Island's insurance industry was unveiled yesterday.

And international insurers yesterday pledged millions of dollars over five years to ensure the success of The Bermuda Foundation for Insurance Studies.

More than $2 million of a $7.5 million endowment required to ensure the perpetuity of the programme was pledged as the insurance industry signalled its determination to develop its own pool of insurance professionals.

Financial support will be solicited from Bermuda, overseas and from individuals. Charitable status will be sought to enable tax exempt US contributions.

Johnson & Higgins (Bermuda) Ltd. chairman Brian Hall, a Bermudian, had a clear message to Bermuda's young: "Please take note of the opportunities that are before you.'' He also made a personal contribution in the form of an annual scholarship worth up to $25,000.

It was just one indication, he said, of how far reaching an effect he believes the new strategy will have on preparing Bermuda's young for successful careers in insurance, starting this September.

Mr. Hall said of his scholarship to Bermuda College and the College of Insurance in New York: "By this gesture, I would hope other Bermudians who have benefited from their involvement in this exciting industry may feel equally disposed to contribute individually.'' And regarding substantial sums pledged by international insurers over the next five years, Mr. Hall commented: "Let me hasten to remind you that these pledges have been committed to support the launch of the Foundation, and I am sure that the entire insurance industry will sign down over the next couple of months.'' With initial commitments yesterday were XL Insurance ($1 million), Mid-Ocean Re ($500,000), SCUUL ($250,000), Renaissance Re ($100,000) and ACE Insurance ($200,000) in the name of retiring directors Robert Newhouse and Robert Mendoza.

The fundraising drive is aimed at financing the provision of a range of educational resources and opportunities vital to the industry's growth.

The Foundation will develop, coordinate and oversee the availability, direction and funding of training and education facilities specialising in insurance-orientated academic and professional designations.

Mr. Hall predicted that the Bermuda market, will grow from the current 1,400 companies and $30 billion of capital and surplus, to $40 billion and at least 1,500 companies by 1998, generating about 40 new jobs a year.

The scheme also links The Bermuda College with New York's College of Insurance and the Bermuda Insurance Institute (BII).

After completing a two-year Associate of Business Administration course at the Bermuda College, students can make a "seamless'' transition to the Bachelor of Business Administration programme at the College of Insurance in New York, said Bermuda College president Dr. George Cook.

And a Bermuda Scholars Programme will bring exceptional US students who are majoring in risk management, insurance and actuarial science to Bermuda every summer, to learn more about Bermuda's cutting edge market.

The Foundation will also assist the BII's professional studies programme and support the College of Insurance MBA programme in Bermuda. It will also help the Chamber of Commerce's International Companies Division with its education awards programme.

They include (seated from left) College of Insurance president Dr. Ellen Thrower; Foundation chairman pro-tem and chairman of Johnson & Higgins (Bermuda) Ltd. Brian Hall; Minister of Education Jerome Dill; Bermuda College president Dr. George Cook; (back row from left) senior vice president of SCUUL (School, College and University Underwriters Ltd.), Gayle Gorman; Foundation coordinator, Jean Southworth; Adolf Luttke of Corange Ltd.; international companies division of the Chamber of Commerce president Anthony Goodfellow; and president of the Bermuda Insurance Institute, Sheila Nicoll.