ANNUALREPORT

2012

CHAIRMAN'SREPORT
TOTHEANNUALGENERALMEETING
OFTHEBERMUDAFOUNDATIONFORINSURANCESTUDIES

DECEMBER5,2012

I am pleased to provide the Chairmans report on the activities of the Bermuda

Foundation for Insurance Studies for the year ended June 30, 2012. First and
foremost, I am extremely proud to acknowledge that BFIS has now awarded
scholarships with a total value of $4.3 million to 119 students since our inception
some16yearsago.
The global economic crisis and its impact on the local insurance industry and
Bermuda continues to make for a very challenging operational environment.
VolatilityintheinvestmentmarketshasrequiredthattheBFISfinancialteamwork
veryhardtomanagethereturnsontheInvestmentFundsothatwecancontinueto
awardthesamenumberandvalueofscholarships,andalsoadequatelysupportour
intern and mentor programmes. Although we have seen an improvement in the
InvestmentFundattimesduringthepast12months,wearestillsomewayawayfromattainingthecomfortlevels
previouslyenjoyed.
Asin2011,theBoardagaininitiallyentertainedreducingthescholarshipbudgetaswewereuncertainastohow
heavily we would have to draw down against the Investment Fund. In the end we could not ignore the 97
applicationsreceivedandtheconsistentlyhighlevelofacademicperformanceofthestudents,andinfactin2012
weawarded13scholarships,twelvefor2yearsandonefor3years.ThisbringsthetotalnumberofcurrentBFIS
scholars to 24, at an outlay of $415,000 for this academic year alone. The 2012 scholarships were awarded for
undergraduatestudiesatoverseasuniversities(11)andBermudaCollege(2).TheScholarshipCommitteechose
nottoawardapostgraduatescholarshipthisyear.
I am pleased to recognize the continued success of the Intern programme. I was impressed yet again with our
2012participantsinBermuda,ChicagoandAtlanta.The2012Olympicspreventedusfromorganisingourannual
intern programme in London, but we successfully replaced it with a programme in Atlanta which was such a
success that it will be added as one of our annual intern locations. We have been working towards achieving
accreditation for the programmes and are pleased that this year one intern did apply to his university and did
receivecoursecreditsfortheprogramme.

BFIS ANNUAL REPORT FOR THE YEAR ENDED JUNE 30, 2012

Alongasimilarvein,theMentoringprogrammecontinuestobearesoundingsuccess,withover50studentsand
youngprofessionalsactivelyparticipating.ItisworthnotingthatinadditiontoourownBFISalumniwhohelpto
run the programme, many other industry professionals support us through volunteering their time to mentor
studentsandattendingthevariousnetworkingeventsheldduringtheyear.
Aside from all the normal day to day activity in managing our scholarship, internship, mentoring and career
promotion programmes, the BFIS office has seen a marked increase in the number of people contacting us for
guidance and/or assistance in finding employment in the industry. The enquiries originate from parents, high
school, undergraduate and graduate students, guidance counselors, career changers and those looking to gain
postgraduate degrees. The BFIS office has done a remarkable job of satisfying these enquiries or acting as a
conduittoputpeopleincontactwithsomeonewhocanoffertheappropriatehelporguidance.
AswillbenotedintheFinancialReport,pledgesanddonationstotheFoundationarestillnowherenearthelevels
enjoyedinourearlyyears.Infact,thisyearourpledgesanddonationswerebarelyenoughtocoverhalfofour
combinedscholarshipandoperationalexpenses.Disappointingasthisis,muchwebelievecanbeattributedtothe
uncertaineconomictimesandtheassociatedreductioninphilanthropicdonations.Theongoingimpairmentinthe
InvestmentFundhasattimesleftusconcernedaboutthefinanciallongevityoftheorganization.Wewillstrivein
2013tomoreaggressivelypursuedonationsfromprevious,existingandpotentialnewdonors.
BFISismostappreciativeofnotonlythefundingfromoursponsorsbutalsothevolunteerhourswhichmanyof
theirrepresentativesgivetotheFoundation.TohavetheirindustryexpertisesogenerouslydonatedtoBFISisa
uniqueandtremendousresource,onewithoutwhichBFISwouldnotbeabletofunctioneffectively.
Inclosing,IoffermysincerestthankstoCathyandJane,allBoardandCommitteemembers,andeveryonewhohas
worked tirelessly to assist this organization. Our success is totally dependent upon your continued donation of
timeandfundsthankyou.

_________________
MichaelD.Fisher
BFISChairman

December5,2012

BFIS ANNUAL REPORT FOR THE YEAR ENDED JUNE 30, 2012

TREASURERSREPORT

FINANCIALHIGHLIGHTS
Total revenues for the year ended June 30, 2012 fell to $379,102 from $738,796 in 2011. This drop was driven
largely by a 50% fall in contribution income from $557,500 in 2011 to $276,850 in 2012 as both restricted and
unrestrictedcontributionincomefell.Additionally,realizedgainsonsalesofinvestmentsdeclinedby$63,148in
comparisonto2011,andnetinvestmentincomedeclinedby$12,024duetothedecreaseincash&investments
anddeclininginterestrates.
Lowerrevenueswerepartiallyoffsetbya5%reductioninexpensesoverallduetoimprovedexpensecontroland
alsosometimingissues.
In2012BFISprovided13scholarshiprecipientswith$368,990inscholarshipscomparedto$375,500in2011.
OverallBFISoperatedatalossof$369,470in2012comparedtoalossof$49,810in2011.Ifrealizedgainsonsales
ofinvestmentsareexcludedfrombothyearsthenthenetoperatinglosseswere$413,881in2012comparedto
$157,369in2011.Togetherwiththeunrealizedlossesoninvestmentsof$229,876,netassetsdeclinedby10%to
$5.2millionasatJune30,2012.
Clearlythedeclineinnetassetsisaconcern,andunlessthedeclineincontributionincomecanbereversedinthe
nearfutureBFISwillneedtoconsideritsabilitytosustainthelevelsofscholarshipfundinginfuture.

