Putting education first

Bermuda’s re/insurers have long recognised the importance of supporting education on the Island, not only to ensure that residents are ready to enter and to progress in the industry, but to strengthen the social fabric as well.

When then-UK opposition leader Tony Blair was asked in 1997 what his top three priorities would be if his Labour Party became the government in the upcoming election, he famously said they would be: “Education, education, education.”

That commitment is echoed by Bermuda’s re/insurers when it comes to their community support and acts of social responsibility. They all commit a tremendous amount to education, through direct grants of scholarships, internships and training opportunities to helping to fund educational institutions including Bermuda College, and adopting schools and encouraging their employees to volunteer as tutors and coaches. 

It does not stop there. From early on, the industry-funded insurance training in Bermuda, particularly through the Bermuda Insurance Institute—now part of Bermuda College—to develop a pipeline for Bermudians and Bermuda residents to enter the industry and through the Bermuda Foundation of insurance Studies (BFIS), which gives scholarships to high school leavers intent on an insurance career. 

There are sound reasons for this. The re/insurance industry is in a global competition for talent, and while many young Bermudians are perhaps more aware of the industry than their global peers because of its outsize importance in Bermuda, it is still in the industry’s interest to encourage young residents to pursue a career in re/insurance. 

That does not mean businesses are solely interested in encouraging people to be educated as insurance professionals. If Bermuda is going to maintain its position as a global re/insurance hub, it needs to offer goods and services which rival or exceed the competition in everything from hospitality to healthcare. 

That’s why re/insurers offer scholarships to promising students pursuing a variety of careers. It’s no good having a world-class industry in Bermuda, if you don’t have equally good lawyers, accountants and doctors. Many re/insurers are open-minded enough to recognise a bright person with a non-insurance or financial services degree can make an outstanding underwriter or broker, while bring different experiences and values to the table. 

“Fortitude Re recognises the profound difference that additional literacy programmes can make.” Anna Masters, Fortitude Re

It is clear that companies are keen to encourage young—and not so young—people to enter the industry, which is where the scholarships and mentoring offered by BFIS and the Association of Bermuda International Companies come in, while the Association of Bermuda Insurers and Reinsurers has spearheaded internships within the industry as well. 

With environment, social and corporate governance (ESG) programmes being an essential part of most companies’ responsibilities, companies recognise that diversity in employment is vital and are supportive of efforts to ensure under-represented parts of the population are hired and advance. As a result, the commitment to supporting all Bermudian schools and educational institutions has grown and Bermuda now sees an immense of amount of money and resources put into education. It can truly be said that re/insurers agree with Blair on where its priority lies. 

Three education initiatives are described below.

Bermuda College

Bermuda College is the Island’s primary centre for tertiary education, providing academic and vocational training to high school graduates and older residents. 

Founded in 1974, its graduates are leaders throughout Bermuda society. Now offering two-year Associate degrees in a range of academic disciplines, it also offers technical training and adult education. Its hugely popular Professional and Career Education (PACE) programme enables residents of all ages to be lifelong learners.    

It now offers four-year degrees in business with Mt St Vincent University in Nova Scotia and Georgia State University, and education degrees with Miami University and the University of West Indies. Nursing degrees are also offered.  

In 2020, re/insurance companies owned by investment management company Apollo—Athene, Athora, Aspen and Catalina—donated $3.8 million to the Bermuda College Foundation to fund the development of a Career Development Centre. One of the single largest donations of its kind, the funds were used to redevelop and expand Hallett Hall on the college’s Stonington campus, which now hosts the Athene Career Development Centre, a model classroom and model computer lab, a renovated large lecture hall, new offices for PACE and an innovation lab complete with robotics and 3D printing. 

Bermuda College is continuing with a capital campaign with the ultimate goal of raising $15 million, of which $7.3 million has been raised. The money will used to renovate the college’s classrooms, raise money for financial aid and a college endowment fund, and to introduce new programmes. The college has installed solar panels and retrofitted the campus with LED lights, leading to major energy savings.

