Sedgwick Claims Management Services, Inc. and the Spencer Educational Foundation, an organization that administers both named and unnamed memorial scholarships, recently entered into a partnership that will result in an educational fund in honor of the former's late chief operating officer, Steven E. Penman.
Starting next year, the merit-based Sedgwick/Penman scholarship will be awarded annually to one undergraduate college student who is studying risk management, insurance, actuarial science or business, and who meets the foundation's eligibility guidelines.
Penman worked for Sedgwick from 1978 until his retirement in 2016. Sedgwick has pledged $100,000 over three years to the scholarship initiative.
Extend a legacy
"Steve Penman spent his entire 40-year career growing as an individual and improving the claims industry; I can think of no better way to celebrate and extend his legacy than establishing an academic scholarship in his name," Dave North, Sedgwick president and CEO and former Spencer Educational Foundation board member, said in a press release. "Sedgwick is proud to support students of risk management as they prepare for bright futures in our industry."
The first scholarship application deadline will be in January 2018, with the first award going toward educational expenses in the 2018-2019 school year.
"There is a pressing need to attract young talent to the risk management and insurance profession, and our scholarship program is critical to building that talent pipeline," said Ron Davis, chairman of the Spencer Educational Foundation and EVP, head of customer management for Zurich Commercial Insurance. "Sedgwick's meaningful gift in memory of Steve Penman will allow the foundation to do even more in achieving its mission."