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Paying it Forward: Industry Leaders Celebrate at Spencer Gala

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Every year in September, leaders in the insurance world celebrate the profession and show their support for the next generation of risk management and insurance professionals. This year, close to 700 executives made their way to the Spencer Educational Foundation’s 9th Annual Gala on Thursday night at the New York Hilton Midtown. Nearly million in donations were accepted at the event, a critical fundraising initiative for the Foundation.

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Proceeds will directly fund grant, scholarship and internship programs for undergraduate and graduate students who are pursuing careers in the field.

“The Gala is a wonderful reminder of just how generous and passionate professionals in this industry are,” said Ron Davis, executive vice president at Zurich and Spencer Educational Foundation chairman. “Tonight we’re celebrating the profession that has afforded us so much by giving back and creating meaningful opportunities for future risk professionals.”

The Gala honored 2017 Spencer Scholars Jayde Lim Ah Tock, a junior from Temple University, and James Pappas, a senior at St. John’s University. “Being a Spencer Scholar has allowed me to focus on my university’s program,” Tock said. “I want to thank the donors for allowing me to pursue something that is so important to me.”

When speaking about the support Spencer provided, Pappas said he is now “confident, optimistic and energized” about his future and knows he is “joining an amazing industry that truly makes a difference.”

Among the industry leaders in attendance were honorees Joseph Tocco, chief executive, north America insurance at XL Catlin, and Michael Rice, chief executive officer at JLT Specialty USA. Both are longtime Spencer supporters and were recognized for their efforts to move the Foundation’s mission forward.

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The night’s festivities concluded with remarks from the honorees whose comments focused on the industry’s talent gap and the aging risk management workforce.

“The world needs our industry and our industry needs to attract and develop new talent,” Rice said. “Spencer is a wonderful conduit that allows us to celebrate this talent and the future of the profession.”

Tocco added, “I’m proud to be in an industry that places so much energy on education. Enlisting the next generation of risk professionals is more imperative now than ever before. We need to make “risk management” students’ first choice and not a profession by accident.

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Students around the world have benefited from Spencer funding. Since its inception, the charitable nonprofit has awarded 970 scholarships totaling about $4 million, and $3.25 million in grants to universities and professional institutions for educational programs and conferences.

Spencer Gala Raises $1.14 Million for Risk Management Education

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Spencer Educational Fund Gala

Spencer Scholar DeAnna Young (Photo: Joe Zwielich)

NEW YORK—The Spencer Education Foundation raised more than $1.14 million for scholarships and insurance industry education at last night’s gala dinner at the Waldorf Astoria. Attended by more than 750 industry executives, the 2015 gala set records for both fundraising and number of attendees.

Proceeds from the event will fund scholarships for students and professionals studying risk management and insurance and will also finance the foundation’s grant programs. Last year’s gala raised $1.06 million.

Dean Klisura, managing director of global industry specialties and placement leader for Marsh, and Chris Maleno, senior vice president at ACE Group and division president at ACE USA, were honored for their contributions to the advancement of risk management and insurance educational opportunities.

“These individuals are role models for the next generation of industry leaders, and their companies are, and continue to be, dedicated supporters of the foundation and advocates for industry education,” said Brion Callori, chairman of the Spencer Educational Foundation.

Dean Klisura and Christopher Maleno

Dean Klisura and Christopher Maleno

The gala also featured remarks from three Spencer scholars:

▪ Angela Addo—master’s degree student at Niagara University and recipient of the Anita Benedetti Memorial Scholarship, awarded to the female graduate student with the highest grade point average.

▪ Michael Beneventano—senior at St. John’s University and recipient of the Dante Petrizzo Memorial Scholarship, sponsored by the RIMS NY Chapter.

▪ DeAnna Young—senior at St. John’s University and recipient of the William J. Clagnaz Memorial Scholarship, sponsored by ACE Group.

Discussing the significance of the Spencer Educational Foundation’s scholarship program, Maleno told the Risk Management Monitor, “It’s no secret to anybody—it’s been in the news as currently as this week—that there is a trillion dollars in student debt. A college education costs a significant amount of money, but there is also no doubt that a college education really can change people’s lives. It becomes a gateway to careers and opportunity.”

