Bermudians seeking an opportunity in insurance study received a boost from a $100,000 gift from a company that is not even domiciled here and is not even an insurer.

The Bermuda Foundation for Insurance Studies (BFIS) received the major donation from the Boston investment management firm Loomis, Sayles & Co.

It is the first donation to the foundation from a company that is not Bermuda-based.

Loomis, Sayles & Co. vice president for international sales, John Gallagher, flew to the Island himself yesterday to make the donation.

The BFIS is building a $7.5-million endowment and has so far reached just over $4 million.

BFIS chairman Brian R. Hall commented, "The support received from Loomis, Sayles & Co. demonstrates a breakthrough in as much as this is the first company, without a physical presence in Bermuda, which provides services to the Bermuda insurance community, that has committed to supporting the vision of the Bermuda Foundation for Insurance Studies.'' The BFIS was established in 1996 "to develop and coordinate the availability, direction and funding of the educational resources vital to the future of Bermuda's insurance industry.'' Mr. Hall said, "Despite the ongoing consolidations within the insurance industry, Bermuda will continue to need additional professionals and fully-trained people to meet the demands that the insurance industry generates. The foundation's job is to help fuel and sustain the growth by developing the required human resources.'' The foundation is designed to ensure over time that Bermuda's insurance companies have a pool of well-educated and prepared Bermudian staff to draw from.

The objective is being pursued through an improved Bermuda College curriculum, the provision of scholarships for college bound Bermudian students and joint programmes with the College of Insurance operating in New York and Bermuda.

The Foundation's scholarship programme enables four new students per year to take business administration with insurance at the Bermuda College for two years. After graduating they can transfer to an overseas college to complete their degree. Eight students are at the Bermuda College at present, and six more are in their third year at the College of Insurance, New York and the University of Hartford, Connecticut.

The foundation also supports the Bermuda Insurance Institute's (BII) education courses, which include the MBA programme in Risk Management tailored specifically for the Bermuda market, and taught by the College of Insurance.

Thirteen students, already working in the insurance industry, are currently enrolled in this intensive programme.