bfis annual report 2013

8/13/2019 BFIS Annual Report 2013

1/20

ANNUALREPORT

2013


2/20

BFIS ANNUAL REPORT FOR THE YEAR ENDED JUNE 30, 2013 2


3/20

3 BFIS ANNUAL REPORT FOR THE YEAR ENDED JUNE 30, 2013

CHAIRMAN'SREPORT

TOTHEANNUALGENERALMEETING

OFTHEBERMUDAFOUNDATIONFORINSURANCESTUDIES

DECEMBER10,2013

IampleasedtoprovidetheChairmansreportontheactivitiesoftheBermudaFoundationofInsuranceStudiesfor

theyearendedJune30th

2013.IamecstaticthatBFIShasnowawardedmorethan$4.6Minscholarshipsto129

students,93ofwhomhavegraduatedandareworkingintheindustry.

ItwouldberemissofmenottoacknowledgetheexcellentworkthatDavidSkinner,AlistairBorderandtheFinance

Committeehaveachievedthisyear.Theireffortsinconsolidatingtheinvestmentportfolioallowedustocapitalize

on improvements inthemarketandachieveacashflowadjustedreturnofover10%forthe2013financialyear,

allowingustofundoperationsandevenrealizesomegrowthintheoverallportfolio. However,itisstillconcerning

that,evenwithmorecompaniescommencingoperationsinBermuda,wenotethedonationactivitytoBFISisstill

wellbelowhistoriclevels. Thatsaid,weareverypleasedthatwedidreceivefirsttimedonationsfromanumber

ofestablishedcompaniesin2013.TheseincludedDeloitte,Enstar,IslandEmploymentPartners,Lancashire,Tokio

MillenniumReandWindRiverRe.

CathyLapsleyandJaneBielbyhavehadanotherexcellentyearmanagingtheBFISofficeandcoordinatingallthe

differentprogrammesandeventsthatBFISmanagesandsupports.Ourscholarshipprogrammeiswellrecognized

inthe

community,

but

so

too

are

the

intern,

mentoring,

career

guidance

and

job

search

activities

that

Cathy

and

Jane perform on a daily basis. Perhaps the most significant increase in their workload has been in the career

guidanceandjobsearcharena. Wehavenotedthatithasbecomemuchmoredifficultformanyofourreturning

graduatestofindimmediateemployment. CathyandJanehavebeeninstrumentalinfindingmanyoftheseyoung

people employment opportunities over the past year, in a particularly difficult employment market. We are

pleasedtonotethatall5ofour2013graduateshavesecuredfulltimeemployment. TheBFISBoardofTrustees

thanksyoubothforcontinuedextraordinaryeffort!

Finally, I amsaddened toacknowledge that twoofourveryactiveTrustees havesteppeddown thisyear.Both

TracyKeillandMeredithHeadworkedtirelesslyasTrusteesandonvariousCommittees.Theircontributionswill

surelybemissed!ImustalsorecognizeKPMGandQuorumfortheircontinuedsupportandlastlyallthecompanies

and

individuals

that

continue

to

support

BFIS!

It

is

your

donations

that

fund

our

programmes

and

that

have

allowedustointroducesomanyyoungpeopletocareeropportunitiesinourindustry. ThankYou.

_________________

MichaelD.Fisher

BFISChairman


4/20



5/20


TREASURERSREPORT

FINANCIAL

HIGHLIGHTS

ThefinancialpositionofBFIShas improvedsignificantlyduringthe fiscalyearended June30,2013. Investment

gainsandanincreaseinunrestrictedcontributionshavecombinedalongwithothersourcesofrevenuetoresultin

anexcessofrevenuesoverexpendituresof$141,932comparedtoashortfall in2012of$599,346. Itshouldbe

recognizedthat investmentportfoliogainsweresignificantlyhigher in2013comparedto2012. Thiswasdueto

active management of the investment portfolio in 2013 which was partly opportunistic given the favourable

conditions in the capital markets while also reflecting both strategic and tactical asset allocation decisions.

Unrestricted contributions increased by more than $140,000 compared to fiscal 2012 due to the efforts of the

FundraisingCommittee,anditishopedthattheselevelswillbemaintainedorimproveduponinfuture.

Infiscal2013BFISprovidedscholarshipfundingtotaling$399,150,comparedto$368,990in2012.

INVESTMENTPORTFOLIOHIGHLIGHTS

TheinvestmentportfoliohadapleasingperformanceduringthefinancialyeartoJune30th

2013,givingacashflow

adjusted return of 10.1%. In dollar terms, the portfolio increased in value by over $120,000 even after

withdrawalsof$365,000andendedJune30th

2013withavalueof$5,219,240.

