The Bermuda Foundation for Insurance Studies has just had a cash boost from a new member, RAM Re.

RAM Re is a reinsurance company which was formed in 1998 and joined BFIS as a pledged member, donating $50,000 to BFIS over the next five years. Vernon Endo, president of RAM Re said, "We are committed to Bermuda and this is a very tangible way in which we can help Bermudians become a part of the vibrant insurance sector.

"As we grow we hope BFIS will assist us in selecting a student to intern with us, so that we are not only giving money for scholarships but are also giving that invaluable work experience which can make such a difference to a young person's career aspirations."

On hand for the presentation when they became a member were Brian Hall, BFIS chairman, Mark Lima, BFIS president and Roger Cunningham, senior vice president of RAM Re and Catherine Lapsley, BFIS executive director. Mr. Hall said: "We are delighted to have the small and growing companies join BFIS especially as they will benefit by having a pool of well-educated and well-trained Bermudian graduates to draw from as they build their business in Bermuda."

RAM Re, an "AAA/Aa3" rated financial guaranty reinsurance company and provides reinsurance for investment grade asset-backed, municipal and project finance debt obligations.

BFIS was established in 1996 and was set up to ensure that over time Bermuda's insurance companies have a pool of well-educated and prepared Bermudian staff to draw from.

BFIS runs a programme of scholarships, mentoring and internships. Twenty-five Bermudians who had received BFIS scholarships are now working in the insurance industry and fifteen BFIS Scholarship students are currently in college.