The Bermuda Foundation For Insurance Studies (BFIS) received an early Christmas present in the form of a donation of $15,000 from Bermuda-based insurance company Lancashire.

John Ringold, Lancashire’s Bermuda operations manager said: “We are delighted to be able to make this contribution to support the excellent work that BFIS does in supporting the educational aspirations of students focused on careers in insurance.

Lancashire is already involved with BFIS through hosting their interns in our London office, plus one of our employees, Stacy Oughton, here in Bermuda was a BFIS scholar.”

BFIS chairman Michael Fisher said: “I am delighted that Lancashire have joined the BFIS ‘family’ and we look forward to continue working with them.”

The news came as BFIS announced it had donated more than $4.6 million in scholarships to 129 students in its 18 year history — 93 of whom who have graduated and are working in the industry, both in Bermuda and overseas.

The annual report for BFIS also revealed that its financial position had “improved significantly” during the financial year ending in June, with revenue over expenditure standing at $141,932.

That compares to a shortfall the previous year of nearly $600,000.

The report said: “It should be recognised that investment portfolio gains were significantly higher in 2013 compared to 2012.”

And it added that unrestricted contributions had increased by more than $140,000 over the previous year.

The BFIS investment profile at June this year stood at more than $5.2 million and increased over the year by $120,000, even with withdrawals totalling $365,000.

But BFIS chairman Michael Fisher said: “It is still concerning that, even with more companies commencing operations in Bermuda, we note the donation activity to BFIS is still well below historic levels.”

But he said that first-time donations from firms like Deloitte, Enstar, Island Employment Partners, Lancashire, Tokio Millenium Re and WindRiver Re had helped boost funds.

And the annual report warned: “While there is an ever-increasing demand for scholarships, our financial resources must keep pace or we may find ourselves unable to provide the same levels of scholarship funding in future years as we have done in 2013.

“We shall continue to manage the investment portfolio carefully and anticipate some challenges to maintaining value if and when interest rates begin to rise.”

Last year, BFIS received 112 applications for scholarships, ten percent up on 2012, with more than 40 percent of applications from school leavers.

A total of 30 were interviewed, with 11 scholarships being awarded, with more than a fifth opting to study business, with 17 percent opting for actuarial science and maths and 15 percent apiece going for legal studies or accounting.

The report added that — in addition to scholarships — BFIS carried out high school presentations over the year, meeting around 500 school pupils.

The report added: “We continue to give advice and guidance to any student, graduate or career changer who is looking to enter the insurance sector.

“Many more students are impacted through our mentor networking programme which is becoming increasingly popular. In addition, 81 students have now take part in our summer intern programmes in Bermuda, Chicago, Atlanta and London and all those who have graduated are now working in the industry.”