The Bermuda Foundation for Insurance Studies (BFIS) celebrated its 15th anniversary at its recent annual general meeting.The foundation provides funding to support the education of students seeking employment in the Bermuda insurance industry.In his report to the meeting, BFIS chairman Michael Fisher, said BFIS had awarded scholarships to 108 students since its inception and that, of the 78 graduates to date, almost all were working in the industry.“The global economic crisis, and its effect on the local insurance industry and Bermuda as a whole, has made for yet another very challenging year,” Mr Fisher said.“The continued volatility in the investment markets has required that BFIS work hard to manage the returns of the Investment Fund so that we can continue to offer the same level of scholarship awards and support our intern and mentor programmes.“Although we have seen some improvement in the Investment Fund at times during the past 12 months, we are still some way away from attaining the levels previously achieved. I am pleased to acknowledge that, through the hard work of our Finance Committee and our investment consultant, we believe we have managed the fund responsibly and weathered another difficult year with positive results, leaving us in a slightly better position than a year ago.”“I am also pleased to recognise the success of the intern programme. As evidence of the success of this programme, I note that of the 53 students who have participated to date, all but two have entered the industry upon their graduation.”He noted that the BFIS Mentoring Programme continues to be a resounding success and that much of that success today is through the contributions of BFIS alumni, now offering their time to participate in the programme as mentors.In his Report to the Members, Mr Fisher highlighted how appreciative BFIS is, not only for the funding from donor companies, but also for the volunteer hours their employees give through serving on BFIS committees and generally overseeing the running of the Foundation.“To have their industry expertise so generously donated to BFIS is truly a unique and tremendous resource, one without which BFIS would not be able to function effectively,” Mr Fisher said.A reception followed the AGM, attended by advisory trustees, donor representatives, committee members and BFIS alumni. Also present were BFIS founding members Brian O’Hara (retired chairman of XL) and Walter Scott (retired chairman of Ace), who reportedly acknowledged how pleased they were that BFIS, first conceived by Brian Hall (then Chairman of J&H Bermuda) in 1996, had grown to become such a resounding success.Further information and the BFIS Annual Report, visit wwww.bfis.bm