The Bermuda College has taken a step toward its goal of offering locally the first two years towards an insurance or risk management qualification.

The Bermuda Insurance Institute is winding up its affairs and transferring surplus funds to the Bermuda College Foundation.

The college hopes to soon use some of the BII’s historic seminars, workshops and conferences to complement its educational offerings.

In consultation with the BII, Bermuda College has established two courses in the insurance concentration that will allow students waivers for two CPCU exams, CPCU500 and 520. Two additional courses, based on offerings of the BII, will be added in the next academic year.

The foundation’s objective is to garner financial support to assist the college in preserving and developing further, re/insurance education and talent development.

This strategic education transition will also provide the foundation with the opportunity to establish relationships with all the former BII members.

A spokesman for the BII said when its executives began to strategise last year about the future of the organisation, foundation chairman Mark Berry recognised that the goals of the college and the BII were aligned.

“The invaluable work of the BII was made possible by the amazing partnerships from the corporate community,” Mr Berry said. “This is a comprehensive initiative that ultimately will deliver a consolidated platform that positions Bermuda College to provide optimal access and support for local education in re/insurance and its supporting professions.”

Bermuda College vice-president Phyllis Curtis-Tweed said partnerships like these can help the college to achieve its goal to create a world-class two-year insurance and risk management programme, recognised as accredited and equivalent to the first two years for any insurance and risk management programme in the United States, Canada and Britain.

“We need community support in providing resources for students and ensuring that the college can develop a state-of-the-art facility that communicates excellence and shows that Bermuda College students are valued,” Dr Curtis-Tweed said. “It is a critical need for equity in education and society overall that the college be successful, and provides the facilities and programmes that rival those overseas.”

The Bermuda College has created a re/insurance advisory board, consisting of major players in the local insurance industry, college professors and college alumni to advise on curriculum and programme development.

Bermuda College offers several transfer agreements specific to re/insurance and actuarial science, including programmes offered by Eastern Kentucky University, Georgia State University, St Francis Xavier, St John’s University and Temple University.

In February, BF&M pledged $75,000 to the foundation. The college hopes that others will do the same.

www.bermudacollegefoundation.org