Eight of Bermuda's brightest students who plan to make careers in the insurance industry have been presented with scholarships totalling $428,000 from the Bermuda Foundation For Insurance Studies (BFIS).

The scholarship amounts range from $30,000 a year for up to four years' study overseas to $4,000 a year to study at Bermuda College.

"The scholarship selection process is never easy, but in the end it comes down to academic ability, personality and enthusiasm to succeed. Students who can demonstrate that they are well rounded as well as being exceptionally bright are those most likely to be awarded scholarships in this increasingly competitive world," said Paul Simons, BFIS President and Scholarship Committee.

Executive Director, Catherine Lapsley added: "This academic year we will be making payments totalling $353,378 to our eighteen current scholarship students. Altogether since 1996, BFIS has awarded $2.7 million to 77 students.

"None of this would be possible without the generosity of our pledged members and donors, the majority of whom are insurance related companies. Insurance industry leaders started BFIS in 1996 in order to ensure that Bermudian students were able to find the right education and training to start insurance careers, and with 54 students now graduated and working in the insurance sector, that idea is steadily bearing fruit."

Gino Smith, BFIS Mentor Network Chairman and former BFIS scholarship student, was on hand at the awards ceremony and spoke about the added value of BFIS to all students interested in insurance through the Mentor Network.

"The importance of networking cannot be underscored enough. Here in Bermuda and especially through BFIS, students have access to the top insurance professionals," he said.

"Having an insurance professional as a mentor helps students learn the 'language' of insurance and the first word to learn is 'networking'. To be able to talk to people of all levels in the industry, making contacts, and finding out how business is conducted is as valuable as getting your degree."

At present there are 18 BFIS scholars in total, who have received awards of more than $1.137 million.