The new insurance start-ups are ready and willing to put cash forward for the education of young Bermudians, according to the head of one of the leading insurance colleges in the US.

Professor Emerita of the College of Insurance at St. John's University, Dr. Ellen Thrower, was in Bermuda last week to both encourage more students to attend the school and to get additional sponsorship from companies.

"I have spoken to a number of executives from the new companies who have expressed an interest in funding scholarships," she said. "There is a great deal of enthusiasm for the training of Bermudians - and making sure that there are enough young Bermudians who can step into senior roles in the years to come."

The new companies were set up as a result of a capital crunch caused by the September 11 terrorist attacks on the US - which left an opportunity in the market for new companies to be formed. The companies were Axis Specialty, Allied World Assurance Company, Arch Re, Endurance Specialty, Montpelier, DaVinci Re, Queens Island Re and Goshawk Re and more recently Platinum Re. All of these companies have stressed how important it is for them to employ Bermudians - and so far have persuaded a series of Bermudian insurance specialists to join their ranks - but had to steal them away from the more established companies.

But now they are becoming established enough to join in with the rest of the Island's insurers in paying towards training Bermudians - and would like to grow their own talent.

"We would like to see more Bermudians come through our doors, and it looks like some of the new players are getting to the stage when they are ready to fund training," added Dr. Thrower.

"I have met with several of these companies and things look promising."

Bermuda's insurance companies contribute tens of thousands of dollars every year in scholarships to help young Bermudians train in the industry. In the past nine years 55 Bermudians have graduated from the College of Insurance in New York - many on scholarships from Bermudian companies. Many more go on to do their internships on the Island and have been steadily moving up the ranks.

Bermudians have been attending the college for the past 50 years, and many senior Bermudians in the international companies did their initial training in New York at the college.

Early signs of the companies coming of age happened earlier this year when Arch Re started supporting the Bermuda Foundation For Insurance Studies. Arch Re President, Dwight Evans said at the time: "Bermuda is a significant part of the global insurance market place. It is important to ensure that the Bermuda insurance companies have a pool of well-educated young people

"Our industry is growing and a source of well-trained and educated Bermudians is vital to its success. We see supporting the foundation as a very positive way to help Bermudians take advantage of the benefits of a career in insurance."