The Bermuda Foundation for Insurance Studies (BFIS) has received a major donation from Mellon Bank, a Pittsburgh-headquartered financial services company.

It was the second donation to the foundation by a non-resident corporation, following contributions from local institutions and private individuals.

The BFIS is raising a $7.5-million war chest to fund programmes that will facilitate more educational opportunities for Bermudians who are bound for insurance careers.

Mellon Bank, yesterday donated $50,000 to that effort. It brought the amount of pledged funds to the endowment to more than $4.4 million, since the effort began in 1996.

The US bank services more than $15 billion worth of insurance assets in Bermuda, providing a broad range of banking and custody services for Bermuda domiciled companies, who rely on Mellon's products to support their investment programmes.

Mellon Bank Corporation has some $2 trillion in assets under management or administration, and manages $350 billion.

Vice chairman and head of Mellon's Global Trust Services, Peter Rzasnicki, commented: "Mellon is pleased to support the Bermuda Foundation for Insurance Studies, which shares our long-standing commitment to economic development and providing individuals with the opportunity to better themselves through training that will lead to successful jobs.

"We have forged strong relationships with several members of Bermuda's insurance industry, and our support for the Foundation is a natural extension of that spirit of partnership.'' BFIS chairman Brian Hall said, "The support received from Mellon Bank demonstrates the importance overseas companies, without a physical presence in Bermuda, give to the education and training of Bermudians.'' The stated purpose of the BFIS is to "develop and coordinate the availability, direction and funding of the educational resources vital to the future of Bermuda's insurance industry.'' It is designed to ensure that over time, Bermuda's insurance companies have a pool of well-educated and prepared Bermudian staff to draw from. Already, 16 Bermudian students studying insurance are benefiting from the foundation's scholarship programme.

Seven students are taking the Business Administration Associate degree at the Bermuda College, and nine students are completing degrees in either Risk Management or Actuarial Science at the College of Insurance in New York and the University of Hartford in Connecticut.

The BFIS also supports the Bermuda Insurance Institute's Educational Fund, and its professional designation education programme, which includes The College of Insurance MBA (Risk Management) degree, designed specifically for the Bermudian market.

Arising out of the recent annual general meeting of the BFIS, Mr. Hall announced an intention to expand the foundation's Mentor programme in the year ahead, to include all local students of insurance.

SOLID FOUNDATION -- The Bermuda Foundation for Insurance Studies' board of trustees and steering committee members for 1998/99 include (from left) Lorene Phillips, Douglas Kline, Paul Simons, Catherine Lapsley, Lynda Davidson Leader, Andrew Carr, Paul Markey, Brian O'Hara, Brian Hall, Michael Butt, Preston Hutchings, Stephen Outerbridge, Haruyo Oka, Colin Alexander, Dr.

George Cook and Bruce Murray. Another 13 were absent for this photo.