The Bermuda Foundation for Insurance Studies has launched the second phase of its fund raising and awareness blitz in an effort to raise $3.2 million.

And the project which aims to boost the number and involvement of Bermudians in the sector is set to target companies new to Bermuda, as well as all the usual suspects.

Since the Foundation became a reality in 1996 it has raised more than $4.3 million to help Bermudians get the qualifications to enter and progress in the Island's insurance industry.

But the extra cash is needed to maintain the Foundation's fully funded on-going endowment programme.

Its latest project is a glitzy dinner to be held on June 23 at the Bermuda Aquarium, Museum and Zoo.

More than 80 high-level executives and their spouses have been invited as guests of the Foundation's trustees where they will have the opportunity to meet the BFIS scholarship graduates and hear about the project.

BFIS co-founder and chairman Brian Hall, OBE, said it was vital the project received industry-wide involvement.

"And that should happen not only through financial support, but also the provision of mentors and intern opportunities for students,'' he explained.

"Now the dream we had in 1996 has become a reality with the 1999 graduates coming home to work in the insurance industry.

"A further nine scholarship students are at various stages of their degree programmes with new students entering the programme each year.'' The Foundation awards up to six new scholarships each year and gives financial support to the Bermuda Insurance Institute's education fund.

A growing mentor programme was also set up providing more than 30 insurance students with guides from within the industry.

Bermuda Insurance Institute director of education and training Peter Doyles said the past year had seen course enrolments increase by more than 20 percent to over 300 students.

"And the number of people taking insurance exams leading to professional designations has also increased significantly,'' he said.