BFIS Annual Report 2012

7/30/2019 BFIS Annual Report 2012

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ANNUALREPORT

2012


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1 BFIS ANNUAL REPORT FOR THE YEAR ENDED JUNE 30, 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.

Volatility inthe investmentmarketshasrequiredthattheBFISfinancialteamwork

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,twelve for2yearsandonefor3years.ThisbringsthetotalnumberofcurrentBFIS

scholars to 24, atan outlay of $415,000 for thisacademic yearalone. The2012 scholarships were awarded for

undergraduatestudiesatoverseasuniversities(11)andBermudaCollege(2). TheScholarshipCommitteechose

nottoawardapostgraduatescholarshipthisyear.

Iampleased to recognize thecontinuedsuccessof the Internprogramme. Iwas impressedyetagainwithour

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.


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BFIS ANNUAL REPORT FOR THE YEAR ENDED JUNE 30, 2012 2

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, theBFIS 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

andgraduate

students,

guidance

counselors,

career

changers

and

those

looking

to

gain

postgraduate degrees. The BFIS office has done a remarkablejob of satisfying these enquiries or acting as a

conduittoputpeopleincontactwithsomeonewhocanoffertheappropriatehelporguidance.

AswillbenotedintheFinancialReport,pledgesanddonationstotheFoundationarestillnowherenearthelevels

enjoyed inourearlyyears. Infact,thisyearourpledgesanddonationswerebarelyenoughtocoverhalfofour

combinedscholarshipandoperationalexpenses. Disappointingasthisis,muchwebelievecanbeattributedtothe

uncertaineconomictimesandtheassociatedreductioninphilanthropicdonations. Theongoingimpairmentinthe

InvestmentFundhasattimesleftusconcernedaboutthefinanciallongevityoftheorganization. Wewillstrivein

2013tomoreaggressivelypursuedonationsfromprevious,existingandpotentialnewdonors.

BFIS ismostappreciativeofnotonlythefundingfromoursponsorsbutalsothevolunteerhourswhichmanyof

theirrepresentatives

give

to

the

Foundation.

To

have

their

industry

expertise

so

generously

donated

to

BFIS

is

auniqueandtremendousresource,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


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-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12

%P

erformance

FTSE 100 Performance DJIA Performance BFIS Performance

TREASURERSREPORT

FINANCIALHIGHLIGHTS

Total revenues for theyearended June30, 2012 fell to$379,102 from$738,796 in2011. Thisdropwasdriven

largely bya50% fall incontribution income from $557,500 in2011 to$276,850 in2012asboth restricted and

unrestrictedcontribution income fell.Additionally,realizedgainsonsalesof investmentsdeclinedby$63,148 in

comparisonto2011,andnetinvestment incomedeclinedby$12,024duetothedecrease incash& investments

anddeclininginterestrates.

Lowerrevenueswerepartiallyoffsetbya5%reductioninexpensesoverallduetoimprovedexpensecontroland

alsosometimingissues.

In2012BFISprovided13scholarshiprecipientswith$368,990inscholarshipscomparedto$375,500in2011.

OverallBFISoperatedatalossof$369,470in2012comparedtoalossof$49,810in2011.Ifrealizedgainsonsales

of investmentsareexcludedfrombothyearsthenthenetoperating losseswere$413,881 in2012comparedto

$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

portfoliovalue includingshort termdeposits is$5,090,132compared to theprioryear fairvalueof$5,486,607.

Thisincludedawithdrawalof$225,000tocoverscholarships.

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% inUSGovernmentand

Corporate

Senior

Bonds,

33%

in

Global

equities

and14%inConvertibleBonds,withtheremaining

allocationinrealandalternativeassetclasses.

Cash has remained a viable asset as uncertainty

lingered inthemarkets;howevertheFinanceCommittee isactivelyconsideringreducingthiscashpositiongoing

forwardasthereturnsarenegligible.USGovernmentBondsremaininhighdemandandarefullypricedasinterest

ratesremainnearrecordlowlevels.

BFISInvestmentPortfolioPerformance(July2004July2012)


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BFISAssetAllocation(June30,2012)

Cash

Treasury Bills

CorporateBonds

GovernmentBonds

ConvertibleBondsGoldLargeCapUSStocks

LargeCapGlobalStocks

HedgeFundsLargeCapEmerging

Stocks

RealEstateFund

Corporateearningsandbalancesheetsremainstrongandtheportfolioscorporatebondladdercontinuestohold

upwell. Further,themarketsandportfoliohavepickedupa littleacrosstheboard,thoughthefiscalcliffpost

election is causing a cloud on the horizon.

