Liberty Mutual Group said it is donating $3.1 million to Boston College Law School to establish a professorship designed to improve the understanding of the property-casualty industry within the legal community.
According to Boston College Law School, Liberty Mutual will pay out the gift over the next four years. It represents the largest gift in the law school's 79-year history, and it will be used "to hire a distinguished teacher and legal scholar with expertise in the field of property-casualty insurance," the school said.
John H. Garvey, Boston College Law School dean, said Liberty Mutual's pledge consists of $3 million to endow the Liberty Mutual Insurance Professorship, and $100,000 to endow The Liberty Mutual Prize, an annual monetary reward for the best article published in a law review on property-casualty insurance law, regulation or governance.
"We are grateful to Liberty Mutual for its generosity in establishing this professorship and writing prize at Boston College," Mr. Garvey said.
"The professorship will allow the law school to attract one of the nation's top teachers and scholars to direct our affairs in the area of insurance law. The prize will allow us to draw attention to research in the field, and it will make Boston College's name synonymous with the best academic thinking about insurance," said Mr. Garvey.
Edmund F. Kelly, Liberty Mutual chairman, president and chief executive officer, said, "By establishing the Liberty Mutual Professorship, we hope to foster a better understanding within the legal community of the critical role property-casualty insurance plays in the broader economy. Liberty Mutual's partnership with Boston College makes sense given our mutual histories as venerable institutions with Boston roots dating back tens of decades."
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