A partnership between insurance giant ACE and the Bermuda College could pave the way for more Bermudians to get in to challenging and potentially lucrative positions as actuaries.

The ACE company's charitable organisation - the ACE Foundation - and the College have joined together to offer an associate degree in science (Actuarial) to begin this Fall.

The two-year programme is designed for students wishing to pursue a career in actuarial science.

An actuary is an insurance professional who specialises in statistical information. Ultimately, actuaries are responsible for determining rates and rating methods and evaluating insurance company reserves.

Bermuda College vice-president of academic affairs Dr. Larita Alford said the course would focus on providing students with a strong mathematical background as well as introductory course in the actuarial area.

The course is intended to provide a foundation for further study overseas in preparation for the rigorous set of examinations that lead to membership in the profession.

Dr. Alford said that the programme did not expect to attract a high number of students this year as the public school system has added a year with the result that this year's would-be graduating class will finish next year.

And although there are no formal affiliations yet set up with overseas universities with insurance programmes, Dr. Alford said that could follow depending on the level of interest in the programme.

Bermuda College professor of mathematics Dr. Sean O'Connell said: "In additional to providing a foundation for those students who have already decided on a career in actuarial science, it will also make Bermudian high school graduates more aware of the opportunities offered by the profession".

He added: "The growth of Bermuda's insurance and reinsurance markets means that Bermudians have a wonderful opportunity to participate in the Island's economic prosperity."

Dr. O'Connell said the programme would go towards meeting the needs of Bermuda students as well as the needs of the community.

The ACE Foundation has provided support for the programmes as well as funding for an annual scholarship.

Although details on scholarship prerequisites were not available, Dr. Alford said an information session for those interested in the programme will be held this Thursday, June 6 from 5:30 to 7pm in the South Hall building in room H146.