Asia post the Chinese election is looking

marginally better and Europe, though far

frombeingfixed, isnotastragicas itwas in

June2012.

Overalltheportfoliocontinuestoperformas

expectedand is proving to be the sourceof

stability BFIS needs to support its mission

throughoutthesetryingtimes.

___________________

TracyE.

Keill

Treasurer


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Business

Legal Studies

Accounting

Information Technology

Actuarial Science and

Math

Economics

Finance

Insurance & RM

Non-specific

Environmental Sciences

Engineering

AREAS OF STUDY OF 2012 BFIS SCHOLARSHIP APPLICANTS

EXECUTIVEDIRECTORSREPORT

SCHOLARSHIPS

Now completing our16th

year, BFIS continues to

gofromstrengthtostrengthwithourscholarship

programme, having awarded scholarships to 119

students.Ofthese,87havegraduatedwithnearly

allworkingintheindustryand26arepresentlyat

university(twonowunderotherfunding).

Almost

50%

of

our

97

applications

this

year

came

from Freshmen and after much deliberation the

ScholarshipsCommitteeawarded13scholarships

6 to firstyear students and 7 to students

enteringtheirJunioryear;oftheseawards,50%hadfinancialneedtakenintoconsideration.

Thescholarshipapplicationsareallreceivedthroughthebermudascholarships.comwebsitewhichcurrently lists

over400scholarshipsofferedbyover120awardproviders.Thesiteenablesstudentstosubmittheirapplications

withsupportingdocumentsonline. BFISservesonthetaskforceoftheBermudaScholarshipswebsitewhichexists

under the umbrella of the Centre On

Philanthropy,andwhenvisitingBermudashigh

schools to promote the BFIS scholarships, we

demonstratehowtousethewebsite.

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.

The2012

Scholarship

Awards

Reception

was

held

on

July

24th

at

Alterra

which

very

kindly

sponsored

the

event.

Thereceptionwasverywellattended,withindustryleaders,committeemembersandBFISalumniminglingwith

studentsandparents.BFISFoundingMemberBrianOHarapresentedtheBFISScholarshipswhileMeredithHead,

ChairoftheScholarshipCommittee,highlightedtheaccomplishmentsofeachrecipient.

BFISmaintainsregularcontactwithallourscholarssowecanofferadvice,providecareerguidance,helpthem

find summeremployment 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.


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NewandContinuingscholars(withyearscholarshipwasawarded)listedbyyeartheywillreceivetheirdegree:EbonyBrockington10 ...............Accounting .....................................TempleUniversity ..............................(graduatingJan.2013)

DevinPage11 ............................Business(PostGraduate)...............Georgia InstituteofTechnology................(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.........................Actuarial Science............................St. JohnsUniversity ..................................(graduating2014)

MichaelColes

10........................Finance

&

Insurance

......................Northeastern

University

............................(graduating

2014)

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) ......................................

MeganBerry

12 .........................Comparative

Studies......................Duke

University

.........................................(graduating

2016)

AmandaBrown12 .....................Economics ......................................BostonCollege ..........................................(graduating2016)

ChelsyFurtado12 ...................... Accounting .....................................AcadiaUniversity ......................................(graduating2016)

Thisyearatotalof11BFISscholarsgraduatedand Iampleasedtoreportthattheyhaveallfoundemployment,

althoughsometooktemporarypositionstostartwith. Severalofthemreportedthattheyhadbeen interviewed

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

KiaraSomner

07

.......................Risk

Management

&

Insurance ......Temple

University

.....................................................Ariel

Re

DonitaStevens07......................Risk Management&Insurance ......TempleUniversity ...........................................................Argo

TimothyFox08 .........................Business ........................................QueensUniversity..........................................................PWC

KyleJames08............................Business,MIT .................................Temple University .........................................(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


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studentswhoarenotBFISscholars.Eachyearweinviteformerinternstobriefthecurrentonesonhowtogetthe

mostoutoftheexperience.ThankyoutoAkiraRobinson(Chicago2011)andBrianSteinhoff(Bermuda2007)for

briefingthe2012interns. Outofthe12studentswhoparticipatedthisyear,onlythreewereBFISscholarsand,as

canbeseenbelow, the rangeofsubjectsbeingstudiedby thestudentswasbroadbutallwereable tomakea

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

shouldbenotedthatwerequirethosestudentswhohavenotpreviouslytakenany insurancecoursestotakeat

leasttheAICPCUInsuranceEssentialscourse,togivethemabasicknowledgeofinsuranceanditsterminology.

