Ryan Cabral was selected from a pool of 19 applicants to receive the inaugural Montpelier Re Scholarship.

The 19-year-old Bermudian, who is entering his third year in a Bachelor of Business management Programme at Dalhousie University in Halifax, Nova Scotia, Canada, said he was "very grateful" to receive the award.

The scholarship, which funds up to $15,000 per year for up to two years to cover tuition, books and other fees, was awarded by the reinsurance company's philanthropic arm, the Montpelier Re Foundation.

Last year Mr. Cabral, who graduated with honours from Saltus Grammar School in 2007, won membership to the Dalhousie Golden Key International Honour Society in recognition of his scholastic achievement.

"Supporting educational initiatives has always been a priority for the Foundation," Montpelier Re Foundation chairman Wayne Jackson said. "We have received numerous requests from students seeking financial assistance, so we created this award to assist a Bermudian university student in achieving his or her educational goals without having to worry about finances during their final years of university."

The scholarship is open to suitably qualified full-time Bermudian students entering either the third or fourth year of a three- or four-year degree programme at an accredited university or college. It includes a summer work placement at Montpelier Re.

The selection committee was chaired by former Premier Dame Pamela Gordon Banks.

Montpelier Re executive chairman Anthony Taylor, who also sat on the selection committee, said: "Ryan stood out from the pack due to his high achievements academically and his great enthusiasm for his field of study."

He added that the company had always been supportive of Bermudians working in the company throughout the eight years since it was formed on the Island.

"We have had one or two summer students going on to be full-time - one has become an actuary," Mr. Taylor added.

The Montpelier Re Foundation was founded in 2003 to support charitable giving in Bermuda.