Bermuda’s insurance industry has awarded a massive $445,000 in scholarship funds.

The latest round of Bermuda Foundation for Insurance Studies awards to 12 Island students brings the total funding of new and current scholars to $708,000 for 26 students.

Gail Martin, BFIS chairman of the board of trustees, said: “The foundation was created with the purpose of providing financial support and guidance for Bermudian students so that they might have the opportunity to obtain the appropriate education and training in order to pursue an insurance-related career.

“A large component of this is achieved through annually awarding scholarships to outstanding students pursuing studies relevant to the insurance industry.”

She was speaking at the BFIS scholarship awards ceremony, held on Monday at the XL Catlin offices in Hamilton’s Bermudiana Road.

BFIS trustee and scholarship committee member Stephen Jones, said he and most of the scholarship committee had been awarded grants themselves.

He added: “The committee was looking for students of outstanding ability, not only extremely sound academically, but also well-rounded, excelling in their individual pastimes of sports, music and philanthropic endeavours, who clearly demonstrate their interest in a career in the insurance sector.”

Since the awards scheme was founded in 1996, it has handed out $5.5 million in awards.

And 156 students have received scholarship funding and 114 of them are now working in the industry.