Twelve Bermudian undergraduate students set out on the road to what could be a career in the insurance industry yesterday.

They will be joined by two American undergraduates in the ninth Annual Bermuda Foundation For Insurance Studies (BFIS) Summer Intern Programmes.

Of the fourteen students, six students will be studying the Bermuda insurance market in depth, from yesterday through June 11. Two teams of four will be immersed in the London (May 31-June 11) or Chicago (July 6-16) insurance markets.

Catherine Lapsley, BFIS executive director, said: "These are intensive, structured programmes where the students study all aspects of the industry, from company formation to what an underwriter looks for when deciding whether to underwrite a risk, to CAT Modelling.

"They get to meet insurance professionals at all levels, even up to the CEOs. Including this year's interns, 53 students will now have had this wonderful opportunity to broaden both their horizons and their understanding of insurance as well as having an unprecedented opportunity to network."

All the interns have recently completed either their junior or senior year and are studying a variety of subjects relevant to the insurance industry including Risk Management, Insurance, Finance, Quantitative Economics, Law, Accounting and even Geography.

The two American undergraduate students came from the Katie School of Insurance and Finance at Illinois State University.

Michael Fisher, BFIS president and chairman, noted that none of this would be possible without the tremendous support of the industry.

Over the next few weeks representatives from more than 50 companies and insurance-related organisations will be generously donating time to share their knowledge, insights and experience with the students.

"We are pleased to acknowledge that once again a number of global companies with offices in Bermuda, London and Chicago will each be meeting the BFIS interns," Mr. Fisher said. "We extend our gratitude to those Bermuda companies that have assisted us in pressing their London and Chicago colleagues to schedule time with the interns."

He added that Allied World Assurance Company, a long-time BFIS donor and supporter, had agreed to underwrite the costs of the 2010 intern programme, while also allocating time to support the intern schedule in Bermuda and London.