BERMUDA(May21 June8)

This was the eleventh year that the Bermuda programme has run and we are extremely grateful to the

organizationsandcompanieswhogooutoftheirwaytoaccommodateus.Asinformeryears,thefourBermudian

studentswerejoinedbytwoAmericanstudents fromtheKatieSchoolof InsuranceandFinanceat IllinoisState

Universityandtogethertheyvisitedatotalof28organizationsduringthecourseof3weeks.Thisincludedwork

shadowing,

which

was

a

highlight,

presentations

and

quizzes,

not

to

mention

the

fact

that

they

were

often

treated

tobreakfastorlunchandeventheoccasionaldinner! TheBermudianstudentshostedthevisitingstudentsonthe

weekendswhichmadetheirBermudaexperience

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..............Insurance andFinance ......................................................Graduating2013

JohnMahoneyUSA....IllinoisStateUniversity..............Insurance &Finance..........................................................Graduating2013

CHICAGO(July920)

Everyyearsince2006,ourChicagoprogrammehasbeenorganizedthroughDebbieBabcock,AssociateDirectorof

the

KatieSchool,

and

her

alumni

working

in

the

Chicago

insurance

market,

some

of

whom

participated

in

our

Bermudaprogrammewhentheywerestillstudents. ThefourBermudianstudentsonlymetforabriefingtheday

beforethey flewtoChicago fortheirtwoweek internship. Theywerehostedby10companies,spendingaday

witheachandgaininganindepthunderstandingofthemanydifferentsidesofinsuranceandtheChicagomarket.

TheirhostshadtakenthetimetostudythestudentbiosheetswehadsuppliedsothatDominique,forexample,

was able to learn about submissions and finances. The interns enjoyed a varied schedule which includedjob

shadowing,amock riskassessmentandsitting inonapaneldiscussion,andwerewell lookedafter in termsof

lunches.


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Weensurethatallour internstaketimeto learn

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

alsohostedtoaCubsgameandspenttheir final

afternoononaboatcruiseorganizedbyyounger

insuranceprofessionals,manyofwhomtheyhad

metduringtheprevioustwoweeks.

Chicago Interns: (picturedabovewithDebbieBabcockoftheKatieSchoolatcentre)(**BFISScholar)SophieFarrow ...................... UniversityofBristol .......................CivilEngineering/Actuarial .................... GraduatingMEng2014

SamuelBridges .................... UniversityofLiverpool..................Law ....................................................................Graduating2013

DominiqueRichardson.......... BarryUniversity** ........................BusinessAdministration(Finance) .....................Graduating2014

PeterMiller .......................... ConnecticutCollege......................History ...............................................................Graduating2013

ATLANTA(July920)

Ourthanks

to

Mark

Lima,

former

BFIS

President,

and

Barry

Woods

of

Georgia

State

University

for

suggesting

we

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,who isatcollegeinAtlanta.

Theywerethenimmersedinawhirlwind2weekinternship,withvisitstoatotalof18companiesrangingfroma

power company to CocaCola! Participating companies had obviously paid attention to our bio sheets on the

students

as

they

arranged

for

differentemployees 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

very impressedthattheyhadtheopportunityto

meetpeopleateveryleveloftheindustry.

AtlantaInterns: (picturedabove,fromleft)(**BFISScholars)(~2012graduate)FraserMoore ...........UniversityofEdinburgh~..................Engineering ....................... Graduated2012(nowwithMcAlpine,UK)

DevinPage ................GeorgiaInstituteofTechnology**....International Affairs ......................................... GraduatingMSIA2013

MichaelJones ...........CassBusinessSchool,London~ .........Insurance&RiskManagement ..........................GraduatingMSc2014

MagicBoyles .............St.JohnsUniversity** ......................ActuarialScience........................................................Graduating2014


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FINALPRESENTATION

Ata lunchtimepresentationonJuly26th

to50insuranceindustryprofessionals,studentsandparents,thisyears

BFIS summer interns talked enthusiastically about their introtoinsurance experience. The presentation took

placeatOHaraHouse,courtesyoftheXLFoundation.