Other donors to Bermuda College include local insurer BF&M, which had made a $75,000 three-year commitment to the capital campaign. 

To find out more visit www.college.bm 

Bermuda Educational Network 

Founded by Becky Ausenda when she became concerned with the education gap between private and government schools and made little headway going through normal channels, Bermuda Educational Network (BEN) creates opportunities for teachers to develop their leadership skills, expand their repertoire for curriculum enhancement and their confidence as problem-solvers in their schools. BEN’s vision is also to raise reading proficiency in schools. 

“Over 50 percent of Bermuda’s children are not achieving reading proficiency by P4,” its website says. “Our vision is to create a professional community of leaders who work together to increase this number and the services and opportunities available to public school students. 

“We believe that if we work together, we can be the catalyst for dramatic systemic change in Bermuda’s public schools.”

BEN works to support teachers and students through a number of programmes, including the Horizons programme which offers experiential learning in heritage, science, fine arts and human rights with local organisations. 

Other programmes include summer learning camps, a coding and engineering camp, the BEN Book Club and annual outstanding teachers awards. 

Among the re/insurers who support BEN is Fortitude Re, which has donated $100,000 to the programme. 

In addition to the funding, Fortitude Re employees volunteer as story readers at the BEN Book Club, a monthly event for young children and their families.

Anna Masters of Fortitude Re said: “This significant donation in Bermuda highlights our vision to support local causes where we live and work.

“Fortitude Re recognises the profound difference that additional literacy programmes can make, not just for those who are struggling with reading but for children at every stage.”

Ausenda said the donation will help the organisation to expand its reach and provide crucial reading support to children who need it most.

Horizons and summer programme donors, who have given between $10,000 and $30,000 a year, include Sompo International, Validus (now part of RenaissanceRe), Ascot Bermuda and Aspen Bermuda. 

Allied World Assurance is a Teacher Awards Sponsor and gave $15,000 while BF&M, law firm Conyers, broker and captive manager ASL Holdings and JRG (James River) Holdings are among the donors who have provided up to $10,000 to the charity. 

To find out more visit www.bermudaeducationnetwork.com

“The list of companies supporting BFIS is encyclopaedic—it would be easier to try to determine who does not.”

Bermuda Foundation for insurance Studies 

Established by leaders of Bermuda’s insurance industry in 1996, Bermuda Foundation for insurance Studies (BFIS) is tasked with ensuring that Bermudian students are provided with opportunities to attain the education and training necessary for careers in Bermuda’s insurance industry. This is being achieved through scholarships, mentoring, internships and career guidance.

BFIS offers up to 10 undergraduate scholarships a year for amounts between $5,000 and $25,000, usually for up to two years. 

Scholarships are also offered for students attending Bermuda College’s Associate and Bachelor’s programmes.  

BFIS was founded by Bermuda insurance luminary Brian Hall, who recognised the need for a pipeline of Bermudians entering the re/insurance industry. 

Since 1996 it has given $258 scholarships worth $8.5 million. A total of 550 students have been mentored by 154 professional mentors while 198 internships have been given; 190 scholarship recipients remain in the industry, many in senior roles. 

The list of companies supporting BFIS is encyclopaedic—it would be easier to try to determine who does not. The biggest current donors include AXA XL which is at the Diamond Level; Chubb, which is Sapphire Level; CG Insurance, Markel and Marsh at Ruby Level; and Aon, Arch, Ariel Re, Allied World, AXIS, MS Amlin, OIL (now Everen) and Zurich, which are all Platinum Level donors. 

Hall, the founder, is also a Platinum Level sponsor. Gold Level donors are Aspen, Hannover Re and Validus (now part of RenaissanceRe). A further 17 re/insurers are Silver and Bronze Level donors. 

To find out more visit www.bfis.bm

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