The Bermuda Foundation for Insurance Studies (BFIS) may reach its $7.5-million fund-raising target by the end of the year -- a mere eight months after the scheme's launch.

And BFIS chairman and chairman of Johnson & Higgins (Bermuda) Ltd. Bryan Hall yesterday told reporters at the Bermuda Insurance Institute half had already been pledged.

The Foundation helps young people gain academic and professional qualifications required by Bermuda's quickly expanding international (re)insurance industry.

Since last July, the BFIS has received corporate and individual pledges worth $3.6 million over five years. This year, $1.4-million in new pledges have been committed from six companies and a leading industry executive.

President and CEO of Mid Ocean Re, Michael A. Butt, said, "Young Bermudians now have the opportunity to achieve the highest standard in competing in the worldwide marketplace in insurance and reinsurance. That is vital for the future of this country.'' He congratulated Mr. Hall for conceiving the BFIS, and presented him with a plaque for his substantial, personal donation to the Foundation last year.

A second such personal donation was made this year by Tom Kelsey, chairman of Bermuda insurer, School College & University Underwriters Ltd. (SCUUL).

New pledges this year to date have been received from ACE Insurance, Centre Re, Chubb Atlantic Indemnity Ltd., Global Capital Reinsurance Ltd., LaSalle Re Ltd. and Johnson & Higgins/Johnson & Higgins (Bermuda) Ltd.

Last year, corporate pledges were received from XL Insurance Co., ACE Insurance Co. in recognition of two retiring directors, Mid Ocean Reinsurance Co., SCUUL and Renaissance Reinsurance Co.

Mr. Hall said, "The property cat reinsurers and the excess liability insurers have obviously led the way in the cornerstone to the launch of the Foundation.

But there are other large companies out there which are considering supporting the Foundation. And there are a lot of smaller companies which are interested in supporting us.'' Insurance slips were signed yesterday by the new sponsors of the Foundation and cedar plaques were presented during a brief ceremony.

Eight Bermudians last year received scholarships to attend the Bermuda College Associate in Business Administration programme. Scholarships will be offered to those students maintaining a 3.0 grade point average to continue their studies at the College of Insurance, New York, to pursue a Bachelor in Business Administration qualification.

An additional four scholarships will be offered under the programme this September.

Meanwhile, ten students from North American business colleges will be coming to Bermuda for six weeks, starting in July, for a course on the unique characteristics of the Bermuda insurance marketplace.

The Foundation is also helping the Bermuda Insurance Institute to expand its MBA programme in Risk Management being offered through the College of Insurance to accommodate more students.

Similar commitments have been made to the Bermuda College to enhance the environment for students pursuing their Associate ship in Business Administration, specialising in Insurance.

INSURANCE FOR THE FUTURE -- Bermuda's leading insurers and reinsurers are signing millions of dollars into a fund to provide scholarships for Bermuda's students of insurance. Chairman of the Bermuda Foundation for Insurance Studies Brian Hall (centre) is joined by Bob Cooney (left) of XL Insurance and Michael Butt of Mid Ocean Re, and (seated, left to right) Chez Viner of LaSalle Re, Madeline Joell of ACE Insurance and Gayle Gorman of Centre Re.

FUND RAISER FNR SCHOLARSHIPS AWD