THE Bahamian financial services industry has selected two recipients for the Associates in Captive Insurance (ACI) designation scholarships.

The 2017 recipients are Clement Penn Jr, of CBH Bank Bahamas, and Lorraine Goncalves of BAC Bahamas Bank. "Both candidates were eager to embrace an opportunity for professional development," said Tanya McCartney, the Bahamas Financial Services Board's (BFSB) chief executive and executive director.

"They have a keen awareness of the benefit of this designation, not only to their employers but to the industry as a whole. BFSB continues to pursue opportunities in the captive insurance industry. Providing opportunities such as this for professionals within the sector are an extension of that effort. We wish the scholarship recipients every success in their upcoming educational endeavours."

The recipients were selected by the BFSB and Insurance Commission of the Bahamas (ICB), in collaboration with the Bahamas Insurance Association (BIA) and the Insurance Institute of the Bahamas (IIB).

The Associates in Captive Insurance (ACI) designation is offered by the International Centre for Captive Insurance Education (ICCIE), which is the first and only comprehensive captive insurance education programme in North America. The courses are relevant to any global insurance domicile.

The ICCIE was developed in 2004 in direct response to a need expressed by captive insurance professionals for in-depth educational offerings, information on current topics, and a professional designation. It recruits some of the most recognised names in captive insurance to serve as instructors.