INVESTMENTPORTFOLIOHIGHLIGHTS
Details of the BFIS investment portfolio are provided in Notes 3 and 4 to the financial statements. The total
portfolio value including short term deposits is $5,090,132 compared to the prior year fair value of $5,486,607.
Thisincludedawithdrawalof$225,000tocoverscholarships.
BFISInvestmentPortfolioPerformance
(July2004July2012)

60%
50%
40%
30%
% Performance

The BFIS portfolio performed in line with major

market indices while displaying a fraction of the
volatility (as can be seen from the graph). Our
strategicassetallocationhaspositioneduswellto
weatherperiodsofmarketstress.Atyearend,the
portfoliohadanallocationof19%inTreasurybills
and money markets, 21% in US Government and
Corporate Senior Bonds, 33% in Global equities
and14%inConvertibleBonds,withtheremaining
allocationinrealandalternativeassetclasses.

20%
10%
0%
Jul-04

Jul-05

Jul-06

Jul-07

Jul-08

Jul-09

Jul-10

Jul-11

Jul-12

-10%
-20%
-30%
-40%

FTSE 100 Performance

DJIA Performance

BFIS Performance

Cash has remained a viable asset as uncertainty

lingeredinthemarkets;howevertheFinanceCommitteeisactivelyconsideringreducingthiscashpositiongoing
forwardasthereturnsarenegligible.USGovernmentBondsremaininhighdemandandarefullypricedasinterest
ratesremainnearrecordlowlevels.

BFIS ANNUAL REPORT FOR THE YEAR ENDED JUNE 30, 2012

Corporateearningsandbalancesheetsremainstrongandtheportfolioscorporatebondladdercontinuestohold
upwell.Further,themarketsandportfoliohavepickedupalittleacrosstheboard,thoughthefiscalcliffpost
election is causing a cloud on the horizon.
Asia post the Chinese election is looking
BFISAssetAllocation
RealEstateFund
(June30,2012)
marginally better and Europe, though far
LargeCapEmerging
frombeingfixed,isnotastragicasitwasin
Cash
Stocks
HedgeFunds
TreasuryBills
June2012.
Overalltheportfoliocontinuestoperformas
expected and is proving to be the source of
stability BFIS needs to support its mission
throughoutthesetryingtimes.

LargeCapGlobal
Stocks

CorporateBonds

GovernmentBonds

___________________
TracyE.Keill
Treasurer

BFIS ANNUAL REPORT FOR THE YEAR ENDED JUNE 30, 2012

LargeCapUSStocks

Gold

ConvertibleBonds

EXECUTIVEDIRECTORSREPORT

SCHOLARSHIPS
Now completing our 16th year, BFIS continues to
gofromstrengthtostrengthwithourscholarship
programme, having awarded scholarships to 119
students.Ofthese,87havegraduatedwithnearly
allworkingintheindustryand26arepresentlyat
university(twonowunderotherfunding).
Almost50%ofour97applicationsthisyearcame
from Freshmen and after much deliberation the
ScholarshipsCommitteeawarded13scholarships
6 to firstyear students and 7 to students
enteringtheirJunioryear;oftheseawards,50%hadfinancialneedtakenintoconsideration.
Thescholarshipapplicationsareallreceivedthroughthebermudascholarships.comwebsitewhichcurrentlylists
over400scholarshipsofferedbyover120awardproviders.Thesiteenablesstudentstosubmittheirapplications
withsupportingdocumentsonline.BFISservesonthetaskforceoftheBermudaScholarshipswebsitewhichexists
under the umbrella of the Centre On
Philanthropy,andwhenvisitingBermudashigh
AREAS OF STUDY OF 2012 BFIS SCHOLARSHIP APPLICANTS
Insurance & RM
schools to promote the BFIS scholarships, we
Finance
Non-specific
demonstratehowtousethewebsite.
Economics

Basedonourapplicants,itisinterestingtonote
the change over the years in the universities
which Bermudian students are choosing to
attend. This year 44% chose to go to US
colleges,37%togototheUKandEurope,16%
to Canada and 3% to Bermuda College. Four
yearsagooverhalfwouldtypicallygototheUS,
followedbyCanadaandtheUK.

Environmental Sciences
Engineering

Actuarial Science and

Math

Information Technology
Business
Accounting
Legal Studies

The2012ScholarshipAwardsReceptionwasheldonJuly24thatAlterrawhichverykindlysponsoredtheevent.
Thereceptionwasverywellattended,withindustryleaders,committeemembersandBFISalumniminglingwith
studentsandparents.BFISFoundingMemberBrianOHarapresentedtheBFISScholarshipswhileMeredithHead,
ChairoftheScholarshipCommittee,highlightedtheaccomplishmentsofeachrecipient.
BFISmaintainsregularcontactwithallourscholarssowecanofferadvice,providecareerguidance,helpthem
find summer employment and ensure that they are effectively utilizing the mentoring programme. In order to
formalize this, a Scholars Agreement has been put in place to ensure that the students are aware of their
responsibilitiestomaintaincontactwiththeFoundationandknowwhatassistancetheycanexpectfromus.
5

BFIS ANNUAL REPORT FOR THE YEAR ENDED JUNE 30, 2012

NewandContinuingscholars(withyearscholarshipwasawarded)listedbyyeartheywillreceivetheirdegree:
EbonyBrockington10 ............... Accounting ..................................... TempleUniversity ..............................(graduatingJan.2013)
DevinPage11 ............................ Business(PostGraduate)............... GeorgiaInstituteofTechnology................(graduating2013)
RobertMaycock09 ................... Economics,Math........................... DartmouthCollege.....................................(graduating2013)
CharlesWatson09 .................... Accounting,Finance ...................... LoughboroughUniversity..........................(graduating2013)
TenikoEve10............................ RiskManagement&Insurance ...... St.JohnsUniversity ..................................(graduating2013)
AshleyAdair12 .......................... Accounting ..................................... Mt.St.VincentUniv.(BermudaCollege)...(graduating2014)
MagicBoyles12 ......................... ActuarialScience............................ St.JohnsUniversity ..................................(graduating2014)
MichaelColes10........................ Finance&Insurance...................... NortheasternUniversity............................(graduating2014)
HelenCrisson10 ....................... AppliedMath&Statistics............... JohnsHopkinsUniversity .........................(graduating2014)
JulietteFerrariMcComb11 ....... Mathematics .................................. UniversityofSurrey...................................(graduating2014)
MatthewHogan12 .................... Economics ...................................... DurhamUniversity ....................................(graduating2014)
JarynMartin10 ......................... ActuarialScience ........................... WesternOntario .......................................(graduating2014)
NikkiLynnMarshall11 .............. Economics ...................................... BostonUniversity......................................(graduating2014)
EoinMcMahon11...................... ActuarialScience............................ SouthamptonUniversity ...........................(graduating2014)
EmilyPotts11 ............................ InformationTechnology................. StirlingUniversity ......................................(graduating2014)
ElizabethSousa12 ..................... Finance&History........................... BryantUniversity.......................................(graduating2014)
CarlaWeeks12 .......................... Accounting ..................................... Mt.St.VincentUniv.(BermudaCollege)...(graduating2014)
KrisFurbert12 ........................... Business ......................................... EuropeanSchoolofEconomics .................(graduating2015)
TaliahShakir12.......................... Business ......................................... DurhamUniversity ....................................(graduating2015)
ChristopherWright12 ............... Economics ...................................... LancasterUniversity...................................(graduating2015)
EdenSmith11............................ Accounting(Associates) ................. BermudaCollege(graduating2013) ......................................
MeganBerry12 ......................... ComparativeStudies ...................... DukeUniversity.........................................(graduating2016)
AmandaBrown12 ..................... Economics ...................................... BostonCollege .......................................... (graduating2016)
ChelsyFurtado12 ...................... Accounting ..................................... AcadiaUniversity ......................................(graduating2016)

