purpose of developing, coordinating and generally overseeing the availability, direction and funding of training and education facilities specialising in insurance-orientated academic and professional designations for Bermudians.

Brian R. Hall is chairman of the Foundation and the Board of Trustees includes many of the Bermuda insurance market's leading chief executives, whose companies have pledged funds to the Foundation, which is a Bermuda registered charity.

The officers, including Mr. Hall are as follows: President, Thomas Kelsey Vice-President, Preston Hutchings Vice-President, Stephen Outerbridge Corporate Secretary, Bruce Murray Treasurer, Leila Maderios Executive Director, Catherine Lapsley Information regarding the various programmes of the Foundation is outlined below: Business Degree Programme Scholarships Four scholarships per annum are available to Bermudian students to enter a four year programme leading to a BA in Business Administration with Insurance specialty. First two years at Bermuda College where a grade points average of 3.0 must be maintained. Subsequent two years at an approved college abroad.

There are currently eight students under BFIS scholarship at Bermuda College and six completing their degrees overseas at The College of Insurance, New York and the University of Hartford.

Mentor Programme Each student is matched to a young insurance professional who acts as their mentor who provides encouragement and advice as well as being an industry resource to them.

Intern Programme The Foundation helps its students to find internships within the insurance industry during summer vacations.

Bermuda MBA (Risk Management) Programme In conjunction with the Bermuda Insurance Institute, The College of Insurance, New York runs this intensive MBA course, tailored to the Bermuda insurance market. The Foundation gives financial support to this programme to ensure that young professionals in the Insurance industry are given the opportunity to earn acceptable advance qualifications and thereby gain further career potential.

Bermuda Insurance Institute The Foundation supports the BII financially to ensure that its particular range of professional designated courses of study are delivered to those people seeking to enroll, or further their careers, in the insurance industry.

These courses of study enable students to earn professional designations specific to the insurance industry.

Bermuda Scholars Programme This involves top overseas university or college graduate students, majoring in Business with an Insurance specialty, who come to Bermuda for four weeks to participate in an accredited programme and to learn first-hand the unique characteristics of the Bermuda Insurance market.

The course consists of classroom study plus a research project on the insurance industry which is shared with the industry and Government. Fourteen scholars have been selected this year, whose nationalities include American, Bermudian, Bulgarian, Canadian, Scottish, Singaporean and Taiwanese.

ACADEMIC FACILITIES The Bermuda Insurance Institute The principal purpose of The Bermuda Insurance Institute is to provide a high standard of appropriate education and training to those working in the insurance industry, in related professional service sectors, or those who are seeking entrance into the industry.

The Institute uses a part-time teaching staff to provide a wide range of educational opportunities including daytime and evening classes, regular technical seminars and monthly lunch meetings attended by its 150 member companies.

The Institute has played a major role in helping to fuel the rapid development of the Bermuda insurance market, whose growth has not only increased demand for trained insurance personnel, but also prompted many qualified professionals to seek professional development opportunities.

The BII was incorporated by The Bermuda Insurance Institute Act of 1984 but its roots go back to 1970 when The Bermuda Insurance Diploma Association was established.

Still one of the Institute's core activities, the Bermuda Insurance Diploma examination course focuses on insurance practice, the legal aspects of insurance and the Bermuda insurance market and is widely recognised by insurance employers in Bermuda.

In addition to quarterly induction seminars designed to give new entrants to the industry in overview of the Bermuda market, the Institute prepares students for examinations set by Britain's Chartered Insurance Institute and the American Institute for Chartered Property and Casualty Underwriters.

The College of Insurance The New York-based College of Insurance is a four-year institution of higher education that prepares its students for careers in insurance, risk management, financial services and actuarial science, while providing a thorough education in the liberal arts.

The College is accredited by the Middle States Association of Colleges and Schools and is chartered by the New York State Department of Education.

The following degrees are offered: Bachelor of Business Administration, Bachelor of Science, Master of Business Administration and Associate in Occupational Studies.

The College traces its history back to 1901 and the formation of the Insurance Society of New York. The first formal courses were offered in 1917, and in 1946, the School of Insurance was founded. In 1962, the school received its charter and became The College of Insurance.

A cornerstone of the College is its strong backing by the insurance industry.

As a result, students take part in one of the strongest cooperative education programmes in the US.

