Spencer Educational Foundation Inc., an organization dedicated to supporting undergraduate and graduate students in the risk management and insurance disciplines, has received a $100,000 pledge from the ACE Group of Companies.

The amount, to be contributed over a four-year period from December 2006, has been created in memory of William J. Clagnaz, senior vice president, underwriting at ACE USA Global Property in New York.

“Bill was a dedicated professional who was respected at ACE and throughout the insurance community for his talent, passion and dedication,” said Brian Dowd, chief executive officer, insurance-North America, ACE Group.

Mr. Dowd said the William J. Clagnaz ACE USA Memorial Scholarship will honor Mr. Clagnaz’ legacy “by supporting students who share his enthusiasm for and commitment to a career in insurance or risk management.”

The ACE Group pledge marks the largest corporate donation made to Spencer Educational Foundation Inc. within the last three years, ACE said.

The William J. Clagnaz ACE USA Memorial Scholarship, a merit-based scholarship, will be granted annually to students who meet all academic requirements of Spencer Educational Foundation.

A scholarship will be awarded in the amount of $5,000 to undergraduates based in New York City who are pursuing a degree in risk management or insurance.

“We applaud ACE for its generous commitment to risk management education,” said Jeanne H. Braun, chairwoman of Spencer Educational Foundation Inc. “The future of our industry is one step closer to meeting the challenges of growth, change and opportunity.”

Thomas R. Tizzio, honorary fundraising chairman of Spencer Educational Foundation Inc., said, “ACE joins the ranks of a growing number of prominent companies that embrace our goals and understand the importance of investing in the future.”

During his 36 years in the insurance industry, Mr. Clagnaz held a variety of significant property underwriting and management positions in the New York market, concluding his career as senior vice president, underwriting at ACE USA Global Property in New York.

Since 1980, Spencer Educational Foundation Inc. has awarded more than $2.6 million in scholarships and $1.4 million in grants to students pursuing degrees, and to universities offering programs for risk management and insurance. In 2006, the foundation awarded $375,000 in scholarships and $145,000 in grants.

Mr. Tizzio was named honorary fundraising chairman in October, and the foundation announced the creation of the Risk and Insurance Management Society Atlanta Chapter Scholarship in the amount of $100,000.