A new $30,000 scholarship aimed at developing Bermudian talent specifically for the captive insurance industry has been launched.

KPMG in Bermuda and the Bermuda Captive Network have combined to offer the Captive Scholarship.

A statement announcing the move said: “With a recognised shortage of skilled captive insurance professionals worldwide, this scholarship addresses a critical need by supporting Bermudian students who wish to pursue dynamic careers in captive insurance.

“This scholarship, valued at $30,000, aims to develop Bermudian talent specifically for the captive insurance industry — a vital sector where Bermuda is globally renowned as a leading domicile.”

Applications may be made at www.bermudascholarships.com

Bron Turner, partner and captive sector lead at KPMG in Bermuda, added: “The Captive Scholarship offered by KPMG reflects our commitment to equipping Bermudians with the expertise needed to excel in captive insurance.

“By offering students real-world experience and access to industry professionals, this scholarship fosters a foundation of knowledge that benefits both the students and Bermuda’s position as a global leader.”

Grainne Richmond, chairperson of the BCN, added: “Scholarships in the captive industry in Bermuda not only empower future leaders with essential knowledge and skills, but also foster innovation and diversity within our captive market.

“It will create opportunities for individuals and enhances the overall economy of Bermuda.

“BCN expresses its thanks to KPMG for starting and investing in this education programme and supporting the network in its plans to ensure we have a sustainable workforce in the captive industry.

“We look forward to seeing this programme develop and grow and welcome support from others over the coming months and years.”