Thetwelvemonthsunderreviewsawsomesignificantchangesintheoverallportfolioallocation. Thekeychange

wasincreasingtheequitymarketexposurefrom27%to48%. TheFinanceCommitteefeltthatahigherexposure

to equities was advisable in the long run given the very low yields available on bonds and cash. The most

significant

individual

change

of

note

was

increasing

the

emerging

markets

equity

exposure

from

1%

to

8%,

with

an

eventualtargetof10%. Atthesametimetherewassomederiskingoftheportfoliobyreducingthehedgefund

allocationfrom14%to3%,witha longtermtargetof5%. Thecashandbondexposurefellslightlyfrom41%to

35%overthetwelvemonths.

Inconjunctionwiththeallocationchanges,theFinanceCommitteedecidedtoconsolidatetheportfolioinorderto

sharpenitsfocus. ThenumberofETFandMutualFundpositionsintheportfoliowasconsequentlyreducedfrom

17to10. Thiswaslargelyachievedbysellingthoseholdingswhichindividuallyhadaweightoflessthan5%inthe

portfolio. These were holdings in which the committee had low conviction and which were adding little

incremental value to the portfolios overall returns. The proceeds were redirected to increase exposure to

existingpositionsinwhichthecommitteewasabletodevelopgreaterconviction.

Thestrategy

for

2014

is

to

look

for

low

risk

opportunities

to

reduce

the

cash

position

from

the

current

level

of

13%

(as of 30th

September 2013), whilst retaining sufficient highly liquid shortterm assets to fund nearterm

scholarshipsandrunningexpenses. Anynewinvestmentsarelikelytobeatthelowendoftheriskspectrum. At

thecurrenttimetheFinanceCommitteeiscomfortablewithmaintainingtheequityexposureataround50%ofthe

portfolio.


6/20


CONCLUSION

TheFinance Committee and theBoard would like to thank all donors to BFIS during fiscal 2013,andwewould

reiteratethatdespitetheimprovementinitsfinancialconditionin2013thelevelsofdonationsremainwellbelow

thoseofeven5yearsago. Inotherwords,wearenotoutofthewoodsyet. Whilethere isaneverincreasing

demandforscholarships,ourfinancialresourcesmustkeeppaceorwemayfindourselvesunabletoprovidethe

same levelsof scholarship funding in futureyears aswe havedone in 2013. Weshallcontinue tomanage the

investmentportfoliocarefullyandanticipatesomechallengestomaintainingvalueifandwheninterestratesbegin

torise.

Itonlyremains formetothankthemembersoftheFinanceCommittee for theirexcellentcontributionsduring

2013AlistairBorder,CarolFaries,NeilAndersonandTracyKeill.

___________________

DavidF.Skinner

Treasurer


7/20


BFIS2013ScholarswithBFISChairmanandBFISScholarshipCommittee

members,themajorityofwhomareBFISalumni.

CurrentChairman,MichaelDFisherwithFoundingChairman,Brian

RHall,OBE.

EXECUTIVEDIRECTORSREPORT

Somuchmorethanscholarships! ThatshouldreallybetheBFISsloganasweenteroureighteenthyear. Sincethe

Foundationwas

established

in

1996

we

have

steadily

expanded

the

programmes

and

services

we

offer

to

meet

the

needs of students, graduates and insurance companies.

We have awarded $4.6 million in scholarships to 129

students; of these 93 have graduated with almost all

employed inthe insuranceorrelatedsectors,themajority

working inBermudabutseveralgainingvaluableoverseas

work experience in Singapore, Brazil, New York and

London.

However, our scholarship programme is only part of the

BFISstory. Startingwithourhighschoolpresentations,we

arein

front

of

approximately

500

students

every

year,

and

we continue to give advice and guidance to any student,

graduate or career changer who is looking to enter the

insurancesector.Manymorestudentsareimpactedthrough

our mentor networking programme which is becoming increasingly popular. In addition 81 students have now

takenpart inoursummer internprogrammes inBermuda,Chicago,AtlantaandLondonandallthosewhohave

graduatedarenowworkingintheindustry.Toquoteoneintern,Thiswasacareerchangingexperience.

Of course all this requires the financial support of the insurance community and this year we have made a

concerted effort to encourage companies who have not supported us in the past to become part of the BFIS

family. WearedelightedtowelcomenewdonorsDeloitte,Enstar,IslandEmploymentPartners,Lancashire,Tokio

Millenniumand

WindRiver

Re.

The

continuing

support

from

our

ongoing

donors

is

very

important

to

BFIS

as

it

underscoresthefactthatinsurancecompaniesinBermudaunderstandtheimportanceofwhatBFISdoes.

SCHOLARSHIPS

Funding for education has always been the BFIS

cornerstone and we are pleased to report that 129

students have now received BFIS scholarships. Of these,

93have

graduated

with

almost

all

working

in

the

industry;

we have 24 current scholars and 6 former award

recipientsnowunderotherfundingatuniversity.

