The Spencer Educational Foundation Inc. announced that more than $266,000 will be awarded this year to select undergraduate, graduate and doctoral students in the risk management and insurance disciplines.
“Spencer Educational Foundation takes much pride in the difference that we make in the lives of students and professionals in the risk management and insurance disciplines,” Donna L. Galer, chair of Spencer Educational Foundation, said in a statement at the Risk and Insurance Management Society's recent annual conference in San Diego. Spencer is closely affiliated with RIMS.
“On behalf of the students we will support this year, I would like to extend sincere gratitude to all of the generous donations we receive from the industry, RIMS and its chapters, and individuals for contributing to the advancement of the risk management industry. Without you, we couldn't help as many talented risk practitioners and promising students as we do each year,” she added.
Terry Rose, director of the Fred Wright Center for Insurance and Financial Services at West Virginia University, told National Underwriter at a Spencer reception at the RIMS conference that the Spencer Educational Foundation has had a major impact on students at the university.
He also praised the Risk Manager in Residence program, which finances lectures by working risk managers at university programs. Mr. Rose said industry and RIMS chapter funding has made such programs possible and helped attract students to the risk management profession.
The Spencer Educational Foundation will award $266,000 to 36 students seeking full-time scholarships. Of the 36 full-time scholarships, 29 will be awarded to undergraduates, four to students seeking a master's degree, and three to predissertation students. Nine scholarships will also be awarded to part-time master's students, the organization said.
The foundation said it will award $64,000 for student internship programs, which pairs 13 companies or RIMS chapters with risk management and insurance student interns; and $36,000 for the Risk Manager in Residence program, which will team risk practitioners with 11 universities for on-site lectures and knowledge-sharing.
Another $30,000 will go to high school outreach programs at Ball State University and Illinois State University Katie School of Insurance Red Bird Risk Management Program.
Still another $30,000 will go to the RIMS Anita Benedetti Student Involvement Program, which enables aspiring risk management students to attend seminars and meet with risk practitioners at RIMS annual conferences.
Since 1980, Spencer said it has awarded more than $3.6 million in scholarships and $2 million in grants to students pursuing degrees and universities offering programs in risk management and insurance.
Spencer announced it has received a $100,000 donation from Zurich Financial Services. The financial services provider had previously donated a total of $79,000 since 2001. The funds from Zurich's $100,000 contribution will go toward funding programs and scholarships for students who are pursuing a degree in risk management or insurance and meet all academic requirements of the foundation.
Recently, the foundation received a $525,000 gift from FM Global; a $300,000 donation from the Risk and Insurance Management Society; and announced the creation of the $100,000 RIMS Atlanta Chapter/Dr. Edgar J. Leverett Memorial Scholarship.
In 2007, Spencer Educational Foundation awarded more than $300,000 in scholarships and more than $150,000 in grants.
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