Bermudian-based reinsurance firm Global Atlantic’s generosity to local scholarship programmes is paying off.

It has plans to expand its staff from 60 to 85 in the next year, with most of its new hires being Bermudian, some nurtured by its own philanthropy.

Last week they pledged $3 million to the Bermuda Economic Development Corporation’s the Wave of Opportunity Pitch Competition for the next decade.

The annual event scheduled for November, gives emerging local entrepreneurs the chance to pitch their business ideas in several categories and win $25,000 towards their business project.

Over the last five years they have also provided scholarships and internship positions to organisations such as Planet Math, Bermuda International Long Term Insurers and Reinsurers and the Bermuda College Foundation, to nurture actuarial science, business administration, and computer information systems students.

“A lot of Bermudians are coming back with actuarial degrees, and are deciding to stay on island,” Global Atlantic president Darryl Herrick said.

His firm is hiring some Bermudian college graduates they have followed since high school. “It has been pretty exciting,” he said.

Mr Herrick said actuarial science is huge on the island right now.

“Actuarial science has historically been on the property and casualty side,” Mr Herrick said. “However, it is really expanding on the life and annuity side, which is the business of Global Atlantic.”

He said Global Atlantic, and a couple of other firms, have brought large numbers of life actuaries to the island. “We have also brought Bermudians into it,” he said.

More than half of the local students they are working with are becoming life and annuity actuaries.

Life and annuity actuaries take different exams from property and casualty actuarial students and follow a slightly different qualifying schedule.

“Life and annuity is clearly expanding in Bermuda,” Mr Herrick said. “I would not say the P&C market is shrinking, but it has stabilised.”

He said life and annuity is a more stable, long-term business, whereas P&C can fluctuate

“Which you choose depends on your mindset,” he said.

Global Atlantic has signed a lease for new office space on the fifth floor of Washington House at 16 Church Street in Hamilton.

“It will be around the corner from where we are now,” Mr Herrick said. “We are revamping and renovating a really state-of-the-art facility.”

The plan is to move in early next year. “We are eager to welcome people to the new space,” Mr Herrick said.