Fifty-two-year-old Boal established the Isle of Man-headquartered business in 1995 to try to meet the actuarial needs of the growing offshore insurance market.
Staff of Boal & Co have expressed their shock and sadness after learning about his death.
The Boal & Co boss, who was a member of the International Adviser tax and technical panel, expanded the business over two decades, and helped kick-start a number of blue chip insurance companies in the Isle of Man, Dublin and other offshore jurisdictions.
“He was a great leader and mentor, from which many have benefited"
State of shock
“Today we are in a state of shock,” said Mark Kiernan, chief executive of Boal & Co. “I have worked with Gary for over 20 years, and I am proud to say that he was not just a colleague, but also a good friend.
“His drive and passion for work was captivating, as was his ability to turn complex situations into achievable goals,” he said. “He was a great leader and mentor, from which many have benefited.
“Our thoughts of course at this time are with his immediate and extended family, whom we hope will find some comfort in the fact that the legacy he has built will continue to flourish under the existing Boal & Co team.”
Boal was recognised as a technical expert in offshore pensions, and contributed a number of articles for both local and international press on various retirement and insurance topics.
He was born in Bangor in Northern Ireland and moved to the Isle of Man in 1986 where he lived in Ballasalla with his wife Allie and son Conor.
Boal & Co is a firm of international actuaries and consultants specialising in advice to offshore insurance companies and pension schemes.