SAN DIEGO–The Spencer Educational Foundation Inc. announced yesterday that more than $266,000 will be awarded to select undergraduate, graduate and doctoral students in the risk management and insurance disciplines.
The foundation said at the Risk and Insurance Management Society (RIMS) 2008 Annual Conference & Exhibition here that it will give $160,000 to the Foundation's programs and university grants.
"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, chairwoman of Spencer Educational Foundation Inc., said in a statement.
"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, West Virginia University, told National Underwriter at a Spencer reception here that the Spencer Educational Foundation has had a major impact on students at the university.
He also praised the Risk Manager in Residence program, noting the professionalism and dedication of those risk managers.
Mr. Rose said funding has made programs possible and helped attract students to the area of risk management.
Spencer Educational Foundation will award $266,000 to 36 students seeking full-time scholarships. Of the 36 total students receiving full-time scholarships, 29 will be awarded to undergraduates, four will be awarded to students seeking a master's degree, three to predissertation students and nine 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; and $30,000 to RIMS Anita Benedetti Student Involvement Program, which enables aspiring risk management students to attend seminars and meet with risk practitioners at RIMS 2008 Annual Conference & Exhibition in San Diego.
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 also 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 (RIMS); 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.
Spencer's Web site is www.spencered.org.
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