in honour of John Sainsbury, former managing director of the company.

The scholarship will be awarded annually for academic excellence to the Bermudian student having the highest grade point average at the end of the first year of college-level studies.

The student must be enrolled in the associate in business administration programme with intent to complete the requirements for a concentration in insurance at the Bermuda College.

The Bermuda Foundation for Insurance Studies will administer the award.

Students who have already received a scholarship from the Foundation are ineligible for the award. "We wanted to recognise Mr. Sainsbury's leadership of the Argus Group during its period of greatest growth,'' Argus president and chief executive officer Gerald Simons said.

Sainsbury honoured by Argus Group Mr. Simons said the company also wanted to provide an opportunity to encourage young Bermudians to excel in the insurance industry.

Argus originally intended to fund a scholarship to cover tuition. Mr.

Sainsbury has made a personal contribution to increase the scholarship's value to cover the full cost of a year's study at Bermuda College.

John Sainsbury BUSINESS BUC