ABIC Education Awards Celebrates 35 Years
The Association of Bermuda International Companies [ABIC] is marking the 35th anniversary of their scholarship program, which has seen ABIC companies donate in excess of $10 million to assist over 500 students with their education.
Business people including XL Insurance (Bermuda) President Patrick Tannock, BELCO President Andrew Parsons, and OBA candidate and AWAC General Casualty Assistant VP Sylvan Richards were all recipients of ABIC scholarships, and paid tribute to the program on its 35th anniversary.
In 1977, Bermuda’s international companies took steps to create a Bermudian pool of talent to participate in this growing sector. Education was the key, and their effort launched what now ranks as the largest postsecondary scholarship program in Bermuda: the ABIC Education Awards.
The Education Awards are sponsored by annual donations from international companies in Bermuda. As the sector has grown, so has the size and scope of the program.
The mission is to enable qualified Bermudians to pursue their undergraduate or graduate educational goals in areas related to international business, with the hope is that they return to the Island to help build the international business sector.
Selection is based on a combination of the applicant’s financial need and academic ability. The awards are given only to students pursuing higher education at accredited degree-granting colleges and universities. Students in the program have attended universities in Canada, the United States, United Kingdom, Ireland, Europe and Australia.
The year the awards were established, there were four recipients. Awards are now given to about 15-20 students annually. This year, the awards celebrate their 35th year. About 500 students have been provided with two year scholarships – many of them in leadership positions in international business, or in the industries supporting it. In the last ten years alone, ABIC companies have donated $5 million to the program.
The largest corporate contributors to the program each year are designated with “Corporate Named Awards” in the name of the corporation. This creates a direct connection between the company providing the award and the student. Students are encouraged to treat this as a mentoring opportunity – a chance to obtain career guidance and advice from their corporate sponsors.
Patrick Tannock, XL Insurance (Bermuda) President, [1980 Scholar] said, ““The ABIC Education Awards enables young Bermudians to further their education overseas and acquire the skills sets in order to participate and succeed in international business. As former scholarship recipients working in international business we are uniquely positioned to positively influence perceptions about Bermudians in the international business arena.”
Andrew Parsons, BELCO President, [1982 Scholar] said, “I am very grateful … for the opportunity to pursue my Masters in Business Administration. I can honestly say that, without their help, I would not have been able to pursue this degree which then led me to becoming a Chartered Accountant, and set me on the path of my career in business. I am indebted to them for their support.”
Sylvan Richards, Assistant VP, General Casualty, Allied World Assurance Company, [1983 Scholar] said, “The continued availability of ABIC Education Awards is vital to ensuring that students who have a desire to pursue a career in International Business and who also have a financial need are given the opportunity to pursue higher education.
“I was the recipient of such an award and the funds provided helped to alleviate the financial burden I was facing at that time. The continued success of our International business sector here in Bermuda depends in large part on the availability of employees who have the appropriate academic qualifications and the ABIC Education Award plays an important part in fulfilling this mission.”
Chesney Pearman, Senior Tax Associate, PwC, [2001 Scholar] said, “I’m forever grateful to ABIC for the support provided during my time as an undergraduate at American University. The ABIC scholarship assisted with the opportunity to attend my first-choice university and exercise my mind to its fullest potential. In addition, the ABIC award expanded my network and fostered positive relationships within all levels of International Business in Bermuda. The experiences gained from my connection with ABIC are unsurpassed; I will continue to grow not only as a student, but an international businesswoman, and most importantly as a person.”
Tiffany Swainson, Reinsurance Accountant Manager, Validus Re, [2003 Scholar] said, “Without the ABIC Education Awards, I can say with certainty that I would not be where I am today. I am a proud graduate of Acadia University with a Bachelors of Business Administration. I am also a proud member of the Bermuda Insurance Institute and have recently obtained my Associate in Reinsurance designation and my Associate in Insurance Services designation.
“I am currently in pursuit of my Chartered Property Casualty Underwriting qualification and I hope to ultimately become a Chartered Accountant. Thank you to ABIC for being my cornerstone and affording me the opportunity to obtain my undergraduate degree which has helped shape me into becoming the young professional that I am today!
Lamar Caines, Financial Analyst, Planning and Analysis, Butterfield Bank, [2008 Scholar] said, “The ABIC Education Award was instrumental in ensuring that I was able to complete my university degree in Business Management. Beyond that it gave me the opportunity to meet other like-minded students, a few of whom are still a valuable part of my network. This award is proof of IB’s continued effort to ensure the development of Bermudians and the Bermudian economy.”
Application submission process and forms can be downloaded from the ABIC website.
Well done ABIC!
Proud 2006 Recipient