Thisyearatotalof11BFISscholarsgraduatedandIampleasedtoreportthattheyhaveallfoundemployment,
althoughsometooktemporarypositionstostartwith.Severalofthemreportedthattheyhadbeeninterviewed
asaresultoftheirresumesbeingviewedontheBFISwebsite.Wearealsofindingthatwearebeingalertedtojob
openings by our donor companies and in a number of cases we have been able to put forward a successful
candidate.
2012Graduates(withyearscholarshipwasawarded)listedbydegreesubjects:
ChristinaRatteray07 ................. ActuarialScience(PostGraduate) IllinoisStateUniversity...................... AlliedWorldAssurance
KiaraSomner07....................... RiskManagement&Insurance ...... TempleUniversity ..................................................... ArielRe
DonitaStevens07 ...................... RiskManagement&Insurance ...... TempleUniversity ...........................................................Argo
TimothyFox08 ......................... Business ........................................ QueensUniversity..........................................................PWC
KyleJames08............................ Business,MIT ................................. TempleUniversity .........................................(temp.position)
ChelseaMayeaux08 .................. Math&Business ............................ CityUniversity,London .........................................XL,London
RobertJardine09...................... Economics,Management,IT......... UniversityofSt.Andrews............................. TowersWatson
AntionayTankard09................. Business ........................................ HowardUniversity .................................... TokioMillennium
KyleTucker09........................... Economics,Math........................... BabsonCollege...............................................RenaissanceRe
AshleyMadeiros10................... RiskManagement&Insurance ...... St.JohnsUniversity ....................................................... AXIS
AndrewFubler11 ...................... Business&Finance ........................ Mt.St.VincentUniv.(BermudaCollege).............BNYMellon

INTROTOINSURANCESUMMERINTERNPROGRAMMES
Once again we ran successful programmes this summer in Bermuda and Chicago, and a new one in Atlanta,
deferringtheLondonprogrammeforayear.Althoughtheseprogrammesareonly2to3weekslongtheyarevery
intenseandtheygarneranexcellentresponsefromparticipatingstudents.
Sixtyfivestudentshavenowtakenpartinthisprogrammesince2001anditprovidesanimportantopportunityto
BFIS ANNUAL REPORT FOR THE YEAR ENDED JUNE 30, 2012

studentswhoarenotBFISscholars.Eachyearweinviteformerinternstobriefthecurrentonesonhowtogetthe
mostoutoftheexperience.ThankyoutoAkiraRobinson(Chicago2011)andBrianSteinhoff(Bermuda2007)for
briefingthe2012interns.Outofthe12studentswhoparticipatedthisyear,onlythreewereBFISscholarsand,as
can be seen below, the range of subjects being studied by the students was broad but all were able to make a
strongcaseforwhytheywantedtolearnmoreabouttheinsuranceindustryasacareerpossibility.
In the past two years we have structured the programme to create a syllabus so students can approach their
individual colleges to try and obtain course credits. This year Devin Page, a postgraduate student at Georgia
Institute of Technology, was successful and we hope that other colleges agree to give credits going forward. It
shouldbenotedthatwerequirethosestudentswhohavenotpreviouslytakenanyinsurancecoursestotakeat
leasttheAICPCUInsuranceEssentialscourse,togivethemabasicknowledgeofinsuranceanditsterminology.
BERMUDA(May21June8)
This was the eleventh year that the Bermuda programme has run and we are extremely grateful to the
organizationsandcompanieswhogooutoftheirwaytoaccommodateus.Asinformeryears,thefourBermudian
students were joined by two American students from the Katie School of Insuranceand Finance at Illinois State
Universityandtogethertheyvisitedatotalof28organizationsduringthecourseof3weeks.Thisincludedwork
shadowing,whichwasahighlight,presentationsandquizzes,nottomentionthefactthattheywereoftentreated
tobreakfastorlunchandeventheoccasionaldinner!TheBermudianstudentshostedthevisitingstudentsonthe
weekends which madetheir Bermuda experience
evenbetter.

Apartfromgainingagreatdealofknowledge,the
studentsenjoyedtheopportunitytonetworkwith
all who they came into contact with and were
amazedthateveryone,fromtopexecutivesdown,
was so friendly, approachable and evidently
interested in them as students a valuable life
lesson!

BermudaInterns:(picturedabovewithBFISChairman,MichaelFisher)(~2010graduate)
DavidBedard .............UniversityofConnecticut ......... Geography&PoliticalScience ...........................................Graduating2013
RyanEve....................St.JohnsUniversity ................. RiskManagement&Insurance .........................................Graduating2014
LyndsayForrest..........LafeyetteCollege~................... Business&Economics......... Graduated2012(nowwithTokioMillennium)
AlisonCharlton..........UniversityofTampa ................. InternationalBusiness&Management ........... GraduatingDecember2012
DanPettieUSA...........IllinoisStateUniversity.............. InsuranceandFinance ......................................................Graduating2013
JohnMahoneyUSA....IllinoisStateUniversity.............. Insurance&Finance..........................................................Graduating2013

CHICAGO(July920)

Everyyearsince2006,ourChicagoprogrammehasbeenorganizedthroughDebbieBabcock,AssociateDirectorof
the Katie School, and her alumni working in the Chicago insurance market, some of whom participated in our
Bermudaprogrammewhentheywerestillstudents.ThefourBermudianstudentsonlymetforabriefingtheday
beforetheyflewtoChicagofortheirtwoweekinternship.Theywerehostedby10companies,spendingaday
witheachandgaininganindepthunderstandingofthemanydifferentsidesofinsuranceandtheChicagomarket.
TheirhostshadtakenthetimetostudythestudentbiosheetswehadsuppliedsothatDominique,forexample,
was able to learn about submissions and finances. The interns enjoyed a varied schedule which included job
shadowing, a mock risk assessment and sitting in on a panel discussion, and were well looked after in terms of
lunches.

