The Bermuda Foundation for Insurance Studies has taken over the administration of the long-standing American International Company Ltd. (AICO) Scholarship.

AICO chief executive officer George Cubbon said: "We felt that BFIS was well placed to take on the administration of our long-standing scholarship which is now worth $30,000 a year. Their exemplary track record in administering multiple scholarships for students planning careers in the insurance sector combined with their mentoring, intern and career guidance programmes made them the natural choice to work with us."

BFIS chairman Brian Hall said: "I am delighted that AICO are now part of the BFIS family. Being able to add the name of Bermuda's first insurance company to our extensive list of donors is an important milestone".

The first recipient of the BFIS AICO Scholarship is Jahvon Washington, a Berkeley Institute graduate who gained his Associates Degree from Bermuda College in May and is now attending St. John's University, New York, majoring in Insurance and Risk Management.