Home Affairs Ministers Michael Fahy has praised an internship programme for Bermudians, which was launched this week by the Lancashire Foundation.

Senator Fahy described the scheme, which will see two college graduates sent to Lancashire Holdings Ltd’s London office to train as underwriting assistants, as a “creative purpose-built model” developed to support local talent.

And he told the Upper Chamber this morning that it was inspired by his Ministry’s plan to create an international business internship programme.

“The CEO of the company credits the Ministry’s proposed initiative as the catalyst for the development of the programme,” said Sen Fahy.

“The internship programme was created via the company’s charitable foundation, the Lancashire Foundation Graduate Development Program, that is being used to train graduates and provide them with the skills they would need to gain entry to the reinsurance sector in Bermuda.

“The Foundation plans to sponsor two Bermudian graduates, send them to their London office to learn the ropes in underwriting and hopefully equip them with the skills to have a future in the reinsurance sector in Bermuda.

“Assuming a successful pilot, the programme will be repeated and, ultimately, will become a permanent programme for the on-going benefit of Bermudian students.”

The Minister encouraged all of the Island’s global partners to consider launching similar programmes.

He said: “The Ministry will be reaching out to industry in the coming weeks to formalise this appeal, with a view to working with more of our partners to secure opportunities for young college graduates in their global offices.

“The Government is committed to working with industry to identify training opportunities for Bermudians at all levels within the economy.

“Our sophisticated international business sector is one area where creativity is crucial to career development for recent college graduates, particularly those seeking to secure employment in the insurance and reinsurance sectors.

“The international business sector increasingly requires individuals with highly specialised skills. The ability to develop these skills on island has become increasingly difficult.

“This notwithstanding, the presence of the many global companies on-island presents a significant opportunity for Bermuda’s college graduates.”