BFIS ANNUAL REPORT FOR THE YEAR ENDED JUNE 30, 2012

Weensurethatallourinternstaketimetolearn
more about the city they are in and the interns
purchased City Passes so that they could visit
some of Chicagos main attractions. They were
also hosted to a Cubs game and spent their final
afternoon on a boat cruise organized by younger
insurance professionals, many of whom they had
metduringtheprevioustwoweeks.

Chicago Interns: (pictured above with Debbie Babcock

oftheKatieSchoolatcentre)(**BFISScholar)
SophieFarrow...................... UniversityofBristol .......................CivilEngineering/Actuarial .................... GraduatingMEng2014
SamuelBridges .................... UniversityofLiverpool..................Law ....................................................................Graduating2013
DominiqueRichardson.......... BarryUniversity** ........................BusinessAdministration(Finance) .....................Graduating2014
PeterMiller .......................... ConnecticutCollege......................History ...............................................................Graduating2013

ATLANTA(July920)
OurthankstoMarkLima,formerBFISPresident,andBarryWoodsofGeorgiaStateUniversityforsuggestingwe
send students to experience the Atlanta market. Thanks also to Kathryn Marsh, another Bermudian working in
Atlantawho,alongwithMarkandBarry,helpedtomakeithappen.
Itprovedtobeagreatideaandtheinauguralinternshipwashugelysuccessful,thanksinnosmallparttothemany
peoplewewereputincontactwithinAtlantawhoofferedadviceandwereinstrumentalingettingcompaniesto
participate.Intheend,wehadmoreofferstohosttheinternsthanwecouldutilize.
ThreeoftheinternsflewtoAtlantawheretheyweremetbythefourth,DevinPage,whoisatcollegeinAtlanta.
Theywerethenimmersedinawhirlwind2weekinternship,withvisitstoatotalof18companiesrangingfroma
power company to CocaCola! Participating companies had obviously paid attention to our bio sheets on the
students as they arranged for different
employees to address specific subjects, such as
placingconstructioninsurance.

Numerous other areas were covered, such as

inland marine, health, environmental and cyber
insurance, and the students met with brokers,
actuaries,lawyersandunderwriters.Aswithour
otherinternsinBermudaandChicago,theywere
veryimpressedthattheyhadtheopportunityto
meetpeopleateveryleveloftheindustry.

AtlantaInterns:(picturedabove,fromleft)(**BFISScholars)(~2012graduate)
FraserMoore ...........UniversityofEdinburgh~..................Engineering ....................... Graduated2012(nowwithMcAlpine,UK)
DevinPage ................GeorgiaInstituteofTechnology** ....InternationalAffairs ......................................... GraduatingMSIA2013
MichaelJones ...........CassBusinessSchool,London~ .........Insurance&RiskManagement ..........................GraduatingMSc2014
MagicBoyles .............St.JohnsUniversity** ......................ActuarialScience ........................................................Graduating2014

BFIS ANNUAL REPORT FOR THE YEAR ENDED JUNE 30, 2012

FINALPRESENTATION
AtalunchtimepresentationonJuly26thto50insuranceindustryprofessionals,studentsandparents,thisyears
BFIS summer interns talked enthusiastically about their introtoinsurance experience. The presentation took
placeatOHaraHouse,courtesyoftheXLFoundation.
EachgroupofstudentsgaveashortPowerPointpresentationbutwhicheverinsurancehubtheywerein,itwas
clear they had all gained hugely from the experience. Their presentations demonstrated that the industry is so
broad that students studying diverse subjects such as engineering, zoology, actuarial science, political science,
geography,law,history,aswellasriskmanagementandinsurance,arecrediblecandidatesforinsurancecareers!
DonationscomeinmanyformsandBFISverymuchappreciatescompaniesembracingthisprogrammewhichgives
somuchtoourstudents.Wecannotadequatelyexpresshowgratefulwearetoallhostingcompanies,bothlocal
andoverseas,fortheirparticipation(seePage17).Weknowitisnotalwayseasyorconvenienttoaccommodate
theinternsforahalfday,muchlessafullday.
Sponsorship:WearegratefultoAlliedWorldAssurancewhounderwrotethecostsofthisyearsprogramme.

MENTORNETWORKPROGRAMME
Mentoring is an integral part of what BFIS does
and we ensure that all BFIS scholars are matched
withmentors.Wealsoreceiverequestsregularly
from nonBFIS students who, understanding the
benefits of having a mentor, are keen to be
includedintheprogramme.Althoughourpriority
is our scholars, BFIS assists anyone who is
interestedinpursuingacareerininsurance.
The BFIS Mentor Committee members are all BFIS alumni who run the network as well as being mentors
themselves.Othersinthenetworkalsomentororareavailabletocallontogivecareeradvice.
Networkingluncheswereheldduringtheyearwhenstudentswerehomeonvacation.TheChristmaslunchlast
December29thtookplaceatACE,venuecourtesyoftheACEFoundation,andtheJune8thlunchwasheldatthe
BermudaSocietyofArts.Inaddition,ourpopularEndofSummercocktailpartywasheldonAugust16thatAON
House, sponsored by AON. All events were well
attendedandincludedsomeBoardmembersand
Advisory Trustees in addition to the students and
theirmentors.
TheMentorNetworkCommitteealsoheldaget
toknowyou lunch, courtesy of Validus, on
August9thforallthenewBFISscholars,whichthey
greatlyappreciated.
Sponsorship: We are grateful to AON for its
pledgedsupportoftheBFISMentorNetworkingprogrammethroughTheRhondelleTankardMemorialFund.

