A story yesterday incorrectly stated that XL Insurance set up a college endowment fund through the Bermuda College earlier this year. The fund was set up by the Bermuda Foundation for Insurance Studies and XL pledged to contribute $1 million to it over five years.

International companies on the Island this week presented a record amount of money to local students studying overseas.

More than $200,000 was distributed to the 20 students during a luncheon, held at The Club on Bermudiana Road, by the International Companies Division of the Chamber of Commerce.

Chairman of the International Companies Education Award Harry Wilken also told those attending the luncheon that the amount of funds raised enabled the division to select a record number of award recipients this year.

"We earnestly hope that through our efforts, the International Companies Division of the Bermuda Chamber of Commerce has played its part in supporting the educational aspirations of the youth of Bermuda,'' said Mr. Wilken of Jardine Matheson International Services.

He also stated that as a result of successful Press conferences and Press releases there was a 50 percent increase in the number of applicants.

However Mr. Wilken noted that it would be naive for him to think that he could sit back and continue to achieve such gratifying statistics with many ICD members being sought to support the insurance industry's "most commendable'' project within the Bermuda College.

XL Insurance set up a $7 million education fund earlier this year through the college for students interested in furthering their education in international business.

XL will contribute $1 million over the next five years to the fund. And the International Chamber of Commerce has been asked to participate in the effort.

"It will be my aim however to convince my insurance colleagues that the ICEA scheme is not in competition with, but is in fact complementary to their aims and thus ensure their ongoing financial backing,'' Mr. Wilken said.

"Another aspect of concern is to consider what steps we may take to get the international business message across to an increasing number of younger students at Bermuda schools.

"The earlier a high school student begins to comprehend the basics of international business, and begins to learn the whole range of opportunities that exist therein, he or she can use that knowledge when considering what type of career path he or she may wish to take.'' Mr. Wilken also stressed to the recipients that they should not waste time and money on years of university or college education "which leaves them inadequately qualified or indeed misqualified to join the ranks of executives in what is an ever changing and ever more competitive business world''.

Education Minister Jerome Dill, a former recipient of an ICEA award, also addressed the students at the luncheon.

"If you work hard you could end up like me,'' he said, quickly adding "don't let that deter you.'' "Appreciate every single cent you've won, that you've earned,'' he added.

"I'm very proud to be associated with the Bermuda College and what the insurance sector is doing,'' Mr. Dill said. "If a number of other sectors would follow this positive example, we would be much further along in making sure every deserving student gets an education, regardless of their financial situation.'' The recipients of this year's ICEA awards are Keisha Allen, who won the Shell Overseas Trading Award; Orlanda Bascombe, the recipient of the Bacardi International Ltd. Award; Stephen Bourne, who won the Jardine Matheson International Services Ltd. Award; Lauritta Burrows, the recipient of the Alexander Insurance Managers Ltd.; Christina Cabral, who won the Marsh and Mclennan Management Services Ltd. Award; and Patricia Fagundo, the recipient of the Johnson and Higgins Award.

Other recipients were Daniel Guerra, who won the Tempest Reinsurance Company Ltd. Award;, Lisa Hansford Smith, the Global Capital Reinsurance Ltd. Award; Dawn Hayward, the GTE Reinsurance Ltd. Award; Miranda Jackson, the Harrington International Insurance Ltd. Award; Sara Mancell, who won the Partner Re Ltd.

Award; Melissa Morton, the recipient of the Fidelity International Ltd. Award; Jose Osset, the SCUUL Ltd. Award; and Jazmin Raynor, the recipient of LaSalle Re Ltd; They were joined by recipients Kristie Anne Rayner, the Corange Ltd. Award; Sandra Ann Richards the ACE Ltd. Award; Leah Richardson, who won the Renaissance Reinsurance Ltd. Award; Lamohn Smith the OIL Management Services Ltd. Award; Treadwell Tucker, the Mid Ocean Reinsurance Company Award; and Dina Wilson who won the Centre Re Award.

AWARD WINNING SMILES -- Pictured are the 20 scholarship recipients of the International Companies Education Awards with chairman of ICEA Harry Wilken at far right.