Thissummerwereceived112applications,anincreaseof

10%over lastyear;ofthese43%came fromhighschool

graduates. The Scholarship Committee selected 30 students for interview and awarded 11 scholarships: 6

freshmen,3juniorsand2seniors. Wehavenotedamarkedchangeoverthepastyearswithfewstudentsnow

choosingtomajorininsuranceandriskmanagement(ascanbeseeninthepiechartoverleaf).


8/20


9/20


INTROTOINSURANCESUMMERINTERNPROGRAMMES

Thissummerforthefirsttimeweranfourverysuccessful

programmesfor16students (right) inBermuda,Chicago,

AtlantaandLondon. Eightyonestudentshavenowtaken

part in these programmes since 2001 and although they

are

only

of

short

duration

(2

or

3

weeks)

they

provide

wonderful insight into the industry for the participants.

We are extremely grateful to all the organizations and

companieswho go outof theirway tohost the students

and make their learning and networking experiences

exceptional.

Applications from students and recent graduates wanting to learn more about the insurance sector are made

onlinethroughthebermudascholarships.comwebsite. Thisyeartwooftheinternshadgraduatedpreviouslyand

six graduated this year, with three going on to do postgraduate studies. As can be seen below, the range of

subjectsbeingstudiedbythestudentswasveryvaried.

Our thanks to former interns BrianSteinhoff (Bermuda2007),TylerOwen (Bermuda2008) andLyndsayForrest

(Bermuda2012)forbriefingthisyearsinternsonhowtogetthemostoutoftheexperience.

The programme is structured as a syllabus so students can approach their individual colleges to try and obtain

course credits. Students who have not previously taken any insurance courses are required to complete the

AICPCUInsuranceEssentialscoursepriortotheinternshiptogivethemabasicunderstandingofinsuranceandits

terminology.

BERMUDA(May27 June14)

As in former years, the four Bermudian students were

joinedby twoAmericanstudents from theKatieSchoolof

Insurance and Finance at Illinois State University and

togethertheyvisitedatotalof23organizationsduringthe

course of 3 weeks. As always, workshadowing was a

highlight for them, but they also enjoyed some very

informative information sessions, tours of different

departments, presentations, etc. They also attended, and

assistedat,theBermudaCaptiveConference.

Thestudentsarerequiredtoprovide feedback followingthe internship,whichgivesusanopportunitytotweak

the

programme

as

necessary.

They

rated

most

sessions

very

highly

and

took

full

advantage

of

the

opportunity

to

networkwithindustryprofessionals. Allagreedthatithadbeenaninvaluablelearningcurveforthem.

BermudaInterns: (picturedabovelefttoright)(~visitingKatieSchoolstudent)

CeilidhBlood......................BardCollegeatSimonsRock ............QuantitativeStudies/Music..............................Graduating2014

AlexAndreBassett ............DalhousieUniversity..........................MarketingManagement .................................... Graduated2012

~DanaThomas ...................IllinoisStateUniversity......................Insurance............................................................Graduating2014

OliverKempe .....................NewcastleUniversity.........................Architecture ....................................................... Graduated2010

~RebeccaPeisker ...............IllinoisStateUniversity......................ActuarialScience................................................Graduating2014

NicholasButterfield ...........St.JohnsUniversity ..........................RiskManagementandInsurance ...................... Graduated2013


10/20


CHICAGO(July819)

TheChicagoprogrammeisorganizedthroughDebbieBabcock,AssociateDirectoroftheKatieSchoolofInsurance

and Finance, and alumni working in the Chicago insurance market, some of who participated in the Bermuda

programmeinthepast. Duringthecourseof2weeksthestudentswerehostedbyelevencompaniesandgained

anindepthunderstandingofthemanydifferentaspectsofinsuranceandtheChicagomarket.

Theyvisited

several

insurance

companies

as

well

as

alaw

firm and even learned about wholesale brokerage and

underwriting. After the first week the students provided

BFIS with a blog of their experiences which made very

interestingreading. Apartfromattendingvarioussessions,

theywerealsoencouragedtovisitsomeofChicagosmany

attractions, which included a Cubs game,an architectural

boatcruiseandofcoursetheshops!

ChicagoInterns(picturedabovelefttoright)

HeidiTrott............................. UniversityofVirginia .........................GlobalDevelopmentStudies..........................Graduating2014

SomerZuiker......................... QueensUniversity ............................Accounting .....................................................Graduating2015

BrittanyDeFrais .................... St.

Johns

University ..........................Risk

Management

&

Insurance ......................Graduating

2014

ShariGilbert.......................... CassBusinessSchool,London ...........Insurance&RiskManagement ..............MBAGraduated2013

ATLANTA(July819)

Thiswasthesecondyearthatthis internshipwasofferedandweweremostappreciativeofthewarmreception

thatwereceivedfromcompanieswhohadparticipatedlastyear. MarkLima(Arch)andBarryWoods(GSU)were

bothveryhelpfulinprovidingcontacts,alongwithKathrynMarsh,aBermudianworkinginAtlanta. Organizational

aspectsoftheinternshipprovedrelativelyeasyandtheprogrammewasagainverysuccessful,withthestudents

having a wonderful experience. This year we enlisted Barry Woods help in finding a GSU risk management

student who would be interested in participating, knew Atlanta and could drive the Bermuda students to their

meetings.