BFIS ANNUAL REPORT FOR THE YEAR ENDED JUNE 30, 2012

CAREERGUIDANCE
EMPLOYMENT
Thisyeartherehasbeenasharpincreaseintherequestsforhelpinfindingemployment,withover70university
graduates,collegestudentsseekingvacationjobsandthoserecentlymaderedundantapproachingus.Wemeet
witheachindividualandhelpthemcreateapersonalizedplanofactionwhichincludesreviewingtheirresumeand
theirjobsearchlist.Iftheyfeeltheywouldbenefitfromimprovingtheirinterviewskillsweareabletoarrangefor
themtohaveoneononetrainingwithaveryqualifiedHumanResourceprofessionalwewerefortunatetofind
throughVolunteer.bm.
OnlythenwillweuploadtheirresumetotheBFISwebsiteandcirculatethelisttoinsurancecompaniesHuman
Resourcemanagers.Anincreasingnumberofourdonorcompaniesandotherswillalsolookatourwebsiteresume
listasagoodfirstlookresourcewhensearchingfornewemployees.
SCHOOLPRESENTATIONS
Ourannualschoolpresentationsprogrammetakes
us into the high schools to talk to the senior
students about careers in insurance. We have
found it works well to have two BFIS alumni
accompany us, especially if they have graduated
from the school they are presenting in. This year
wealsoreceivedarequestfromBigBrothers&Big
Sisters to make an evening presentation to a
number of their Littles which was very well
received.
We continue to use the Careers in Insurance DVD
madein2007asitisstillrelevant,andthisyearwewereabletodistributeournewlypublished20pageCareersIn
Insurance booklet. This colourful magazinesize booklet highlights how the industry works, where the different
jobsfitin,whatskillsareneeded,aswellasthehistoryofBermudasinsuranceindustry.Anystudentswhowantto
learnmoreareinvitedtoattendalunchandlearnsession.
WealsomakepresentationsonscholarshipstohighschoolgraduatingstudentsinJanuary/Februaryeachyear.
Our thanks to the following BFIS alumni as well as other industry professionals* for assisting us with our
presentations,andtotheiremployersforgivingthemthetimetovolunteer:
RishiAggarwal
DanielBarker
VickyBorges
HannahButler
EVENTS

BeckyDaPonte
RoneikaHall
ShelleHendrickson
TiffanyHeslop*

SergioLottimore
JenniferPrescott*
ChristinaRatteray
KiaraSomner

TravisStevens
SharekaTucker
JahvonWashington
DeannaWilliams

BFIScontinuestohaveapresenceatcareereventsduringtheyear,includingthoseheldinBermudashighschools,
andwemakepresentationsattheinvitationofvisitinguniversitieshostingtheirowninsurancecareerevents.
BFISstaffassistedintheannualYouthHarvestingConferencewhichwasheldatXLHouseonOctober1112thfor
100highschoolstudents.Dividedintoteams,theyfocusondifferentcareerareasandBFISroleistoconduct5
minuteinterviewsandselectthetopteninterviewees.
BFIS ANNUAL REPORT FOR THE YEAR ENDED JUNE 30, 2012

10

We are also finding that we are a starting point for overseas universities wishing tobring insurance students to
Bermuda, such as the University of Georgia which brought a group of seniors to Bermuda in March, and the
Universities of Denver, Calgary and St. Josephs. St. Johns and Georgia State have also included us in their
presentationsinBermuda.

BFIS continues to be called upon by other organizations to recommend suitable students to participate at
insuranceeventsheldinBermuda.
ForthepastfiveyearsRenaissanceRehassought
our assistance in selecting five students to be
sponsored to attend the Reinsurance Association
of America's Seminars held in Bermuda (March
2021). This year two Bermuda College students
and three graduates took advantage of this
opportunity,
attending
the
two
day
ReUnderwritingattheFairmontHamilton.Aspartoftheprocesstheyhavetogivefeedbackoneachsessionand
allwereextremelyenthusiasticabouttheprogrammeandgratefulfortheopportunitytotakepart.

Participants(picturedabovewithNeilCurrie,CEO,RenaissanceRe):
JahkiSaltus..................BermudaCollege ............. BusinessAdministration
NatashaCamara...........BermudaCollege ............. BusinessAdministration
SeanTucker .................BabsonCollege ................ AccountingMSc .......................... GraduatedJan2012
LyndsayForrest............LafayetteCollege............. BusinessandEconomics ............. GraduatedMay2010completedOPTinUS
DonitaStevens.............TempleUniversity ........... RiskManagement&Insurance ... GraduatedDec.2011

The organisers of the Bermuda Captive Insurance Conference (June 26) again asked BFIS to schedule student
volunteerstoassistattheconferenceinexchangeforattendingthesessionsandnetworkingevents.Thestudents
were given time off from their summer jobs to attend and found they not only learned a lot but thoroughly
enjoyedtheexperience.

Participants:
AlanahBacon .................ColbySawyerCollege ............................BusinessAdministration................ Graduating2013
AnuliRoberts .................UniversityofHertfordshire ...................AccountingandFinance ................ Graduating2013
GrahamSmith................DalhousieUniversity .............................Economics ..................................... Graduate
TecheSmith ..................NewEnglandInstituteofTechnology...BusinessManagement ................. Graduating2012
DonitaStevens...............TempleUniversity .................................RiskManagement&Insurance ..... GraduatedDec.2011

Inearly2012wewereapproachedbylawfirmDrinkerBiddletocohostapaneldiscussionwiththem.Thistook
placeonJuly5thattheHamiltonPrincessandaddressedtheFutureofStateInsuranceRegulationintheUSand
issuesrelatingtotheDoddFrankAct.AsmallbutinterestedgroupattendedincludinganumberofBFIStrustees.
Two of our recent scholarship recipients, Michael
Coles and Christopher Wright, volunteered to
assistandtooktheopportunitytonetworkatthe
party which followed. We were delighted to
receive a donation from Drinker Biddle for our
efforts.

