The Bermuda Foundation for Insurance Studies (BFIS) has awarded scholarships with a total value of $4.3 million to 119 students since its inception 16 years ago.BFIS chairman Michael Fisher announced the numbers at the organisation’s annual general meeting.But Mr Fisher added that BFIS was feeling the effects of reduced donations, which were covering barely half the Foundation’s scholarship and operational expenses.“The global economic crisis and its impact on the local insurance industry and Bermuda continues to make for a very challenging operational environment,” Mr Fisher said.“Volatility in the investment markets has required that the BFIS financial team work very hard to manage the returns on the Investment Fund so that we can continue to award the same number and value of scholarships, and also adequately support our intern and mentor programmes.“Although we have seen an improvement in the Investment Fund at times during the past 12 months, we are still some way away from attaining the comfort levels previously enjoyed.“The Board initially entertained reducing the scholarship budget as we were uncertain as to how heavily we would have to draw down against the Investment Fund. In the end we could not ignore the 97 applications received and the consistently high level of academic performance of the students, and awarded 13 scholarships of which over half had financial need.“This brings the total number of current BFIS scholars to 24, at an outlay of $415,000 for this academic year alone.”Mr Fisher added that the BFIS internship programme, with participants in Bermuda, Chicago and Atlanta, had been a success.“The Mentoring programme continues to be a resounding success, with over 50 students and young professionals actively participating,” he added. “It is worth noting that in addition to our own BFIS alumni who help to run the programme, many other industry professionals support us through volunteering their time to mentor students and attending the various networking events held during the year.“Aside from all the normal day to day activity in managing our scholarship, internship, mentoring and career promotion programmes, the BFIS office has seen a marked increase in the number of people contacting us for guidance and/or assistance in finding employment in the industry.“The BFIS office has done a remarkable job of satisfying these enquiries or acting as a conduit to put people in contact with someone who can offer the appropriate help or guidance.”Highlighted in the Financial Report is the fact that pledges and donations are nowhere near the levels enjoyed during BFIS’ early years, with donations barely covering half the Foundation’s combined scholarship and operational expenses.Mr Fisher said that, although disappointing, he believed this can be attributed to the uncertain economic times and the associated reduction in philanthropic donations.Mr Fisher noted that BFIS is most appreciative of not only the funding from our sponsors but also the volunteer hours which many of their representatives give to the Foundation. To have their industry expertise so generously donated to BFIS, he said, is a unique and tremendous resource, one without which BFIS would not be able to function effectively.Mr Fisher welcomed the four new trustees who are joining the board: Mark Berry, senior vice-president and managing director of XL Re; Jill Husbands, managing director/head of office of Marsh IAS; Carla Whitehurst, vice-president and senior legal counsel at Alterra Bermuda and Terry Pimentel, president of Arch Insurance (Bermuda), as well as two new members of the Finance Committee, Alistair Border, professional writer at Orbis and Carol Faries, AVP, Assistant Controller at BF&M.Immediately following the AGM, BFIS advisory trustee Brian O’Hara presented founding member Walter Scott with a BFIS pin. Mr Scott went on to talk about the reason BFIS was established and its continuing relevance today.Guest speaker at the light lunch which followed was Andrew Soares, chairman of the Bermuda Insurance Institute’s Education Committee, who gave a brief overview of the recently launched BII/Wharton Leadership Development Programme which was well received by the attendees.Further information on the BFIS Annual Report 2012 www.bfis.bm