Category Archives: Education

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Spencer Educational Foundation Gala Raises Record $870,000

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Spencer Gala Honorees Michael Kerner and Patrick Ryan with Spencer Scholar Lakenya Young

Spencer Gala Honorees Michael Kerner and Patrick Ryan with Spencer Scholar Lakenya Young

 

At its recent annual gala, the Spencer Educational Foundation raised a record $870,000 from leaders of the risk management industry. The dinner also drew its largest crowd yet to honor Zurich’s Michael Kerner and Ryan Specialty Group’s Patrick Ryan.

Kerner lauded the foundation while encouraging colleagues in the insurance industry to embrace and prioritize the role of younger entrants to the field. “We struggle as an industry with reputation, unfortunately,” he said. “To this day, for most people that get into the business, it wasn’t necessarily their childhood dream to be in insurance. We don’t do a good enough job as an industry in promoting the value that we bring to the economy and to business on the whole, or the exciting and fun careers you can have in the insurance space.”

Dedicated to aiding future risk managers, the Spencer Educational Foundation awards scholarships in risk management and insurance, runs student internship programs and issues grants to facilitate risk management course development at schools across the country. As of this year, according to Chairwoman Peggy Accordino, the foundation has awarded over $5 million to students.

Applications for 2014 Spencer Scholars, internships, and the Risk Manager in Residence program are now live, with scholarship applications due by January 31. Applications for employers to participate in the student internship program are also available, with a deadline of February 14.

Spencer Educational Foundation Reaches $5 Million Milestone

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Yesterday, at the RIMS 2013 Annual Conference & Exhibition, the Spencer Educational Foundation announced it hit $5 million in donations since the organization’s inception in 1979. The latest round of funding secured $282,500 worth of scholarships to 50 risk management and insurance students from 19 universities.

“This allows us to touch the lives of students who will eventually be the leaders of risk management,” said John Phelps, RIMS President.

Peggy Accordino, Spencer chairwoman, announced that the organization will use the $300,000 donated by RIMS to promote the establishment of risk management and insurance courses at schools around the country. “We would like to have RMI courses be as commonplace as accounting, statistics, marketing — all those subjects that are needed for business,” she said.

Additionally, Temple University was awarded a $50,000 loss prevention education grant funded by FM Global.

Temple University Takes First Place in Risk Management Competition

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Peggy Accordino, chairwoman of the Spencer Educational Foundation, with the winners of the 2013 VCU/Spencer RMI Challenge from Temple University (l to r): Pete Adonizio, Kyle Enderle, Gina Ross and Mike Cross

 

The next generation of risk managers took center stage when earlier this week, students from seven schools traveled to Richmond, Virginia to compete in the second annual Virginia Commonwealth University RISC/Spencer RMI Challenge. The students were given a complex risk management case study that centered around the upcoming Richmond 2015 Union Cyclist International, a world championship bicycle road racing event organized by Union Cycliste Internationale, sports cycling’s governing body.

The students, who had studied the case for six weeks prior to the competition, each gave a presentation to a panel of risk management experts who then selected the top three teams to present in front of the more than 150 industry professionals who attended VCU’s Risk and Insurance Study Center’s (RISC) Trends Conference.

Temple University’s team, which included Pete Adonizio, Mike Cross, Kyle Enderle and Gina Ross, came out on top and took home the $4,000 prize. Teams from Illinois State University and Virginia Commonwealth University (last year’s winner)  finished second and third respectively and received $3,000 and $2,000.

Other schools that competed in the challenge included Ball State University, St. John’s University,  the University of Alabama and the University of Georgia.

The competition was sponsored by the Spencer Educational Foundation, which provides scholarships for risk management and insurance students.

Students from Ball State University, Illinois State University, St. John’s University, Temple University, University of Alabama, University of Georgia and Virginia Commonwealth University, participated in this year’s challenge.

Spencer Educational Foundation Raises Money for Risk Management Scholarships

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A few weeks ago, the Spencer Educational Foundation held its annual gala fundraising dinner at the Waldorf-Astoria in New York. This is the flagship event for the nonprofit organization, which since 1979 has been subsidizing the education of those trying to make risk and insurance their life’s work.

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All together, Spencer has handed out nearly $7 million in scholarships and grants, including more than $400,000 awarded in 2011. (More on risk management education here.)

I was unable to attend this year, but have been to the past few events and they always make for an inspiring evening. With a program that honors both aging industry legends who have built the foundations of risk management and vibrant students who hope to further it in the future, the night gives a cradle-to-grave depiction of just how ambitious and fulfilling a career in risk can be. (For some anyway — I mainly just enjoy the prime rib and desserts.)

This year was no different, and the event helped raise some $720,000 in donations. Among the speakers were John Amore, former CEO of general insurance at Zurich; Peggy Accordino, chairwoman of Spencer; Drew Carey, a student studying risk management and insurance at St.

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John’s University in Manhattan; Gisselle Escotto, a risk management grad student at New York University; Seraina Maag, chief executive of North American property and casualty at XL; and David Zuercher, former head of insurance at Wells Fargo.

For those of you who weren’t able to attend, the video above features some of the evening’s highlights. And you can read more about the 2011 dinner here.

2012 Spencer Educational Foundation honoree Seraina Maag, chief executive of North American property and casualty at XL.

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