11

BFIS ANNUAL REPORT FOR THE YEAR ENDED JUNE 30, 2012

MARKETING
ThispastyearwehavefocusedmoreonusingourwebsiteandFacebookpagetonotifyourstudentaudienceof
itemsofinterest,oftenattherequestofourdonorcompanies,suchasgraduatetraineeopportunities,internships
andstudentnetworkingevents.WealsopublicizetheBermudaInsuranceInstitutecoursesandexamwindows,the
ReinsuranceAssociationofAmericaseminarsandtheBermudaUnder40sevents.
AswebuildcontentonthewebsitewehavebeenabletoincludeourCareersInInsurancebookletaswellasthe
shortmovieproducedforYourFutureTVfeaturingfourofouralumni,DeannaWilliams(1999),TravisStevens
(2010),JamesBotelho(2004)andCarliePeniston(2011).
WecontinuetoplacerelevantarticlesandadvertisementsonScholarships,Internships,CareersandScholarship
Recipientsinthelocalmedia,andthisyearutilizedtheCentreOnPhilanthropysquarterlyHandsAcrossBermuda
supplementintheRoyalGazettetohighlightandthankourdonors.

PROBONOTHANKS
WeextendsincerethankstoKPMGwhoformanyyearshaveundertakenourauditatnocost.Theynowhaveto
chargeanominalfeebutweremainmostgratefulfortheireffortsonourbehalf.Also,thanksareduetoQuorum
BermudaLimitedforassistingwithcorporatesecretarialissuesprobono.
SpecialrecognitionisduetoTracyKeill,ourTreasurerandalsoChairmanoftheFinanceCommittee.Wearetruly
indebted to her for her diligence in all BFISrelated financial matters. Her valuable guidance and the many
volunteerhourssheputsinaregreatlyappreciated.

COMMITTEECHANGES
Our thanks to those of our committee members who have decided to step down. This includes our Careers
Committeeasitnolongerhasasufficientlymeaningfulroleduetothefactthatmanyofitsgoalshavenoweither
been accomplished or form an intrinsic part of the daytoday BFIS operations (intern programme, resume
reviewing,schoolpresentations,etc.).ThementoringrolehasbeentakenoverbytheMentorNetworkCommittee
whichisrunbyBFISalumni.WearethereforetransformingtheCareersCommitteeintoaCareersResourceGroup
whosememberswecancallupononanasneededbasis.
BoardofTrustees ........................StuartMacKellar,ManagingDirector............................................................... Amlin
FinanceCommitteeChair ...........TracyKeill,Director ............................................................................ PrimaryGroup
FinanceCommittee.....................ZikomoSimmons,RiskAnalyst.......................................................................... Orbis
ScholarshipCommitteeChair .....MeredithHead,SVP,PropertyCatastrophe .............................TokioMillenniumRe
MentorNetworkCommittee.......ShelleHendrickson,Underwriter....................................................................Chartis
CareersCommittee......................GerryBegeman,Dean,Div.ofBusinessAdmin&Hospitality........ BermudaCollege
CareersCommittee......................LynnOsborne(Chairman),HRManager ......................ColonialGroupInternational
CareersCommittee......................TammyBarclay,HumanResourceGeneralist ................................. ValidusHoldings
CareersCommittee......................SusanBartlett,HRConsultant
CareersCommittee......................Dr.TrescottWilson,Dean,Div.ofBusinessAdmin&Hospitality.. BermudaCollege
CareersCommittee......................CrystalClay,DirectorofLearning&Development ..............................ACEBermuda

BFIS ANNUAL REPORT FOR THE YEAR ENDED JUNE 30, 2012

12

CareersCommittee......................CatherineLapsley,ExecutiveDirector ................................................................ BFIS

CareersCommittee......................GraceLovecchio,VPAdministration ...........................................WhiteMountains
CareersCommittee......................JuliePreece,DirectorofEducation&Training ............ BermudaInsuranceInstitute
CareersCommittee......................TravisStevens~,Advisory................................................................................KPMG

WearedelightedthatrepresentativesoffourofourlongtermdonorcompanieshavejoinedourBoardandwe
have also strengthened our Finance Committee with two new volunteers. One of our longserving alumns has
movedfromtheMentorNetworkCommitteetotheScholarshipCommitteeandanotherBFISalumnhasreplaced
herontheMentorNetworkCommittee.
BoardofTrustees ............................................. MarkBerry,SVPandManagingDirector .................................... XLRe
BoardofTrustees............................................. JillHusbands,ManagingDirector/HeadofOffice................ MarshIAS
BoardofTrustees ............................................. CarlaWhitehurst,VPandSeniorLegalCounsel ........ AlterraBermuda
BoardofTrustees............................................. TerryPimentel,President ..........................ArchInsurance(Bermuda)
FinanceCommittee........................................... AlistairBorder,ProfessionalWriter............................................. Orbis
FinanceCommittee.......................................... CarolFaries,AVP,AssistantController .......................................BF&M
ScholarshipCommittee .................................... ShelleHendrickson~,Underwriter...... AmericanInternationalGroup
MentorNetworkCommittee............................ TravisStevens~,Advisory ......................................................... KPMG
The importance of the strong support we receive from our volunteer committee members is paramount to the
ongoingsuccessoftheFoundationandensuresthatoureffortsarekeptrelevant,forwhichwethankthemallvery
much.Wealsohavemanyothersinourindustrynetworkwhoareunfailinglygenerousingivingtheirtime,evenif
itisonlytositdownoveracupofcoffeewithastudent.
From the Directors viewpoint, knowing that we can pick up the phone or send an email request in the certain
knowledgethatwewillgetahelpfulresponsemakesrunningtheFoundationawonderfullypositiveexperience.
Thankyoutoalloursupporters.

___________________
CatherineCRLapsley
ExecutiveDirector

13

BFIS ANNUAL REPORT FOR THE YEAR ENDED JUNE 30, 2012

BFISSLATEOFNOMINEES2012/2013
BOARDOFTRUSTEES
MichaelFisher(Chairman)................................ ManagingPrincipal ................................................. Integro(Bermuda)
MarkBerry* ..................................................... SVPandManagingDirector......................................................... XLRe
JeromeDill ....................................................... GeneralCounsel................................................................... ValidusRe
ReesFletcher .................................................... PresidentandCEO ......................................................... ACEBermuda
DurandaGreene .............................................. President................................................................... BermudaCollege
MeredithHead ................................................. SVP,PropertyCatastrophe ..................................TokioMillenniumRe
JillHusbands* .................................................. ManagingDirector&HeadofOffice ................................... MarshIAS
TracyKeill......................................................... Director......................................................................... PrimaryGroup
CatherineLapsley............................................. ExecutiveDirector ......................................................................... BFIS
GailMartin........................................................ VP&Underwriter ............................................................ HannoverRe
BethPiggott ...................................................... Retired ..formerChiefCasualtyUnderwriter,XLInsurance(Bermuda)
TerryPimentel* ............................................... President.....................................................ArchInsurance(Bermuda)
DavidSkinner.................................................... CFO&COO................................................................. AspenInsurance
CarlaWhitehurst*............................................ VicePresidentandSeniorLegalCounsel................... AlterraBermuda

