BFIS Has Awarded $4.3 Million In Scholarships
In his report to the annual general meeting of The Bermuda Foundation For Insurance Studies [BFIS] on December 5, chairman Michael Fisher said the organisation was proud to report it has now awarded scholarships with a total value of $4.3 million to 119 students since our inception some 16 years ago.
Mr. Fisher went on to say, “The global economic crisis and its impact on the local insurance industry and Bermuda continues to make for a very challenging operational environment. Volatility in the investment markets has required that the BFIS financial team work very hard to manage the returns on the Investment Fund so that we can continue to award the same number and value of scholarships, and also adequately support our intern and mentor programmes.
“Although we have seen an improvement in the Investment Fund at times during the past 12 months, we are still some way away from attaining the comfort levels previously enjoyed.
“The board initially entertained reducing the scholarship budget as we were uncertain as to how heavily we would have to draw down against the Investment Fund. In the end we could not ignore the 97 applications received and the consistently high level of academic performance of the students, and awarded 13 scholarships of which over half had financial need. This brings the total number of current BFIS scholars to 24, at an outlay of $415,000 for this academic year alone.
“I am pleased to recognise the continued success of the Intern programme. I was impressed yet again with our 2012 participants in Bermuda, Chicago and Atlanta. The 2012 Olympics prevented us from organising our annual intern programme in London, but we replaced it with a programme in Atlanta which was such a success that it will be added as one of our annual intern locations. We have been working towards achieving accreditation for the programmes and are pleased that this year one intern did apply to his university and did receive course credits for the programme.
“The Mentoring programme continues to be a resounding success, with over 50 students and young professionals actively participating. It is worth noting that in addition to our own BFIS alumni who help to run the programme, many other industry professionals support us through volunteering their time to mentor students and attending the various networking events held during the year.
“Aside from all the normal day to day activity in managing our scholarship, internship, mentoring and career promotion programmes, the BFIS office has seen a marked increase in the number of people contacting us for guidance and/or assistance in finding employment in the industry. The BFIS office has done a remarkable job of satisfying these enquiries or acting as a conduit to put people in contact with someone who can offer the appropriate help or guidance.”
BFIS Board Members and Advisory Trustees (left to right) Cathy Lapsley, Michael Fisher, Jerome Dill, David Skinner, Gail Martin, Beth Piggott, Paul Markey, Jill Husbands, Walter Scott, Meredith Head, Brian O’Hara, Mark Berry, Carla Whitehurst and Robin Spencer-Arscott
Highlighted in the financial report is the fact that pledges and donations are nowhere near the levels enjoyed during BFIS’ early years, with donations barely covering half the Foundation’s combined scholarship and operational expenses. Mr. Fisher said that, although disappointing, he believed this can be attributed to the uncertain economic times and the associated reduction in philanthropic donations.
Mr. Fisher noted that BFIS is most appreciative of not only the funding from our sponsors but also the volunteer hours which many of their representatives give to the Foundation. To have their industry expertise so generously donated to BFIS is a unique and tremendous resource, one without which BFIS would not be able to function effectively.
He went on to welcome the four new trustees who are joining the Board: Mark Berry, senior vice-president and managing director of XL Re, Jill Husbands, managing director/head of office of Marsh IAS, Carla Whitehurst, VP and senior legal counsel at Alterra Bermuda and Terry Pimentel, president of Arch Insurance (Bermuda), as well as two new members of the finance committee, Alistair Border, professional writer at Orbis and Carol Faries, assistant vice-president and assistant controller at BF&M.
Immediately following the AGM, BFIS advisory trustee Brian O’Hara presented founding member Walter Scott with a BFIS pin. Mr. Scott went on to talk about the reason BFIS was established and its continuing relevance today.
Guest Speaker at the light lunch which followed was Andrew Soares, chairman of the Bermuda Insurance Institute’s Education Committee, who gave a brief overview of the recently launched BII/Wharton Leadership Development Programme which was well received by the attendees.
The full BFIS 2012 report can be read below [PDF here]:
Can someone please email this to Vince Ingham?