JOHNSTON, R.I., USA—Two university risk management programs are the latest recipients of Spencer Educational Foundation Loss Prevention Education Grants funded by FM Global, one of the world’s largest commercial property insurance companies.
The Center for Insurance Studies at California State University, Fullerton, and Old Dominion University in Norfolk, Virginia, USA will both receive US$50,000 to develop course curricula that enhances their students’ understanding of the value of loss prevention within the realm of risk management. Previous Loss Prevention Education Grant recipients include Ball State University, the University of Hartford and Virginia Commonwealth University.
“FM Global believes the majority of all loss is preventable, not inevitable, and knows that risk managers who are well educated and champion that philosophy can improve the quality of risk management within their organizations and help ensure the resiliency of their enterprises,” said Brion Callori, senior vice president of engineering and research at FM Global.
In 2008, FM Global contributed US$525,000 to the Spencer Educational Foundation, the largest gift in the foundation’s history. This gift included US$300,000 earmarked to assist universities in helping students better understand the valuable role property loss prevention engineering can play in helping to effectively manage risk. The remaining funds go toward annual FM Global scholarship awards for students pursuing a degree in risk management or insurance.
“FM Global’s funding and support has been critical to helping the Spencer Educational Foundation with its mission to enrich risk management education,” said Peggy Accordino, foundation chair. “These grants are a critical investment in the next generation of risk managers and to enhancing the great value our profession can add to an organization’s risk management culture.”
About FM Global: For 177 years, many of the world’s largest organizations have turned to FM Global to develop cost-effective property insurance and engineering solutions to protect their business operations from fire, natural disasters and other types of property risk. With clients in more than 130 countries, FM Global ranks #570 among FORTUNE magazine’s largest companies in America and is rated A+ (Superior) by A.M. Best and AA (Very Strong) by Fitch Ratings. The company has been named “Best Property Insurer in the World” by Euromoney magazine and “Best Global Property Insurer” by Global Finance magazine.
About Spencer Educational Foundation, Inc.: Spencer Educational Foundation, Inc. stimulates, promotes and encourages promising undergraduate, graduate and doctoral students of risk management disciplines in fulfilling their educational goals by providing scholarship awards and educational grants. Established in 1979 to honor the late Robert S. Spencer, the foundation is administered by its Board of Directors and is affiliated with the Risk and Insurance Management Society, Inc. (RIMS) in New York. For more information, visit www.spencered.org.