The Bermuda Foundation for Insurance Studies has awarded $320,000 in scholarship funding to 17 students focused on careers in the island’s insurance sector.

“When I look around the room, I see another cohort of super-talented young people,” BFIS board of trustees chairman Stephen Jones said in his opening remarks at the organisation’s annual New Scholars’ reception.

“Tonight’s award winners are the outstanding among the outstanding, representing some of Bermuda’s best students.”

Mr Jones, one of the first BFIS scholars, said the organisation was founded by the late Brian Hall to ensure that young Bermudians had the opportunity to enter the insurance industry.

“Our very talented 225 plus alumni are contributing to the success not just of their companies but the entire economy. Many have advanced to the C-suite.

“Since 1996 we have awarded $8.8 million in scholarship funding to 275 students. The return on that investment is human capital.

“When we look at the quality of students who are coming through our network, the future of this industry is really bright,” added Mr Jones.

The reception, attended by more than 80 guests including foundation donors, trustees, committee members, mentors, alumni, the new awardees and their parents, was held at O’Hara House, courtesy of Axa XL.

BFIS Overseas Scholarships were awarded to: Xienne Burch, accounting and finance, Andrews University, US; Rajan Patton, finance, University of South Florida, US; Kahlil Smythe, accounting and finance, University of Edinburgh, UK; Salayah Stange, actuarial science, London School of Economics and Political Science, UK; and Kennedy Wilks, global law, Queen Mary University of London, UK.

The BFIS Brian R. Hall Memorial Scholarship, awarded in honour of the BFIS founder, was awarded to Sakai Newman, computer science, Newcastle University, UK.

This year there were nine “named” awards from BFIS donor companies:

• The BFIS CG Insurance Alan Peacock Scholarship, awarded to Ashley Pacheco, accounting, Dalhousie University, Canada; and Maya Dean, business, North Carolina A & T State University, US.

• The BFIS Aspen Scholarship, awarded to Amelia Lewis, economics and sustainability, University of Exeter, UK; and Sari Smith, economics and finance, University of Exeter.

• The BFIS Axis Scholarship, awarded to Thomas Evans, law, Lancaster University, UK.

• The BFIS Marsh Scholarship, awarded to Samara Darrell, actuarial science, University of Leicester, UK.

• The BFIS Relm Scholarship, awarded to Chloe Bennett, actuarial science, University of Kent, UK.

Two were new named awards: the BFIS Fidelis Partnership Scholarship, awarded to Marcus Duarte, actuarial science, McMaster University, Canada; and the BFIS Markel Scholarship, awarded to Miguel Furtado-Simas, risk management and insurance, St John’s University, US.

The BFIS Alumni Association Scholarship, funded with money raised by foundation alumni, was awarded to Finn Moseley, business, McKendree University, US.

The final award presented was a new scholarship in honour of retired BFIS administrator Jane Bielby.

The first recipient of the BFIS Jane Bielby Scholarship was Jehrai Tucker, economics and finance, Newcastle University, UK.

Mr Jones paid tribute to Ms Bielby’s service. He said: “Being able to reach out to these students and connect with them through the Foundation office was a big part of what Jane delivered, in addition to all the other administrative roles that she performed, and this scholarship was a way to honour that service.”

Scholarship committee chairwoman Shellé Thompson, head of Health Care at Allied World and herself a BFIS scholar, made the closing remarks.

“This is one of my favourite evenings of the year. We received more than 120 applications this year and you are our top picks,” she told the new scholars.

“Each of you is clearly very talented, and you are the future of our insurance industry, the world's risk capital here in Bermuda.

“I’m excited to meet you and I want to encourage you to take advantage of all the programmes that BFIS has to offer — from mentoring, networking, and internships and job search.

“Mentoring, like networking, is essential to professional development and advancement in the industry.”