The Association of Bermuda International Companies has received a record number of applications for scholarships, the most in the 46-year history of the Abic Education Awards.

Recipients will be selected from the 83 applications based on financial need and academic achievement, after the interview process is completed for shortlisted candidates.

Abic will announce the successful applicants at its awards presentation in July.

Since their inception, the Abic Education Awards, which are funded by Abic’s member companies, have provided more than $20 million to over 720 students pursuing undergraduate or graduate education, primarily in areas related to international business.

In 2022 alone, the programme awarded scholarships with a total value of $605,000 to 20 recipients.

The programme reflects Abic’s longstanding commitment to providing Bermudians with access to the education they need to pursue career opportunities in international business.

Other Abic educational initiatives include its role as fiduciary of Bermudascholarships.com, the definitive source for scholarships in Bermuda; hosting at public high schools career panels, featuring young professionals speaking to students about their careers in IB; and partnering with the Ministry of Education to provide curriculum material relating to IB and its importance to the Bermuda economy.

Patrick Tannock, the chairman of Abic and chief executive of Axa XL Insurance in Bermuda, said: “IB is a key driver of Bermuda’s economy and it is imperative that we encourage and enable Bermudians to participate fully in this thriving sector. Abic and our member companies also appreciate that building a strong pipeline of local talent supports the sustainability of our industry.

“We are very encouraged by the record high number of applicants for the Abic Education Awards, and we are grateful to the volunteer interviewers, who dedicate their time and expertise to help with this most important initiative.

“The Abic Education Awards programme has created access to further education and opened doors of opportunity for hundreds of Bermudians for more than four decades.

“With the continuing generous support of member companies, we intend that it will benefit many more in the years to come.”