Scholarships and prizes were awarded by the Bermuda Insurance Institute (BII) yesterday and 66 newly certified insurance professionals were welcomed to the industry by their peers.

Big winners at yesterday's ceremony were Karen Smith, who received the Shelton Burgess Scholarship ($6,000) and Eugenia Dean and Jon Smith, who each received the Verbena Daniels scholarship ($5,000). These scholarships will enable the recipients to complete advanced insurance programmes.

Five prizes were also awarded among the 66 students who earned 82 professional designations ranging from Certificates in General Insurance to professional designations such as CPCU and ACII.

Ms Smith was awarded the Argus Group prize for best student in the Property and Liability Insurance Principles class.

Mr. Smith was awarded the Bermuda Independent Underwriters Association prize for best student in the Commercial Insurance class and Ms Dean was awarded the Ernst & Young prize for best in the Bermuda Insurance Market class.

Michaela Bradshaw received the BF&M prize for best student in the Personal Insurance class and Cynthia Thomas was awarded the Brokers Association of Bermuda award for best student qualifying for the CPCU.

"The award recipients represent an exciting pool of talent that is available to Bermuda's growing insurance and reinsurance markets," said BII president Elspeth Brewin at the ceremony.

"These students have worked hard to achieve the high examination standards to meet the rigorous demands of the industry, many at the same time as completing their duties as full-time employees.

"These are an impressive group of individuals whom I look forward to working with as industry colleagues over the coming years."

Ms Brewin went on to say that the students are filling a critical need in Bermuda for insurance professionals.

"It is important that Bermuda is able to provide a well-educated workforce to the leading insurance companies that have chosen to make Bermuda their home, as well as various international companies represented here. I commend these young professionals for taking the next step in furthering their industry knowledge and completing their courses at the BII.

"The number of students graduating today bodes well for the future of the insurance industry here on the Island."

The BII allows students interested in the insurance industry to study on-island from key local personnel teaching their area of expertise.

The institute's director of education, Peter Doyles, said registration has grown at a "phenomenal" rate over the last five years.

"The administration for many of these courses has been streamlined which enables students to receive their results much (more quickly)," he said.

"This in turn allows students to take more examinations throughout the year and complete their education in a shorter time frame.

"In addition, more employers are actively encouraging their employees to study for relevant insurance designations.

"It is a 'win-win' situation for both employers and employees."

Labour Minister Randy Horton was also on hand yesterday to congratulate the new graduates.

"I am both honoured and delighted to present so many certificates and diplomas to these young insurance professionals," he said. "Today's awards reflect the ability of the recipients, their commitment to ongoing professional development and their dedication to this critically important area of Bermuda's economy."