EachgroupofstudentsgaveashortPowerPointpresentationbutwhichever insurancehubtheywere in, itwas

clearthey

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). Weknowitisnotalwayseasyorconvenienttoaccommodatetheinternsforahalfday,muchlessafullday.

Sponsorship: WearegratefultoAlliedWorldAssurancewhounderwrotethecostsofthisyearsprogramme.

MENTORNETWORKPROGRAMME

Mentoring is an integral part of what BFIS does

andweensure thatallBFISscholarsarematched

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

interestedin

pursuing

acareer

in

insurance.

The BFIS Mentor Committee members are all BFIS alumni who run the network as well as being mentors

themselves. Othersinthenetworkalsomentororareavailabletocallontogivecareeradvice.

Networking luncheswereheldduringtheyearwhenstudentswerehomeonvacation.TheChristmas lunch last

December29th

tookplaceatACE,venuecourtesyoftheACEFoundation,andtheJune8th

lunchwasheldatthe

BermudaSocietyofArts. Inaddition,ourpopularEndofSummercocktailpartywasheldonAugust16th

atAON

House, sponsored by AON. All events were well

attendedand includedsomeBoardmembersand

AdvisoryTrustees inaddition to thestudentsand

theirmentors.

TheMentorNetworkCommitteealsohelda get

toknowyou lunch, courtesy of Validus, on

August9th

forallthenewBFISscholars,whichthey

greatlyappreciated.

Sponsorship: We are grateful to AON for its

pledgedsupportoftheBFISMentorNetworkingprogrammethroughTheRhondelleTankardMemorialFund.


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CAREERGUIDANCE

EMPLOYMENT

Thisyeartherehasbeenasharpincreaseintherequestsforhelpinfindingemployment,withover70university

graduates,collegestudentsseekingvacationjobsandthoserecentlymaderedundantapproachingus. Wemeet

with

each

individual

and

help

them

create

a

personalized

plan

of

action

which

includes

reviewing

their

resume

and

theirjobsearchlist. Iftheyfeeltheywouldbenefitfromimprovingtheirinterviewskillsweareabletoarrangefor

themtohaveoneononetrainingwithaveryqualifiedHumanResourceprofessionalwewerefortunateto find

throughVolunteer.bm.

OnlythenwillweuploadtheirresumetotheBFISwebsiteandcirculatethe listto insurancecompaniesHuman

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 theschool theyarepresenting in. Thisyear

wealsoreceivedarequestfromBigBrothers&Big

Sisters to make an evening presentation to a

number of their Littles which was very well

received.

Wecontinue touse theCareers in InsuranceDVD

made

in

2007

as

it

is

still

relevant,

and

this

year

we

were

able

to

distribute

our

newly

published

20

page

Careers

In

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

Vicky

Borges

HannahButler

BeckyDaPonte

RoneikaHall

Shelle

Hendrickson

TiffanyHeslop*

SergioLottimore

JenniferPrescott*

Christina

Ratteray

KiaraSomner

TravisStevens

SharekaTucker

Jahvon

Washington

DeannaWilliams

EVENTS

BFIScontinuestohaveapresenceatcareereventsduringtheyear,includingthoseheldinBermudashighschools,

andwemakepresentationsattheinvitationofvisitinguniversitieshostingtheirowninsurancecareerevents.

BFISstaffassistedintheannualYouthHarvestingConferencewhichwasheldatXLHouseonOctober1112th

for

100highschoolstudents.Divided intoteams,theyfocusondifferentcareerareasandBFISrole istoconduct5

minuteinterviewsandselectthetopteninterviewees.


