Talented young Bermudians do not have to choose between going global and staying local, a leading local insurance executive has said.

Speaking at the Association of Bermuda International Companies education awards luncheon, Jessica Cardoso said Bermuda’s international business sector offers an arena to pursue big ambitions.

Ms Cardoso, an Abic board member and head of Markel’s Bermuda office, spoke at the Harbourfront Restaurant in Pembroke to more than 100 attendees, including Andrew Murdoch, the Governor, and Jason Hayward, the Minister of Economy and Labour.

Tawana Tannock, the managing director of Skuld Bermuda and an independent senator, was the master of ceremonies.

A combined $800,000 was awarded to 28 students to support their undergraduate or postgraduate studies at accredited institutions overseas. Selection is based on applicants’ financial need and academic excellence.

More than 800 scholars, including many who have become leaders in the international business sector, have benefited from the programme over its 48-year history.

Ms Cardoso has been in the industry for 22 years, working for Allied World and Aspen, before joining Markel in 2018.

“Some of you might wonder if your big ideas and big ambition have a place on such a small island,” Ms Cardoso said. “Let me tell you this — they do. In fact, Bermuda needs those ideas. It needs boldness and innovation. It needs to continue to evolve.”

She said Bermuda also needs heart and humility and leadership that knows its neighbours’ names.

“You do not have to choose between ambition and belonging,” she said. “You do not have to choose between going global and staying local. You can do both.”

Working in cities such as New York and London strengthened her appreciation of Bermuda’s global significance.

“The more time I spent overseas, the more I appreciated the calibre of business transacted here on our island,” she said. “I learnt this business was the most complex and this marketplace was the most dynamic, and my greatest opportunity and impact was here.”

When she returned home, she sought out opportunities to lead globally from Bermuda.

“I led teams from Bermuda to London to Singapore, Hong Kong and Sydney,” she said. “I worked on projects to enter new markets, designed new products and led people around the world, all from Bermuda’s shores.”

However, she said, the scholars did not owe Bermuda anything. She encouraged them to build the life that called them.

“I want to suggest that something deeper than obligation is responsibility, the kind that recognises we are all shaped by more than effort,” she said. “We are shaped by context, by soil, by people who built scaffolding we did not see.”

Ms Cardoso said responsibility means living in a way that honours the investment made in you, even if no one is tracking how you spend it.

“It means choosing to be not just a product of this island, but a participant in its future,” she said.

Christian Dunleavy, the chairman of Abic, said the awards scheme represented one of Bermuda’s largest and most impactful scholarship programmes.

“We are not only investing in students’ academic journeys but also in the long-term success of Bermuda’s international business sector,” Mr Dunleavy said. “The talent, resilience, and aspirations of these scholars have reaffirmed our commitment to educating, elevating and empowering the next generation.”