Marsh yesterday announced that it will sponsor a two-year university scholarship worth $15,000 per year to be administered by The Bermuda Foundation for Insurance Studies (BFIS).While the global insurance brokerage has donated annually to BFIS since its inception in 1996, this newest scholarship includes a summer employment position for the recipient through which the student will gain valuable hands-on insurance industry experience.“Marsh is proud to sponsor this scholarship, which will help recipients gain a better understanding of the broking side of the insurance business and the career opportunities it presents,” said Chris Reeves, a managing director at Marsh and president and chief operating officer of Bowring Marsh (Bermuda) Ltd.The scholarship is open to students studying for an undergraduate degree at an accredited university recognised by BFIS. It is available to students who plan to pursue a career in the insurance industry and who major in insurance, risk management, actuarial science, mathematics, finance, economics, accounting, corporate law, or computer science.Jill Husbands, a managing director at Marsh and head of the Bermuda Office for Marsh IAS, said: “There is a lot of talent in Bermuda and we are grateful that an organisation like BFIS exists to help us in our ongoing strategy to support young Bermudians interested in careers in insurance.”BFIS executive director Catherine Lapsley was delighted with Marsh’s support and said there was a healthy demand for scholarships from young people looking to pursue a career in the insurance industry.Last year, BFIS had 106 applicants, carried out 30 interviews and gave out nine scholarships. But she said that finding new funding was a challenge after a year in which the industry sustained huge catastrophe losses.“It makes raising funds very difficult, but we do have a pretty good investment fund,” Ms Lapsley said. “We’re trying to find ways to make our money go further.“For example, some students are going to the UK, where it costs them a lot less than it would if they went to the US. That way one scholarship can sometimes be divided into two.“One of the things about the Marsh scholarship is that they are concerned it goes to someone who really needs the money.”The scholarship is among those offered on the Bermuda Scholarships website and the deadline for applications is April 30.Useful website: www.bermudascholarships.com