Thiswas

achieved

fairly

easily

as

several

GSU

students

were

keen

to

participate.

Thefourinternshadtwoveryfullweeks,visitingatotal

of 19 different companies, ranging from insurance to

consulting firms to wealth management. Again, the

students provided us with a blog of their first weeks

experiences itwasevidentthattheymadethemostof

theopportunitytomeetwithindustryprofessionalsand

gainabroadersenseof the industryasawhole. They

alsotookadvantageofthesocialsideoftheprogramme

anddidlotsofsightseeing.

AtlantaInterns: (picturedabove,fromleft)(**BFISScholar)(~2013graduate)

CampbellDuffy ........RogerWilliamsUniversity~ ..............Finance ...................................................................... Graduated2013

TuckerMoore ...........WilliamsCollege ...............................Economics .................................................................Graduating2014

MatthewHogan ........DurhamUniversity* ..........................Economics .................................................................Graduating2014

ChrisWright ..............LancasterUniversity*........................Economics .................................................................Graduating2015

withGaryMeggsoftheSouthernCompany and GSUPostgraduatestudent,MichelleAlladestudying(Mathematical)RMI.


11/20


LONDON(June314)

The London internship was not offered last year but companies who had previously hosted the students

respondedverypositivelyandwewereabletoputtogetheranexcitingprogramme. Itstartedoffwithavisitto

Lloyds and an overview of its structure, followed by sessions over the two weeks with a number of insurance

companies,alawfirm,aconsultingfirmandevenaninvestmentbank. Theinternsprovideduswithanexcellent

blogoftheirexperiencesitappearsthesubjectscoveredspannedeverythingfromteatopiratestostowaways.

TheyevenmanagedtowatchsomechaotictradingscenesattheLondonMetalExchange!

Theinternshadaveryfulltwoweeks,visitingatotalof16

different companies. They were very impressed by the

welcome that they received at every company, where

everyone went out of their way not only to give them

background informationon theirjobsbut to talk to them

abouttheircareers. Thegirlsusedtheirsparetimetoplay

tourist, a requirement for all out intern goups, visiting

BuckinghamPalace,Greenwich,theLondonEye,Housesof

Parliament,etc.

LondonInterns: (picturedabove,fromleft)(*BFISScholars)(~2013graduatecontinuingtopostgraduatestudies)

ElizabethDunkerley~ ............ AberystwythUni./Intl.Politics/StrategicStudies............KingsCollegeLondon/Science&Security

HelenCrisson* ..................... JohnsHopkinsUniversity/AppliedMath&Statistics...............................................Graduating2014

CatherineOuterbridge~........ DavidsonCollege/PoliticalScience&Philosophy ......................... KaplanLawSchool,London/Law

JaimeFerrariMcComb~........ UniversityofExeter /Business ............. ................ CASSBusinessSchool,London/Insurance&RM

withBermudianDavidAmarowhotookpartintheBFISChicagoInternProgrammein2010.

FINALPRESENTATION

Aninvitationwasextendedtoallparticipatingcompanies,aswellasboardandcommitteemembers,toattendthe

studentsPresentationontheirInternshipexperiences. KPMGverykindlyhostedtheevent,providingalightlunch

afterwards.

EachgroupofstudentswasinstructedtoputtogetherashortPowerPointpresentation,witheachpersontalking

for no more than three minutes about their experiences, the highs and the lows, what they gained from the

programme,etc. Itwasclearthatnomatterwhatsubjectsthestudentswerestudying,theywereabletotieitinto

acareer in insurance. Indeed,oneortwostudentswhohadnotpreviouslythoughtaboutenteringthe industry

wereverykeentopursueacareerininsurance,realisingthatitwasanexcellentcareerpathforthem. Itwasalso

evident that they had all had a great time and were thrilled to have had the opportunity to participate in the

internship.

BFISismostappreciativeofthetremendoussupportthatwereceivefromthevariouscompaniesthatgiveuptheir

timeand

energies

to

host

the

students.

We

realise

that

staff

members

have

busy

schedules

and

that

it

is

not

an

easy task to put together a programme for a group of interns thank you all so very much for responding so

positively.

Sponsorship: WearegratefultoAlliedWorldAssurancewhounderwrotethecostsofthisyearsprogramme.


