Nineteen Bermuda Foundation for Insurance Studies scholars are now working in the insurance industry and a further eight are expected to join them in the summer of next year when they graduate from college.

BFIS chairman Brian Hall told the foundation's annual general meeting this month that Bermudian students have received more than $750,000 in scholarships since 1996 and the foundation now has an endowment of $3.46 million.

In addition, students majoring in economics are now eligible for scholarships from BFIS.

"Initially, BFIS only granted scholarships to students majoring in insurance or actuarial science," a statement from BFIS said. "However, in keeping with current market dynamics and the expanded needs of BFIS donor companies, students majoring in insurance, risk management, actuarial science, finance and economics are now eligible to apply for the BFIS scholarships."

Beside the eight students due to graduate this year, a further seven scholars are also in college, he said.

Every year BFIS awards three $15,000 scholarships, tenable for two years, to students in their junior or senior years at overseas universities. A further three scholarships are awarded each year, tenable for two years, to students studying for their Associates Degree at the Bermuda College.

Mr. Hall said that in addition to the scholarship programme, BFIS also has 150 students being mentored by industry professionals.

BFIS, which received substantial donations from Partner Re, White Mountains, ACE Bermuda, XL Capital, XL Re, OIL Management Services, Renaissance Re, Marsh and Marsh Global Broking, Swiss Re and Trenwick, plans to eventually have an endowment of $6 million to meet its aim of ensuring that Bermudians are provided with the opportunity to receive the education and training necessary for a career in the insurance industry.