Bermudian-based Everest has launched a new scholarship programme in honour of former chairman Joseph Taranto as part of a broader effort to support education and develop future leaders.

The global insurer and reinsurer announced the creation of the Joseph V Taranto Scholarship, an annual renewable award for a college-bound student who demonstrates academic achievement, financial need and leadership potential.

The scholarship, established by Everest and its board of directors, recognises qualities the company said reflected both its values and Mr Taranto’s leadership style, including integrity, discipline, intellectual curiosity and a commitment to service.

Jim Williamson, Everest’s president and chief executive officer, said the programme reflected the company’s long-term investment in people.

“Developing people and creating opportunity are fundamental to how we operate at Everest,” Mr Williamson said.

“This scholarship reflects our long-term commitment to investing in talent, both within our organisation and in the communities we serve. It is one of many ways we’re helping build the next generation of leaders.”

Everest said the inaugural recipient had already been selected through a competitive process that considered academic performance, ambition, character and alignment with the company’s values.

The company described the scholarship as part of a wider strategy focused on educational initiatives, community partnerships and talent development programmes.

Mr Taranto said he viewed helping young people as an enduring investment.

“Throughout my career, I’ve believed that creating opportunities for others is the most meaningful legacy any leader can leave,” he said.

“Supporting young people with drive and ability is an investment that pays dividends in a broad and far-reaching way.”