12/20


MENTORNETWORKPROGRAMME

The BFIS Mentoring programme continues to be an

important part of what we do. All 24 currrent BFIS

scholarshavementorswithwhomtheyareencouragedto

keep in regular contact. The majority of BFIS alumn

maintaincontactwiththeirmentorsevenastheybecome

mentorsthemselves. Anystudentorgraduateconsidering

acareerininsurancecanjointheBFISprogramme.

Historically two networking lunches are held during the

year while students are on vacation. Last December, we

decidedtoswitchitupandintroducedstructuredspeed

networking. ACEBermudaallowedustohavetheuseoftheircafeteriaareafortheeventheldonDecember28th

.

It was hugely successful and very well supported with some 25 industry professionals and 30+ students in

attendance. Thestudentshad5minutestochatwiththeir interviewers,thenabuzzersoundedand itwasall

changeastheymovedontothenextinterview. Theicewaswellandtrulybrokenandthelunchwhichfollowed

wasanimated.

GiventhesuccessoftheDecemberevent,wefollowedthesameformatagainonJune14th.

ACEagainprovided

the venue, this time in the Chairmans Suites,and over 70people, includingstudents, graduates and insurance

professionals from all levels attended. Although it was quite a hubbub, it was much enjoyed by all and very

successful.Wehavesinceheardofthemanycontactsthatweremadeand inonecaseemploymentfoundfora

recentgraduate.

On August 15th

we held our EndofSummer Networking

Reception inthe lobbyofAONHouse,courtesyofAON.A

similar speednetworking format was followed, this time

somewhat more casual, with students and professionals

mingling,but

students

being

required

to

spend

5minutes

chatting toaprofessional inordertogainabusinesscard

before moving on at the sound of the buzzer to the next

person. The six students gaining the most cards were

hostedatalunchcourtesyofAspen.

The Mentor Committee also holds a gettoknowyou

lunchforthenewBFISscholarsinordertodeterminewhichmentorsmightbebestsuitedtothem. Thisyearthe

eventtookplaceonAugust9th

courtesyofValidus.

PhotographstakenattheJuneandAugusteventsweremadeintoshort,dynamicmusicvideosandpostedonthe

BFISYouTubechannel BFISMoviesBermuda inordertobetterconveytostudentswhattheycanexpectand

gainfromattendingtheseevents,andweusethisattheendofourpresentationstohighschoolstudentstohelp

demonstrate the importanceofnetworkingandhow ithelps instepping fromhigh school into theprofessional

world.

Sponsorship: We would like to express our appreciation to Aon for its pledged support of the BFIS Mentor

NetworkingprogrammethroughTheRhondelleTankardMemorialFund.


13/20


CAREERSININSURANCE

SCHOOLPRESENTATIONS

Ourannualschoolpresentationsprogrammetakesus into

the high schools to talk to the senior students about

careers

in

insurance.

We

use

our

Careers

in

Insurance

video, our 20 page Careers In Insurance booklet plus a

roleplaywithstudentvolunteerswhichdemonstratesthe

many different jobs and the skill sets needed in the

insuranceindustryandhowitalsotiesintotheeconomyof

Bermuda. Any students who want to learn more are

invited to contact BFIS either to attend lunch and learn

sessions or to be put in touch with an insurance

professional,thelatteroptionbeingpreferredbystudents.

EVENTS

BFIScontinues

to

have

apresence

at

career

events

during

the

year,

including

those

held

in

Bermudas

high

schools,

andwemakepresentationsattheinvitationofvisitinguniversitieshostingtheirowninsurancecareerevents.

BFISassisted intheannualYouthHarvestingConferencewhichwasheldatXLHouseonOctober9th

for60high

schoolstudents.BFISrole is toconduct5minute interviewswhich isavery interestingexerciseandbeginsour

connectionwithmanyofthestudents.

ForthesixthyearRenaissanceResoughtourassistance in

selecting five students they could sponsor to attend the

Reinsurance Association of America's Seminar held in

Bermuda (March 1920). This year two Bermuda College

students

and

three

graduates

took

advantage

of

this

opportunity, attending the two day ReFinance at the

Fairmont Hamilton. As part of the process they have to

give feedback on each session which they did

enthusiasticallyoverlunchwiththeBFISChairman.

Participants(picturedabovewithNeilCurrie,CEO,RenaissanceRe sinceretired):

NatashaCamara...........BermudaCollege ............. .................................................... BusinessAdministration .......................Junior

AshleyAdair.................MountSaintVincentUniversity(BermudaCollege) ............ Accounting............................................Senior

MagicBoyles................St.JohnsUniversity ........ .................................................... ActuarialScience ...................................Junior

JocalBurgess................MountSaintVincentUniversity ........................................... Accounting.................Graduate(nowatE&Y)

AlexAndreBassett.....DalhousieUniversity ....... .................................................... Commerce ...............Graduate(nowatAmlin)

Theorganisers

of

the

Bermuda

Captive

Insurance

Conference

(June

10

12)

again

asked

BFIS

to

schedule

student

volunteerstoassistattheconferenceinexchangeforattendingthesessionsandnetworkingevents.Thisyearour

Bermudainternstookpartandgainedalotfromtheexperience.

