The Bermuda Foundation for Insurance Studies is ?well on track? in helping Bermudian students into careers in the insurance industry, according to Brian Hall.

The insurance industry veteran and chairman of BFIS said that 24 of their scholarship students were now in the industry and a further 15 were at various stages of their studies in insurance mathematics or actuarial science.

Mark Lima, BFIS president, said: ?We are delighted and proud to see our scholarship students progress so well along their career paths. They are a credit to the Foundation.?

Speaking to an audience of 50 at the BFIS AGM, Mr. Hall highlighted the fact that in order to keep the value of BFIS Scholarships in line with tuition fees, the awards were increased to $22,000 per year for overseas scholarships and $3,000 per year for Bermuda College scholarships and said that this year had seen the highest number of applicants,17, for the four overseas scholarships.

Over $800,000 has been awarded to students since 1996 studying for their degrees in insurance, risk management, finance, mathematics, actuarial science and economics.

Mr. Hall also said that BFIS continued to assist other students interested in insurance careers through its mentoring and career advice programmes.

He reported that The BFIS Endowment Fund, established in 1999 to ensure that BFIS can continue in perpetuity, now contains $3.8 million ? over half-way to its goal of $6 million.

Mr. Hall also welcomed representatives of new pledged members to the board of trustees, including Jonathan Beck, CFO of Goshawk Re, Dwight Evans, president of Arch Re, Rick Mello of AWAC and Tobey Russ, chairman and CEO of Quanta. Mr. Hall said that the majority of the volunteer committee members continued to serve BFIS over a period of several years.

Mr. Lima welcomed the new executive vice president, Christopher Sposato, who has served on the BFIS board and steering committee for a number of years. Mr. Sposato will take on the role of president next year.

Catherine Lapsley, BFIS executive director, said: ?Without the fantastic support from the fifty members of our various committees, the Foundation would not be able to function as well as it does. Having such a wealth of talent readily available is invaluable.? She explained that BFIS draws its committee members from donor companies which works very well as they have input on the running of the Foundation.

During the reception following the AGM, a surprise presentation of the annual ?Pinks Shorts? award was made to the BFIS treasurer, Tracy Keill, chief operations officer of the Primary Group Ltd.

This award is made each year to one of the volunteers who has gone above and beyond the call of duty.

The award came into being about at a Mid Ocean Re (now part of XL ) dinner when president, Michael Butt was challenged to go for a swim with the sharks in the Bermuda Aquarium?s North Rock tank, which he did (in pink boxer shorts) and raised a substantial amount in cash for BFIS.

Since then recipients are traditionally awarded a pair of pink shorts at the annual ceremony - but do not necessarily have to go swimming with the sharks to earn the award. Past recipients are Brian O?Hara (1999 ? he also swam in tank), Brian Hall (2000), Christopher Sposato (2001) and Mark Lima (2002).