Bermuda-based White Mountains Group Ltd. yesterday pledged $50,000 over the next five years to support a Bermuda Foundation for Insurance Studies (BFIS) student studying for a career in insurance.

Domiciled in Bermuda since 1999, White Mountains Insurance Group, Ltd. joins a growing list of Bermuda and international companies contributing to one of the largest programmes designed to prepare Bermudians for careers in the Island's international insurance industry.

Deputy chairman of White Mountains, Gordon Macklin said: “We first approached BFIS with a view to making a contribution in July of this year and were impressed with the quality and scope of the BFIS programme. We are delighted to take part in this industry initiative. BFIS's scholarships for degrees in insurance, actuarial science and finance, supported by its mentoring and job search programmes, not only benefits young Bermudians but also provides potential employees for our industry.”

President Tom Kemp noted that White Mountains has been developing its Bermuda operations over the last few years, and was recently involved in the formation of Montpelier Re, capitalised at $1 billion. White Mountains also has announced its intention to provide advisory services to Olympus Re, another Bermuda reinsurer now in organisation at approximately $500 million of capital. In addition, White Mountains' is organising a wholly owned reinsurance subsidiary in Bermuda, to be named Fund American Reinsurance Company, Ltd., to acquire the international reinsurance business of Folksam International.

“All these enterprises will require trained and competent staff, and we are hopeful the BFIS programme will help fill that need,” he said.

The BFIS offers up to three, two-year scholarships of $2,700 each year for Bermudian students majoring in Insurance, Actuarial Science or Finance at the Bermuda College and up to three two-year scholarships of $15,000 each year for Bermudian students entering either their Junior or Senior year of an Insurance, Actuarial Science or Finance undergraduate degree at an approved university or college overseas.

The Foundation also has a Mentor Programme to assist students in finding internships and vacation jobs within the industry.

On the web: www.bfis.bm

White Mountains Insurance Group is a Bermuda-based holding company listed on the New York Stock Exchange under the symbol WTM. White Mountains principal operating affiliates are OneBeacon, a Boston based property casualty insurer (formerly CGU); Folksamerica, a broker market reinsurance company located in New York City; Montpelier Re, a Bermuda reinsurer; and Main Street America, a property casualty insurer located in Keene, New Hampshire. On the web: www.whitemountains.com