The College of Insurance has strong ties to the Bermuda insurance industry. A cooperation agreement with Bermuda College promotes the smooth and efficient transition of qualified transfer students from the Association in Business Administration programme to The College of Insurance's Bachelor of Business Administration programme.

Other collaborative ventures include a new executive format MBA programme that The College of Insurance offers in Bermuda through The Bermuda Insurance Institute and the endowment of faculty chairs by Bermuda-based EXEL Ltd. and ACE Ltd. Additionally, the Robert Clements/ACE Scholars Programme at the College provides full scholarships for four students in the pursuit of degrees in insurance and risk management.

Business Degree Programme After years of insurance education being available in Bermuda only to those seeking professional designations, the new Business Degree programme is aimed at providing academic opportunities to achieve qualifications that are sought by the insurance industry.

The new programme recognises the school and economic importance of the burgeoning insurance sector of the Bermuda economy and its constant need for qualified professionals.

Insurance companies support education The main feature of the programme is that it provides the opportunity for those graduating from Bermuda College with an Associate in Business Administration to enter the New York-based College of Insurance's Bachelor of Business Administration programme.

To support this, The College of Insurance and Bermuda College have signed a cooperation agreement to promote the smooth and efficient transition of qualified transfer students.

Under the agreement, The College of Insurance will accept as juniors those students who have successfully completed Bermuda College Association degree programme, while maintaining a specific grade point average.

The Business Degree Programme has been introduced as a major advance for the Bermuda insurance industry which directly employs a workforce of over 2,000.

Thousands of other jobs in banking, accounting, law and allied professional services are known to be directly and indirectly affected by the insurance industry.

MBA Programme The MBA in Risk Management offered in Bermuda is a programme provided by The College of Insurance in New York, which has been customised to meet the needs of the Bermuda insurance community.

The study and practice of risk management continues to grow in complexity and to require increasingly advanced knowledge and skills among its practitioners.

Accordingly, The College of Insurance MBA has been designed with current and future challenges of risk management in mind. The MBA programme offered in Bermuda is not a generic master's degree but a focused programme developed with the input of risk management academics and practitioners from around the world.

The MBA programme offered by the 95 year old educational institution is a 51 credit hour (17 course) programme which follows curriculum standards set by the American Assembly of Collegiate Schools of Business, which is the major accrediting body for business schools in North America.

Students complete course work in four areas: a common body of knowledge, a concentration, electives and business policy analysis. All requirements for the degree must be completed within five years with an overall 3.0 grade point average required for graduation.

In customising its MBA in Risk Management, The College of Insurance recognises the value and accomplishment represented by the completion of professional designation programmes. The Fellowship and Associateship of the Chartered Insurance Institute, the Chartered Property and Casualty Underwriter designation, the Chartered Accountancy, Associate in Risk Management and similar programmes have been assessed regarding their content and course levels. Up to 12 credit hours may be awarded to applicants holding any of these designations, allowing students to accelerate their study and to move more rapidly to advanced course work.

THE BERMUDA SCHOLARS PROGRAMME The rapid growth of the Bermuda insurance industry has meant that many students of risk management and insurance have, at best, only a basic understanding of the most innovative and successful new products and market capacity available in Bermuda.

The Bermuda Scholars Programme, launched in 1997, was intended to help address this by attracting to Bermuda exceptional students who are majoring in insurance subjects. A scholarship will be available for six-week periods of directed academic study, combined with internships with Bermuda companies, and an assignment for the production of research papers that address the Bermuda insurance environment. The student will be evaluated and earn credits by their participation.

The main objectives of the programme are: 1. To introduce top undergraduate and graduate students in insurance and risk management to the Bermuda insurance and reinsurance markets.

2. To provide participating students with high quality academic study, work related experiences and the opportunity to research the unique Bermuda insurance environment.

3. To provide Bermuda with talented and well-educated interns capable of carrying out specific research projects.

4. To raise the profile of the Bermuda market in academic programmes worldwide.

Students eligible to participate in The Bermuda Scholars Programme will have completed at least the sophomore year in a programme of study leading to a bachelor's degree with a major in risk management, insurance or actuarial science.

All interested students should contact Catherine C.R. Lapsley, Executive Director of BFIS, by phoning: 295-1266 or fax: 295-5876. The location is First Floor, Cedarpark Centre, 48 Cedar Avenue, Hamilton, Bermuda.

Brian Hall, chairman of the Bermuda Foundation for Insurance Studies.