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Wearealso findingthatweareastartingpoint foroverseasuniversitieswishingtobring insurancestudents 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 toattend theReinsuranceAssociation

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 .............Business Administration

NatashaCamara...........BermudaCollege .............Business Administration

SeanTucker .................BabsonCollege................AccountingMSc .......................... GraduatedJan2012

LyndsayForrest............LafayetteCollege.............Business andEconomics ............. GraduatedMay2010completedOPTinUS

DonitaStevens.............TempleUniversity ........... RiskManagement&Insurance... GraduatedDec.2011

The organisers of theBermudaCaptive InsuranceConference (June 26) again asked BFIS to schedule student

volunteerstoassistattheconferenceinexchangeforattendingthesessionsandnetworkingevents.Thestudents

were given time off from their summerjobs 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

Inearly2012wewereapproachedby lawfirmDrinkerBiddletocohostapaneldiscussionwiththem.Thistook

placeonJuly5th

attheHamiltonPrincessandaddressedtheFutureofState InsuranceRegulation intheUSand

issuesrelatingtotheDoddFrankAct. AsmallbutinterestedgroupattendedincludinganumberofBFIStrustees.

Twoofour recentscholarship recipients,Michael

Coles and Christopher Wright, volunteered to

assist

and

took

the

opportunity

to

network

at

the

party which followed. We were delighted to

receive a donation from Drinker Biddle for our

efforts.


14/20


MARKETING

ThispastyearwehavefocusedmoreonusingourwebsiteandFacebookpagetonotifyourstudentaudienceof

itemsofinterest,oftenattherequestofourdonorcompanies,suchasgraduatetraineeopportunities,internships

andstudentnetworkingevents.WealsopublicizetheBermudaInsuranceInstitutecoursesandexamwindows,the

ReinsuranceAssociationofAmericaseminarsandtheBermudaUnder40sevents.

Aswe

build

content

on

the

website

we

have

been

able

to

include

our

Careers

In

Insurance

booklet

as

well

as

the

shortmovieproducedforYourFutureTVfeaturingfourofouralumni,DeannaWilliams(1999),TravisStevens

(2010),JamesBotelho(2004)andCarliePeniston(2011).

WecontinuetoplacerelevantarticlesandadvertisementsonScholarships, Internships,CareersandScholarship

Recipientsinthelocalmedia,andthisyearutilizedtheCentreOnPhilanthropysquarterlyHandsAcrossBermuda

supplement intheRoyalGazettetohighlightandthankourdonors.

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

ScholarshipCommittee

Chair

.....Meredith

Head,

SVP,

Property

Catastrophe .............................Tokio

Millennium

Re

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


15/20


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

CareersCommittee......................GraceLovecchio,VPAdministration...........................................WhiteMountains

CareersCommittee......................JuliePreece,DirectorofEducation&Training ............BermudaInsuranceInstitute

CareersCommittee......................TravisStevens~,Advisory................................................................................KPMG

Wearedelightedthatrepresentativesof fourofour longtermdonorcompanieshavejoinedourBoardandwe

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

Theimportance

of

the

strong

support

we

receive

from

our

volunteer

committee

members

is

paramount

to

the

ongoingsuccessoftheFoundationandensuresthatoureffortsarekeptrelevant,forwhichwethankthemallvery

much.Wealsohavemanyothersinourindustrynetworkwhoareunfailinglygenerousingivingtheirtime,evenif

itisonlytositdownoveracupofcoffeewithastudent.

From theDirectors viewpoint,knowing that wecanpickup the phoneorsendanemail request in thecertain

knowledgethatwewillgetahelpfulresponsemakesrunningtheFoundationawonderfullypositiveexperience.

Thankyoutoalloursupporters.

___________________

CatherineCRLapsley

ExecutiveDirector


16/20


BFISSLATEOFNOMINEES2012/2013

BOARDOFTRUSTEES

MichaelFisher(Chairman)................................ ManagingPrincipal .................................................Integro(Bermuda)

MarkBerry* .....................................................SVP andManagingDirector.........................................................XLRe

JeromeDill ....................................................... GeneralCounsel................................................................... ValidusRe

ReesFletcher ....................................................PresidentandCEO ......................................................... ACEBermuda

DurandaGreene

.............................................. President................................................................... Bermuda

College

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* ....................................................... David

Skinner,

CFO

&

COO......................................... Aspen

Insurance

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 ............................................. Executive

Director .........................................................................BFIS

TracyKeill.......................................................... Director.........................................................................PrimaryGroup

SCHOLARSHIPSCOMMITTEE

DurandaGreene(Chairman) ............................ President................................................................... BermudaCollege

JonathanBall~..................................................AssistantUnderwriter................................................. CatlinInsurance

ShelleHendrickson~* .....................................Underwriter,HealthCare .................... AmericanInternationalGroup

StephenJones~................................................ VP ProfessionalLines....................................................ACEBermuda