ForthesecondyearweparticipatedwithlawfirmDrinkerBiddleincohostingapaneldiscussiononCyberCrime

Liability.ThistookplaceonJuly10th

attheHamiltonPrincessandwasverywellattendedbyagoodcrosssection

of legal and insurance professionals as well as undergraduate students. At the reception following we were

delightedtoreceiveadonationfromDrinkerBiddle.


14/20


InJulyBFIStookpartinawellattendedinformationpresentationattheChamberofCommercehostedbyBEPRO

onBreakingIntotheInsuranceIndustry.

JOBSEARCH

Wearepleasedtosaythatourfive2013BFISgraduateshaveallfoundfulltimeemployment(seepage8),with

RobbieMaycocktakingadvantageofhisOPTvisawhichallowsgraduatestoworkforanadditionalyearintheUSA.

Thisyear

there

has

been

asteady

increase

in

the

requests

for

help

in

finding

employment,

with

the

majority

being

universitygraduates.Thosewhohave takenadvantageofBFIS programmessuch as the internshipshave found

thatithasplacedtheminabetterpositionwhenapplyingforbothvacationandfulltimejobs.

During theyearwehave fosteredourcontactswiththeemploymentagenciessothatwecanbetteradvisethe

graduatesandstudentswemeetwith. Wecontinuetoassist those looking foremploymentbyreviewing their

resumesandjobsearchplansandputtingthem intouchwith industrycontacts. Onlythenwillweuploadtheir

resumestotheBFISwebsiteandcirculatethe listtoourdonorcompaniesHumanResourcemanagers.Wealso

continuetobecontactedbycompanieslookingforentrylevelstaff.

MARKETING

We have kept our marketing costs as low as possible this

pastyearandmadebetteruseofourwebsiteaswellasa

moredirectmailapproachtonotifyourstudentaudienceof

items of interest, often at the request of our donor

companies, such as graduate trainee opportunities and

internships. We found that the blog written by our

summer interns and published in the Royal Gazette was

well noticed. We restarted our newsletter in September

whichiscirculatedbyemailandwillcontinuetoissueitona

6monthly

basis.

Wecontinuetogiveoursupporttootherindustryrelatedorganizationsthroughhelpingtopromotetheirevents

onourwebsitesuchasBermudaInsuranceInstitutecoursesandexamwindows,theReinsuranceAssociationof

America seminars, the CPCU Bermuda Chapter, Bermuda Under 40s and BEPRO events and our donor

companiesstudenteventsandinternopportunities.

We write relevant articles and place advertisements on Scholarships, Internships, Careers and Scholarship

Recipients inthe localmediaandfocusedsupplements,andagainthisyearutilizedtheCentreOnPhilanthropys

quarterlyHandsAcrossBermudasupplementintheRoyalGazettetohighlightandthankourcurrentdonors.

PROBONOTHANKS

WeextendsincerethankstoKPMGwhoformanyyearshaveundertakenourauditatnominalcost. Wewerevery

fortunate to have the volunteered accounting services ofCherylMcAllister, who helped prepare our books for

audit while in the process of moving to the Cayman Islands, andMeena Iyer who assisted us by inputting our

investmentportfoliointoQuicken;MeenahassincerelocatedtoIndia. ThanksarealsoduetoQuorumBermuda

Limitedforassistingwithcorporatesecretarialissues.


15/20


COMMITTEECHANGES

Thereare fewcommitteechangesthisyear. However,weareverysorry to losebothTracyKeillandMeredith

HeadfromourBoardofTrustees. Bothhaveservedformanyyearsandwewillmisstheirwisecounselandhands

oncommitmenttotheFoundation.

Our

thanks

to

those

of

our

committee

members

who

have

decided

to

step

down.

BoardofTrustees ............................................. MeredithHead,SVP,PropertyCatastrophe........TokioMillenniumRe

BoardofTrustees&FinanceCommittee......... TracyKeill,Director....................................................... PrimaryGroup

MentorNetworkCommittee....... .................... RebeccaDaPonte,ExcessCasualtyUnderwriter

MentorNetworkCommittee ...... .................... JenniferAraujo,UnderwritingAnalyst ........................................ XLRe

The importanceof thestrongsupport we receive fromourvolunteercommitteemembers isparamount to the

ongoingsuccessoftheFoundationandensuresthatoureffortsarekeptrelevant,forwhichwethankthemallvery

much.Wealsohavemanyothersinourindustrynetworkwhoareunfailinglygenerousingivingtheirtime,evenif

itisonlytositdownoveracupofcoffeewithastudent.

Fromthe

Directors

viewpoint,

knowing

that

we

can

pick

up

the

phone

or

send

an

email

request

in

the

certain

knowledgethatwewillgetahelpfulresponsemakesrunningtheFoundationawonderfullypositiveexperience.

