ILS (Bermuda) Ltd, organisers of Bermuda Convergence 2017, has launched a new education initiative that will provide scholarships for five Bermudian students to work towards an Associate in General Insurance (AINS) designation through the Bermuda Insurance Institute’s (BII) ‘Career Pathways’ programme.

The initiative will also offer students complimentary attendance to the annual Bermuda Convergence 2017 event along with free lectures before and after the event.

The BII’s Career Pathways programme is designed to provide identified high school and Bermuda College students with knowledge of a key segment of Bermuda’s economy.

These ILS Bermuda sponsored scholarships will afford the selected Bermuda College students with an opportunity to earn an internationally recognised insurance designation as well as work shadow opportunities in the industry through partnership with ILS Bermuda member companies.

The BII is Bermuda’s only comprehensive risk institute providing assessments, insurance and reinsurance courses, relevant seminars, conferences, and awards and recognition events.

The Career Pathways programme consists of four stages; an overview seminar for students, the BII Insurance Induction Programme, courses towards the Associate in General Insurance (AINS) designation and work shadow opportunities.

In addition to their financial contribution towards the Scholarships, ILS Bermuda is offering ten students complimentary admission to the Bermuda Convergence 2017 event on October 18 and 19 at the Hamilton Princess.

Bermuda College economics lecturer Craig Simmons will join the Association of Bermuda International Companies (ABIC) / BII Committee that selects students for the Pathways awards.

Tim Tetlow, of ILS Bermuda’s Thought Leadership and Education team and partner and chief operating officer of HSCM, said: “Last year we had a few Bermuda College students attend the event and it was well received by both them and their professor.

“After some internal committee discussions we all agreed this was an excellent opportunity to engage and educate young Bermudians on the niche segment of ILS and the alternative reinsurance space. With over 40 speakers this year, there is a wealth of information from industry specialists in their fields that will be great exposure for the students.”

Kathleen Faries, deputy chairwoman of ILS Bermuda Ltd and head of Tokio Millennium Re’s Bermuda branch, said: “We are very excited about the opportunity to offer scholarships for candidates interested in the BII’s Career Pathways programme. The BII has a long history of providing students resources to navigate entry into the Reinsurance industry and offering applicable courses that will benefit the student and earn designations, which will prepare them for the workforce. We are pleased to support this initiative and to provide this opportunity to a new generation of insurance professionals.

Shannon Totten, Council Chair of the BII said: “We are very thankful to ILS Bermuda for their generous offer to financially assist Bermuda College students as well as provide opportunities to engage the students directly through world class member firms representing ILS Bermuda.”

Phyllis Curtis-Tweed, vice president, academic and student affairs, Bermuda College said: “On behalf of Bermuda College, many thanks to ILS Bermuda and the BII for providing financial opportunities and learning experiences that will prepare Bermudians to enter the workforce and provide a solid foundation for further study.” Dr Curtis-Tweed added: “This is a much needed investment in Bermudian students with far-reaching positive implications for the future.“

Craig Simmons, economics senior lecturer of the Bermuda College said: “Student reaction to the conference invite and the new scholarships has been overwhelming. This ILS educational initiative will give Bermuda College students unprecedented access to the reinsurance sector and the burgeoning ILS space in particular, through mentoring and work shadowing opportunities.

“In addition, our students will earn an internationally recognised professional designation as they complete their associate degrees.

“Tim Tetlow’s involvement in this initiative holds special significance for me: he is a former student who is demonstrating that he understands the importance of paying-it-forward. My heartfelt thanks go out to him and the entire ILS Bermuda team.”