to the Bermuda Foundation for Insurance Studies.

In July 1999 Swiss Re first signed a pledge donating $50,000 to the BFIS over the next five years. They have now decided to increase those annual payments from $10,000 to $20,000.

Brian Hall, chairman of the BFIS, said, " This is indeed a fine endorsement of the goals, objectives and results of the BFIS. It underlines the seriousness with which companies in the insurance sector view the need to create home grown insurance professionals.'' Established in 1996 the BFIS's purpose is to ensure that over time Bermuda's insurance companies have a pool of well educated and prepared Bermudian staff to draw from. This is achieved through scholarships and a mentoring programme.

Dr. Scott Bradley, an actuary and senior manager of Swiss Re, said: "We are most impressed with the academic achievements of the BFIS students. Their accomplishments are certainly a fitting testament to the value and success of the foundation and demonstrate that our support is indeed warranted.'' In the four years since its inception the BFIS has raised around $4.7 million from the industry. It currently has around $2.5 million of that in an endowment fund and is aiming to increase this to $6 million.

This money is invested through the investment divisions of the Bank of Bermuda and JP Morgan.

Over the past two years 11 students on scholarship from the BFIS have got their degrees in insurance, actuarial science and /or finance.

Five further scholarship students will graduate this year and there are five others working for their degrees currently. There are also around 70 students in the mentoring programme.

Of the 11 graduates eight are working in the industry in Bermuda in positions ranging from catastrophe model analyst to assistant underwriter. The companies they are with are Argus, Star Excess, Chubb, OIL, XL Mid-Ocean and XL Capital.

The other three graduates are in positions in insurance overseas, two in Boston and one in Buenes Aires.