EXECUTIVEOFFICERS
Chairman .......................................................... MichaelFisher,ManagingPrincipal........................ Integro(Bermuda)
Treasurer* ....................................................... DavidSkinner,CFO&COO......................................... AspenInsurance
VicePresident................................................... TracyKeill,Director....................................................... PrimaryGroup
VicePresident.................................................. GailMartin,VP&Underwriter ........................................ HannoverRe
ExecutiveDirector ............................................ CatherineLapsley,ExecutiveDirector ........................................... BFIS
CorporateSecretary*...................................... JaneBielby,Administrator............................................................. BFIS
AssistantCorporateSecretary .......................... ................................................................................... QuorumLimited

FINANCECOMMITTEE
DavidSkinner(Chairman) ................................. CFO&COO................................................................. AspenInsurance
NeilAnderson ................................................... ManagerofAccounting ................................................... HannoverRe
AlistairBorder*................................................ ProfessionalWriter...................................................................... Orbis
CarolFaries* .................................................... AVP,AssistantController............................................................BF&M
CatherineLapsley ............................................. ExecutiveDirector ......................................................................... BFIS
TracyKeill.......................................................... Director......................................................................... PrimaryGroup

SCHOLARSHIPSCOMMITTEE
DurandaGreene(Chairman) ............................ President................................................................... BermudaCollege
JonathanBall~.................................................. AssistantUnderwriter.................................................CatlinInsurance
ShelleHendrickson~* ..................................... Underwriter,HealthCare .................... AmericanInternationalGroup
StephenJones~................................................ VPProfessionalLines....................................................ACEBermuda
CatherineLapsley ............................................. ExecutiveDirector ......................................................................... BFIS
RajeshPachai~ ................................................. Actuarial,ExcessCasualty.................................XLInsuranceBermuda

MENTORNETWORKCOMMITTEE
JamesBotelho~(Chairman)............................. AVP,PricingActuary ............................................................ ValidusRe
JonathanAllen~ ............................................... Underwriter,ProfessionalLines .....................................ACEBermuda
JenniferAraujo~............................................... UnderwritingAnalyst.................................................................. XLRe
DanielBarker~ ................................................. AVP,PricingActuary ............................................................ ValidusRe
JaneBielby ....................................................... Administrator................................................................................. BFIS
BeckyDaPonte~............................................... ExcessCasualtyUnderwriter
TravisStevens~* ............................................. Advisory .....................................................................................KPMG
DeannaWilliams~ ............................................ AVP,Underwriter......................................................................... XLRe

*Newappointees
~BFISalumni
BFIS ANNUAL REPORT FOR THE YEAR ENDED JUNE 30, 2012

14

ADVISORYTRUSTEES
MitchellBlaser ......................................................CEO.............................................................IronshoreInsuranceLtd.
MichaelButt ........................................................ChairmanoftheBoard...................................................AXISCapital
ScottCarmilani......................................................Chairman..................................................... AlliedWorldAssurance
AndrewCook ........................................................ExecutiveVP........................ BusinessDevelopment,AlterraCapital
NeilCurrie.............................................................CEO........................................................... RenaissanceReinsurance
BrianDuperreault .................................................President&CEO ............................................... Marsh&McLennan
JeremyPinchin.....................................................CEO.................................................HiscoxInsuranceCo.(Bermuda)
ReesFletcher ........................................................CEO........................................................... ACEGroupofCompanies
GrantGibbons.......................................................DeputyChairman ................................ColonialGroupInternational
BrianHall ..............................................................RetiredChairman ............................. Johnson&Higgins(Bermuda)
GeorgeHutchings .................................................SeniorVicePresident&COO ................. OILManagementServices
DonKramer...........................................................CEO....................................................................................... ArielRe
PaulMarkey .........................................................Chairman...................................................... AONGroup(Bermuda)
PeterMullen .........................................................CEO............................................. AONGlobalCaptiveManagement
TimothyPeckett....................................................GeneralCounsel ....................................................ArchReinsurance
GrahamPewter.....................................................CEO...........................................................................CatlinBermuda
RobertPorter........................................................CEO.............................................. PlatinumUnderwritersBermuda
BrianOHara ........................................................RetiredChairmanandCEO................................................. XLGroup
KonradRentrup ....................................................President&CEO.......................................... HannoverReinsurance
WalterScott..........................................................RetiredChairman,PresidentandCEO ....................................... ACE
RobinSpencerArscott..........................................Chairman,OperatingCommittee................WorldInsuranceForum
WarrenTrace........................................................VP,BranchManager ..........................SiriusInternationalInsurance
JohnWight............................................................President&CEO..................................................... BF&MInsurance

BFISCOMMITTEESMANDATES
FinanceCommittee
Exercise oversight and responsibility with respect to the Foundations material and strategic financial matters, including
thoserelatedtoinvestmentpoliciesandstrategies,capitalstructure,etc.;
Monitor the performance of the Endowment Fund and make recommendations as necessary with regard to investment
strategies;
LiaiseasnecessarywiththeFoundationsInvestmentAdviser;
Adviseand,asappropriate,makerecommendationstotheBoardwithrespecttosuchmatters.

ScholarshipsCommittee
Selectscholarshipapplicantstobeinterviewed;
Conductinterviewsandreachaconsensusonawardeesandawardamounts.
ReviewscholarshipcriteriaandawardsandmakerecommendationstotheBoard;

MentorNetworkCommittee
ManagetheBFISMentorNetworkprogrammetoensurethatstudentsandothersrequestinginsurancecareeradviceand
guidancehavetheirexpectationsmet;
Assignmentorstostudentsandotherslookingforamentor;
Encourageyounginsuranceprofessionalstobecomementors;
Provideopportunitiesforstudentsandyoungprofessionalstonetwork.

