Internships can make Bermuda an exporter of re/insurance expertise: BILTIR

Bermuda International Long Term Insurers and Reinsurers (BILTIR) is inviting local students to apply for a 10 week summer internship with a member company.

The programme is an attempt to create a pipeline of local life insurance professionals that BILTIR hopes might one day become a national export.

The internships begin on June 16 and also include weekly lunch and learn sessions hosted by participating member companies as well as two networking events. Interns will be paid, and get hands-on experience of how the life insurance and reinsurance sectors work, as well as learning about their products. The placements include roles in accounting, actuarial, finance, operations and investments.

The programme is now in its third year, with the number of interns having grown from 10 when the programme was launched in 2017, to 18 last year. It is open to young Bermudians and the children of permanent resident certificates who are at college or university studying a business-related subject.

Ronnie Klein, executive director at BILTIR, said the group’s mid-term goal is for Bermuda to be an exporter of insurance and actuarial talent instead of an importer.  “If the growth of BILTIR’s Summer Intern Programme is any indication, we will achieve our goal,” he said.

BILTIR represents the island’s long-term insurers and reinsurers who provide life and annuity products. Its member companies employ 540 people in Bermuda, who contribute more than $200 million in direct expenditure each year.