CatherineLapsley ............................................. ExecutiveDirector .........................................................................BFIS

RajeshPachai~ .................................................Actuarial,ExcessCasualty.................................XLInsuranceBermudaMENTORNETWORKCOMMITTEE

JamesBotelho~(Chairman)............................. AVP,PricingActuary ............................................................ ValidusRe

JonathanAllen

~ ............................................... Underwriter,

Professional

Lines .....................................ACE

Bermuda

JenniferAraujo~............................................... UnderwritingAnalyst.................................................................. XLRe

DanielBarker~ ................................................. AVP,PricingActuary ............................................................ ValidusRe

JaneBielby ....................................................... Administrator.................................................................................BFIS

BeckyDaPonte~............................................... ExcessCasualtyUnderwriter

TravisStevens~* ............................................. Advisory.....................................................................................KPMG

DeannaWilliams~ ............................................ AVP,Underwriter......................................................................... XLRe

*Newappointees

~BFISalumni


17/20

15 BFIS CHAIRMANS REPORT FOR THE YEAR ENDED JUNE 30, 2011

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................................................. XLGroupKonrad

Rentrup ....................................................President

&

CEO..........................................

Hannover

Reinsurance

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;

MentorNetwork

Committee

ManagetheBFISMentorNetworkprogrammetoensurethatstudentsandothersrequestinginsurancecareeradviceand

guidancehavetheirexpectationsmet;

Assignmentorstostudentsandotherslookingforamentor;

Encourageyounginsuranceprofessionalstobecomementors;

Provideopportunitiesforstudentsandyoungprofessionalstonetwork.


18/20

BFIS CHAIRMANS REPORT FOR THE YEAR ENDED JUNE 30, 2011 16

PLEDGEDMEMBERSANDREPRESENTATIVES

ACEFoundation ....................................... SamanthaFroud,Trustee

AlliedWorldAssurance........................... AngelikaDavis,VP PropertyTreatyReinsurance

Alterra ..................................................... KipHerring,SVPandMarketingDirector

AmericanInternationalGroup................. GeorgeDove,SVP,HR&InternationalPayroll

AmericanOverseasRe(RAMRe)............ DavidSteel,PresidentandCEO*

Arch

Re .................................................... Matt

Dragonetti,

Arch

Charity

Committee

Chairman

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

OILManagement

Services

...................... Gail

Miller,

Vice

President,

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


19/20

17 BFIS CHAIRMANS REPORT FOR THE YEAR ENDED JUNE 30, 2011

BFISINTROTOINSURANCESUMMERINTERNPROGRAMME2012

HOSTINGCOMPANIESANDORGANISATIONS

Organisation/Company Locations

ABIR(AssociationofBermudaInsurers&Reinsurers..............................Bermuda

ACEBermuda/ACETempestRe/ACEUSA ............................................Bermuda ............... Atlanta............... Chicago

AlliedWorld

Assurance............................................................................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

BermudaMonetary

Authority .................................................................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


20/20

CURRENTDONORS20112012asatDecember5,2012

DIAMONDLEVEL

$3.5millionandover

XLFoundation

SAPPHIRELEVEL

$1.5millionandover

ACEFoundation

RUBYLEVEL

$500,000to$1.5million

Alterra

PLATINUMLEVEL

$250,000to$500,000

AmericanInternationalGroup

AONFoundation

ArielRe

BrianR.Hall,OBE

ColonialGroupInternational

MarshBermuda

GOLDLEVEL

$150,000upto$250,000

AlliedWorldAssurance

ArchRe

AXISCapital

OILManagementServices

PartnerRe

SILVERLEVEL

$50,000upto$150,000

AmericanOverseasRe

AmlinBermuda

BermudaEducationServicesTrust

HannoverRe

ValidusRe

Zurich(Bermuda

BRONZELEVEL

$10,000upto$50,000

AspenInsurance

FlagstoneRe

TokioMillenniumRe

WalterA.Scott

Willis(Bermuda)

FRIENDSOFBFIS

upto$10,000

BermudaIndependent

UnderwritersAssociation

BF&M

CatlinInsurance

DrinkerBiddle

GIFTSINKIND

Donatedgoodsandservices

BermudaYellowPages

IslandPress

KPMG

PrimaryGroup

QuorumGroup

Documents

BFIS Annual Report 2012