15

BFIS CHAIRMANS REPORT FOR THE YEAR ENDED JUNE 30, 2011

PLEDGEDMEMBERSANDREPRESENTATIVES
ACEFoundation ....................................... SamanthaFroud,Trustee
AlliedWorldAssurance........................... AngelikaDavis,VPPropertyTreatyReinsurance
Alterra..................................................... KipHerring,SVPandMarketingDirector
AmericanInternationalGroup................. GeorgeDove,SVP,HR&InternationalPayroll
AmericanOverseasRe(RAMRe)............ DavidSteel,PresidentandCEO*
ArchRe .................................................... MattDragonetti,ArchCharityCommitteeChairman
ArielRe.................................................... MylesOrchard,SVP
AspenInsurance ...................................... DavidSkinner,CFO&COO
Amlin........................................................ LisaFinnerty,HumanResourcesManager
AONGroup .............................................. VeneciaWarner,HumanResourcesManager
AXISSpecialty .......................................... CrystalAming,HumanResourcesManager
BermudaEducationServicesTrust .......... JohnNeal,President
BrianRHall
CatalinaRe............................................... JohnWeale,SVP
ColonialInternationalGroup ................... GrantGibbons,DeputyChairman,ColonialGroupInternational
ConyersDill&Pearman........................... ChristopherGarrod,Partner
HannoverRe ............................................ GailMartin,VP&Underwriter
MarshIASManagementServices ............ JillHusbands,MD,HeadofOffice
OILManagementServices ...................... GailMiller,VicePresident,HR&Admin.
PartnerRe............................................... LindsayHyland,HumanResourceManager
PrimaryGroupLimited ............................ TracyKeill,Director
RenaissanceRe ....................................... MaureenNusum,HumanResourceManager
Validus ..................................................... JeromeDill,GeneralCounsel
Willis ....................................................... MichaelChilvers,ChiefOperatingOfficer
WorldInsuranceForum........................... RobinSpencerArscott,Chairman,OperatingCommittee
XLFoundation ......................................... AmandaOuterbridge,HeadofInternalCommunications,XLCapital
Zurich ...................................................... MaxineLawrence,HumanResourceManager*

*Newappointees

BFIS CHAIRMANS REPORT FOR THE YEAR ENDED JUNE 30, 2011

16

BFISINTROTOINSURANCESUMMERINTERNPROGRAMME2012
HOSTINGCOMPANIESANDORGANISATIONS

Organisation/Company

Locations

ABIR(AssociationofBermudaInsurers&Reinsurers..............................Bermuda
ACEBermuda/ACETempestRe/ACEUSA ............................................Bermuda ............... Atlanta............... Chicago
AlliedWorldAssurance............................................................................Bermuda ............... Atlanta............... Chicago
Alterra..................................................................................................................... ............... Atlanta
Amlin........................................................................................................Bermuda
AON/AONBenfield ................................................................................Bermuda ............... Atlanta............... Chicago
Appleby....................................................................................................Bermuda
ArchInsuranceGroup..............................................................................Bermuda ............... Atlanta............... Chicago
ArielRe ....................................................................................................Bermuda
ArtexRiskSolutions .................................................................................Bermuda
Aspen .......................................................................................................Bermuda
AxisCapital/Speciality............................................................................Bermuda ............... Atlanta
BeecherCarlson(RichReynell) ............................................................................... ............... Atlanta
BermudaMonetaryAuthority .................................................................Bermuda
BermudaStockExchange ........................................................................Bermuda
Burns&Wilcox ....................................................................................................... ........................... ............... Chicago
Catalina....................................................................................................Bermuda
ChartisBermuda/USA ............................................................................Bermuda ............... Atlanta............... Chicago
CocaColaCompany................................................................................................ ............... Atlanta
ColonialGroupInternational ...................................................................Bermuda
Crawford&Co. ....................................................................................................... ............... Atlanta
DepartmentofStatistics..........................................................................Bermuda
HannoverRe ............................................................................................Bermuda
HinkhouseWilliamsWalshLLP ............................................................................... ........................... ............... Chicago
Horseshoe...............................................................................................Bermuda
Integro .....................................................................................................Bermuda ............... Atlanta
KPMG.......................................................................................................Bermuda
Lloyds ..................................................................................................................... ............... Atlanta
Marsh.......................................................................................................Bermuda ............... Atlanta
McGriffSiebels&Williams ..................................................................................... ............... Atlanta
Merlinos&Associates ............................................................................................ ............... Atlanta
OCIL/OILGroup......................................................................................Bermuda
PartnerRe................................................................................................Bermuda
PricewaterhouseCoopers ........................................................................Bermuda
SomersRiskConsulting........................................................................................... ............... Atlanta
SouthernCompany ................................................................................................. ............... Atlanta
RenaissanceRe ........................................................................................Bermuda
SwissRe .................................................................................................................. ........................... ............... Chicago
Travelers ................................................................................................................ ............... Atlanta............... Chicago
ValidusRe ................................................................................................Bermuda
XLGroup ..................................................................................................Bermuda
Zurich ...................................................................................................................... ........................... ............... Chicago

17

BFIS CHAIRMANS REPORT FOR THE YEAR ENDED JUNE 30, 2011

CURRENTDONORS20112012
asatDecember5,2012

DIAMONDLEVEL

SAPPHIRELEVEL

RUBYLEVEL

$3.5millionandover

$1.5millionandover

$500,000to$1.5million

XLFoundation

PLATINUMLEVEL

ACEFoundation

GOLDLEVEL

Alterra

SILVERLEVEL

$250,000to$500,000

$150,000upto$250,000

$50,000upto$150,000

AmericanInternationalGroup
AONFoundation
ArielRe
BrianR.Hall,OBE
ColonialGroupInternational
MarshBermuda

BRONZELEVEL

AlliedWorldAssurance
ArchRe
AXISCapital
OILManagementServices
PartnerRe

AmericanOverseasRe
AmlinBermuda
BermudaEducationServicesTrust
HannoverRe
ValidusRe
Zurich(Bermuda

FRIENDSOFBFIS

GIFTSINKIND

$10,000upto$50,000

upto$10,000

Donatedgoodsandservices

AspenInsurance
FlagstoneRe
TokioMillenniumRe
WalterA.Scott
Willis(Bermuda)

BermudaIndependent
UnderwritersAssociation
BF&M
CatlinInsurance
DrinkerBiddle

BermudaYellowPages
IslandPress
KPMG
PrimaryGroup
QuorumGroup

BFIS CHAIRMANS REPORT FOR THE YEAR ENDED JUNE 30, 2011

18