Thankyoutoalloursupporters.

___________________

CatherineCRLapsley

ExecutiveDirector


16/20


BFISSLATEOFNOMINEES2013/2014

BOARDOFTRUSTEES

MichaelFisher(Chairman)................................consultant

MarkBerry ....................................................... SVPandManagingDirector.........................................................XLRe

JeromeDill ....................................................... consultant

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

DurandaGreene

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

College

JillHusbands .....................................................ManagingDirector&HeadofOffice ................................... MarshIAS

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

Treasurer ......................................................... DavidSkinner,CFO&COO......................................... AspenInsurance

VicePresident..................................................GailMartin,VP&Underwriter ........................................ HannoverRe

ExecutiveDirector ............................................ Catherine

Lapsley,

Executive

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

CorporateSecretary......................................... JaneBielby,Administrator.............................................................BFIS

AssistantCorporateSecretary.......................... ................................................................................... QuorumLimited

FINANCECOMMITTEE

DavidSkinner(Chairman).................................CFO&COO................................................................. AspenInsurance

NeilAnderson ...................................................ManagerofAccounting ...................................................HannoverRe

AlistairBorder ..................................................consultant

CarolFaries ...................................................... AVP,AssistantController............................................................BF&M

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

SCHOLARSHIPCOMMITTEE

DurandaGreene

(Chairman) ............................ President................................................................... Bermuda

College

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

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

ShelleHendrickson~ ........................................AVP,Underwriter,ExcessCasualty.................................. XLInsurance

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

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

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

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

JonathanAllen~ ............................................... Underwriter,ProfessionalLines .....................................ACEBermuda

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

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

TravisStevens

~

............................................... Advisory .....................................................................................KPMG

DeannaWilliams~ ............................................ AVP,Underwriter........................................................ACETempestRe

*CPCUBermudaChapterexofficio ................. CandaceRoach,AVP,GroupCompliance............................ ValidusRe

*BermudaUnder40sexofficio .......................VictoriaCunningham,AssistantUnderwriter......TokioMillenniumRe

*Newappointees

~BFISalumni


17/20


ADVISORYTRUSTEESMitchellBlaser......................................................CEO.............................................................IronshoreInsuranceLtd.

MichaelButt ........................................................ChairmanoftheBoard...................................................AXISCapital

ScottCarmilani......................................................Chairman..................................................... AlliedWorldAssurance

NeilCurrie.............................................................RetiredCEO..............................................................RenaissanceRe

BrianDuperreault.................................................RetiredPresident &CEO .................................. Marsh&McLennan

JeremyPinchin.....................................................CEO.................................................HiscoxInsuranceCo.(Bermuda)

ReesFletcher ........................................................CEO........................................................... ACE

Group

of

Companies

GrantGibbons.......................................................DeputyChairman ................................ColonialGroupInternational

BrianHall ..............................................................RetiredChairman ............................. Johnson&Higgins(Bermuda)

GeorgeHutchings .................................................SeniorVicePresident &COO .................OILManagementServices

DonKramer...........................................................Chairman&CEO............................................................... ILSCapital

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

RobinSpencer

Arscott..........................................Chairman,

Operating

Committee................World

Insurance

Forum

WarrenTrace........................................................VP,BranchManager ..........................SiriusInternationalInsurance

JohnWight............................................................President&CEO.....................................................BF&MInsurance

DONORREPRESENTATIVES

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

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

AmericanInternationalGroup................. DeannaDurham,HumanResourceManager*

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

ArchRe .................................................... MattDragonetti,ArchCharityCommitteeChairman

ArielRe

.................................................... Myles

Orchard,

SVP

AspenInsurance ......................................DavidSkinner,CFO&COO

Amlin........................................................ LisaFinnerty,HumanResourcesManager

AonGroup ............................................... VeneciaWarner,HumanResourcesManager

AXISSpecialty .......................................... CrystalAming,HumanResourcesManager

BermudaEducationServicesTrust.......... JohnNeal,President

CatalinaRe............................................... JohnWeale,SVP

ColonialInternationalGroup ................... GrantGibbons,DeputyChairman,ColonialGroupInternational

ConyersDill&Pearman........................... ChristopherGarrod,Partner

HannoverRe ............................................ GailMartin,VP&Underwriter

MarkelCorporation ................................. KipHerring,SVPandMarketingDirector

MarshIASManagementServices............ JillHusbands,MD,HeadofOffice

OIL

Management

Services

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

Miller,

Vice

President,

HR

&

Admin.

