Argus Group Holdings Limited has established a scholarship in honour of Sheila Nicoll, who has recently stepped down as chairwoman of the company.

Ms Nicoll, who served on the Argus Group board for 15 years, held the position of chairwoman for 10 years.

Alison Hill, Argus Group CEO, said: “The Sheila Nicoll Award has been created to honour the remarkable contribution that Sheila has made to Argus.

“She has been with us through times of great success as well as great challenges. Her wisdom and guidance are, in good measure, responsible for the company’s current sound financial and operational footing, as well as the opportunities for growth and development that lie before us.

“This award is valued at $15,000 a year for a period of up to three years. It will support the studies of a Bermudian, or one who holds a Permanent Residency Certificate, who is entering an accredited institution in the 2022-2023 academic year, to pursue an undergraduate degree in insurance, risk management or a related field of study.

“Details regarding the application process will be available towards the end of this year via the Bermuda Scholarships website.

“In the meantime, we’re delighted that we have the opportunity to not only honour Sheila’s legacy but also demonstrate our enduring commitment to the Bermuda community and its future by investing in the careers of the island’s young people.”

Argus said Ms Nicoll has more than 40 years’ experience in the insurance and reinsurance industry in Bermuda, London and New York. She holds a Master of Arts degree in chemistry from Oxford University and is a Fellow of the Chartered Institute of Insurance in the United Kingdom.