NEW YORK–Board members of the Spencer Educational FoundationInc. and several scholarship recipients recognized the Ace Group ofCompanies on Tuesday for pledging to contribute $100,000 over fouryears.

The donation, which will begin in December, goes toward thecreation of the William J. Clagnaz ACE USA Memorial Scholarship.Mr. Clagnaz was senior vice president, underwriting at ACE USAGlobal Property.

The first $5,000 scholarship will be awarded to an undergraduatestudent who permanently resides in the New York City area,including the five boroughs, and is pursuing a degree in riskmanagement or insurance.

Spencer, an organization dedicated to supporting undergraduateand graduate students in the risk management and insurancedisciplines, will use the money to create even more scholarshipopportunities, said Jeanne H. Braun, chairwoman of SpencerEducational Foundation Inc.

Ms. Braun also thanked Honorary Fundraising Chairman Thomas R.Tizzio Sr., formerly of American International Group Inc., for hisdedication to the foundation. Mr. Tizzio said the scholarships willhelp keep the educational process moving in the industry.

Eden Kratchman, executive director of ACE-INA Foundation inPhiladelphia, Pa., said the scholarship was created to honor Mr.Clagnaz, in New York, and to help the students of riskmanagement.

The ACE Group pledge marks the largest corporate donation madeto Spencer Educational Foundation Inc. within the last threeyears.

Since 1980, Spencer Educational Foundation has awarded more than$2.6 million in scholarships and $1.4 million in grants to studentspursuing degrees in, and universities offering programs for, riskmanagement and insurance.

The foundation said it is seeking risk managers to givepresentations and lectures for its “Risk Manager In Residence”program. The foundation will award grants to colleges anduniversities to host this program.