PartnerRe ............................................... LindsayHyland,HumanResourceManager

RenaissanceRe .......................................MaureenNusum,HumanResourceManager

TokioMilleniumRe.................................. MeredithHead,SVP,PropertyCatastrophe*

Validus .....................................................NormaTrott,HumanResourceManager*

Willis ....................................................... MichaelChilvers,ChiefOperatingOfficer

WorldInsuranceForum........................... RobinSpencerArscott,Chairman,OperatingCommittee

XLFoundation ......................................... AmandaOuterbridge,HeadofInternalCommunications,XLCapital

Zurich ...................................................... MaxineLawrence,HumanResourceManager


18/20


BFISINTROTOINSURANCESUMMERINTERNPROGRAMME2013

HOSTINGCOMPANIESANDORGANISATIONS

ORGANISATION/COMPANY LOCATIONS

ABIR ............................................................................ Bermuda

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

AIG .............................................................................. Bermuda................Atlanta ...............Chicago

AlliedWorldAssurance............................................... Bermuda................Atlanta ...............Chicago................London

Amlin........................................................................... Bermuda

Amwins...................................................................................... ................Atlanta

Aon/AonBenfield ..................................................... Bermuda................Atlanta ...............Chicago................London

Appleby....................................................................... Bermuda............................ ........................... ................London

ArchInsuranceGroup................................................................ ................Atlanta ...............Chicago

ArielRe ....................................................................... Bermuda

AxisCapital/Speciality............................................... Bermuda................Atlanta ........................... ................London

BeecherCarlson(RichReynell).................................................. ................Atlanta

BermudaMonetaryAuthority .................................... Bermuda

BF&M.......................................................................... Bermuda

Burns

&

Wilcox .......................................................................... ............................ ...............Chicago

Clyde&Co ................................................................................. ............................ ........................... ................London

CocaColaCompany................................................................... ................Atlanta

CondieRiskConsultancy............................................................ ............................ ........................... ................London

CunninghamLindsey.................................................................. ................Atlanta

DepartmentofStatistics............................................. Bermuda

DrinkerBiddle&Reath.............................................................. ............................ ...............Chicago

Hiscox......................................................................................... ............................ ........................... ................London

Horseshoe .................................................................. Bermuda

Integro ....................................................................................... ................Atlanta

Jefferies..................................................................................... ............................ ........................... ................London

KPMG.......................................................................... Bermuda

Lancashire.................................................................................. ............................ ........................... ................London

Lloyds/Lloyds

Relationship

Management................................ ................Atlanta ........................... ................London

MarkelCorporation ................................................................... ................Atlanta

Marsh.......................................................................... Bermuda............................ ........................... ................London

McGriffSiebels&Williams ........................................................ ................Atlanta

Merlinos&Associates ............................................................... ................Atlanta

MorganStanley.......................................................................... ................Atlanta

OCIL/OILGroup......................................................... Bermuda

PartnerRe................................................................... Bermuda

QuoVadis ................................................................... Bermuda

RenaissanceRe ........................................................... Bermuda............................ ........................... ................London

SomersRiskConsulting.............................................................. ................Atlanta

SouthernCompany.................................................................... ................Atlanta

Swiss

Re ..................................................................................... ............................ ...............Chicago

ThomasMiller............................................................................ ............................ ........................... ................London

TokioMillenniumRe................................................... Bermuda

Travelers ................................................................................... ................Atlanta ...............Chicago

Validus ........................................................................ Bermuda

WillisGroup ............................................................................... ............................ ...............Chicago................London

WindRiverRe .............................................................. Bermuda

XLGroup ..................................................................... Bermuda............................ ........................... ................London

Zurich......................................................................................... ............................ ...............Chicago


19/20

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


20/20

CURRENTDONORS

2012

2013

asatDecember10,2013

DIAMONDLEVEL

$3.5millionandover

XLFoundation

SAPPHIRELEVEL

$1.5millionandover

ACEFoundation

RUBYLEVEL

$500,000to$1.5million

MarkelCorporation

PLATINUMLEVEL

$250,000to

$500,000

AlliedWorldAssurance

AmericanInternationalGroup

AonFoundation

ArielRe

BrianR.Hall,OBE

ColonialGroupInternational

MarshBermuda

GOLDLEVEL

$150,000up

to

$250,000

AmlinBermuda

ArchRe

AXISCapital

OILManagementServices

PartnerRe

SILVERLEVEL

$50,000up

to

$150,000

AmericanOverseasRe

BermudaEducationServicesTrust

HannoverRe

Validus

Zurich(Bermuda)

BRONZELEVEL

$10,000up

to

$50,000

AspenInsurance

Enstar

Lancashire

TokioMillenniumRe

WalterA.Scott

Willis(Bermuda)

WindRiverRe

FRIENDSOFBFIS

upto

$10,000

BermudaIndependent

UnderwritersAssociation

BF&M

CatlinInsurance

CharlesTaylorConsulting

Deloitte

DrinkerBiddle&Reath

IslandEmploymentPartners

GIFTSINKIND

Donatedgoods

and

services

KPMG

QuorumGroup

bfis annual report 2013

Documents