It has only been two weeks but four young interns have already collected more than 50 business cards from Bermuda's movers and shakers within the international business community.

The four men have had lengthy lunches and morning meetings with brokers, underwriters, claims analysts and risk modellers.

The students are part of the Bermuda Foundation For Insurance Studies (BFIS) three-week internship. For the past seven years BFIS has organised the intensive programme, in partnership with Illinois State University's Katie School of Insurance and Finance, for two Bermudian students and two ISU students, to learn all about Bermuda's insurance industry from top to bottom.

Tyler Owen, 24, and Daniel Hill, 24, were the two local applicants selected for the programme while Jon Perry, 20, and Mark Esposito, 21, have come from Illinois.

Mr. Owen is spending the summer working at Ace before heading back to university while Mr. Hill has just landed a full-time position with Ironshore after graduating with a degree in actuarial science.

"This is the most intense thing I have participated in, I've learned more in a single day on this internship than I have in an entire term in some of my classes," Mr. Owen said. "As a Bermudian I never fully understood the role Bermuda plays in the international insurance and reinsurance market, this experience has been very eye opening. I've enjoyed the chance to put the theory I have learned in the classroom into practice."

Mr. Hill said: "They say your network is your net worth and this programme has been all about networking. We have met so many senior people and learned how the entire industry works. For me it has been beneficial to sit down with the various groups and learn what they do, how they do it and why they do it."

The in-depth, structured programme enables the interns to study all aspects of the industry, from company formation to what an underwriter looks for when deciding whether to underwrite a risk, to catastrophe modelling.

For Mr. Perry and Mr. Esposito the programme has been the first international work experience on their curriculum vitae. The Illinois students competed against their class-mates to get the coveted internship and were then offered intensive programmes in London, Zurich or Bermuda. "We chose Bermuda because the market is the most interesting," Mr. Perry said. "The weather is nice too. Every day we have learned something different and met interesting people. BFIS has been amazing, like a family to us. Everything has run very smoothly."

More than 30 companies and organisations are assisting with the Bermuda programme, ranging from Bermuda's Registrar of Companies to the newest of Bermuda's insurance companies.

"The days have flown by because they are packed with different meetings," Mr. Esposito said. "We are very grateful to everyone who has taken time out to tell us about their roles and in the industry.

Established in 1996 the Bermuda Foundation for Insurance Studies' purpose is to ensure that over time Bermuda's insurance companies have a pool of well-educated and prepared Bermudians to draw from. This is being achieved through a programme of scholarships, mentoring, career guidance and internships.

The internship is open to students studying insurance or insurance related subjects who plan careers in the insurance sector. The 2008 students are taking degrees in actuarial science, insurance and risk management, and finance.