just a fun week really."

Gothia Cup 2025

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76 nations

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Key changes

Commission caps

For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:

• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term). 

• On the protection component, there is a cap  of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).

• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated. 

• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.

• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.

Disclosure

Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.

“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”

Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.

Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.

“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.

Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.

Six large-scale objects on show
  • Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
  • The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
  • A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
  • Frank Lloyd Wright’s 1930s Kaufmann Office
  • A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
  • Torrijos Palace dome
Profile of Tarabut Gateway

Founder: Abdulla Almoayed

Based: UAE

Founded: 2017

Number of employees: 35

Sector: FinTech

Raised: $13 million

Backers: Berlin-based venture capital company Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.

PROFILE OF SWVL

Started: April 2017

Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh

Based: Cairo, Egypt

Sector: transport

Size: 450 employees

Investment: approximately $80 million

Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani

Updated: August 05, 2021, 5:38 AM