Commercial insurance firm FM Global in Johnston, R.I., has donated $525,000 to Spencer Educational Foundation, which provides college scholarships to students of risk management and insurance, it was announced today.
Spencer foundation is affiliated with the Risk and Insurance Management Society Inc. and is administered by the RIMS board.
RIMS said the donation was the largest contribution pledged to Spencer Educational Foundation in its 29-year history.
Most recently, the Foundation received a $300,000 RIMS donation and in 2007 awarded more than $300,000 in scholarships and more than $150,000 in grants.
"Education has played a significant role in the history and success of FM Global, so it is very fitting that we contribute this $525,000 donation to Spencer Educational Foundation," Shivan S. Subramaniam, chairman and chief executive officer of FM Global, said in a statement.
Mr. Subramaniam said the gift "will play an important role in preparing that next generation of risk managers by funding the development of new loss prevention-related university curricula and providing students with unrestricted scholarships."
Yesterday, Chris Johnson, senior vice president of marketing and training with FM Global, commented on the contribution at an event organized to recognize supporters of Spencer. "For so many of us, education has played such a part in our careers." he said.
Mr. Johnson added that the company's partnering with the Spencer Educational Foundation will create opportunities "for some youngsters in our industry, to help them have the same start that many of us had. To help them help their clients of the future in the same way many of us have."
Some of the funds from FM Global's contribution will go toward funding grant requests for creating course curricula at universities around the world to ensure the development of risk managers who understand the value of engineering in loss prevention. The remaining funds will go toward annual FM Global scholarship awards for students pursuing a degree in risk management or insurance.
Donna L. Galer, chairwoman of Spencer Educational Foundation Inc., said that "FM Global's gift will allow the foundation to offer innovative educational options for the next generation of risk professionals."
Since 1980, Spencer Educational Foundation has awarded more than $3.3 million in scholarships and $1.7 million in grants to students pursuing degrees in and universities offering programs for risk management and insurance.
For additional information or to make a donation, go to the Spencer Educational Foundation's Web site at www.spencered.org.
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