He noted the importance of Spencer’s core mission to help fund education for people who are interested in risk management and the insurance industry. “We definitely are going to need more fresh minds in this business and we have to get people prepared for that,” he said. “Spencer is not only helping to fund people interested in our industry, but they also work closely with the universities to help create and structure programs in and around risk management.”

Maleno, who has worked with Spencer since 2002, said that there are currently about a dozen young professionals at ACE who are Spencer award recipients.

Klisura told the Monitor that Marsh has employed 28 scholarship recipients over the years and currently has nine former scholars working for the company. “I think we would all agree, as executives and leaders, that we don’t have enough great, young talent coming into the industry. This is a way to identify talent and for them to build their networks and credibility.” He added, “Scholarships provide a financial bridge to ease the way to graduation before they can join the industry and find permanent jobs.”

Spencer announced in May that it has named a record number of full-time scholarship recipients, with 63 undergraduate, graduate and pre-dissertation scholars sharing more than $342,000 in merit-based scholarship awards. Since 1979, more than $5.6 million has been awarded to 820 scholars, Spencer reported.

“In industry conferences and seminars, bringing competent talent into the industry remains one of the major topics of discussion,” Callori said. “Because of the industry’s continued support, we have been able to award a record number of undergraduate and graduate scholarships to some of the best and brightest students desiring to come into the industry.”

Facts about this year’s scholarship class include:

  • Fifty-seven students received undergraduate scholarships of $5,000; six graduate students, including one pre-dissertation Ph.D. student, received $10,000 scholarships.
    • Undergraduate Leah Lupu, a junior at Olivet College, received the $7,500 Doug Barlow Scholarship, recognizing the student with the highest grade point average.
    • Angela Addo, a graduate student at Niagara University, received the Anita Benedetti Memorial Scholarship, given to the female graduate student with the highest GPA.
  • This year’s class of Spencer Scholars represents 27 schools in the U.S. and Canada.
  • For the 58 undergraduate scholars, the average overall GPA is 3.76.
  • Seventy-five percent of the scholars are majoring in risk management & insurance, 29% are studying finance, and 22% are majoring in actuarial studies.
  • Of those undergraduates pursuing minors, information systems was most popular at 29%.

In addition to 25 general undergraduate scholarships, the foundation awarded 33 named undergraduate scholarships.

Spencer Gala Raises $1 Million for Education

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NEW YORK — More than $1 million was raised for the Spencer Educational Foundation at its gala dinner yesterday, when over 750 industry executives gathered to celebrate insurance industry education. This year’s dinner at the Waldorf Astoria set records for both attendance and dollars raised, Spencer said.

Proceeds from the event will help pay for scholarships for students and professionals studying risk management and insurance, as well as provide funds for the foundation’s grant programs.

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Since 1979, the foundation has awarded more than $5.3 million in scholarships to undergraduate, graduate, post-graduate students and risk managers and provided more than $2.2 million in grants.

The event also honored John Q. Doyle, CEO of Global Commercial Insurance for AIG (below left), and Warren J. Mula, CEO of Aon Broking for Aon Risk Solutions (below right), for their contributions to the insurance profession.

“The impressive numbers that we have generated this evening speaks to the incredible generosity of this industry,” Mula said during his remarks.

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“The many insurance companies and brokers, agents and clients that are assembled here today celebrate this special industry of ours.”

He continued, “Clearly the world today is more complex in many ways and much more fragmented than it was when my grandfather began his career. Obstacles to achieving business objectives and seizing opportunities for growth are more complex. To empower economic possibility requires everyone to be smart, agile and involved around the topic of risk. This is the tremendous responsibility we have in our industry. The bar has indeed risen as the magnitude, speed and complexity of risk increases.”

Mula said that the job of risk managers is to minimize risk in order to help organizations take risk. He added that attracting and retaining talent for the industry has become increasingly difficult.

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“Brilliant minds are needed to create technology to deal with the incredible amounts of data that we are all confronted with daily,” he said.

Doyle noted that the industry is all about people and trust and he pointed out that a wide variety of skills and talent are needed for the industry to flourish.

Spencer Educational Foundation Chairman Brion Callori said in a statement,  “We are very appreciative of all the support that the industry continues to provide the Spencer Educational Foundation which allows us to fulfill the educational and professional goals of the next generation of industry leaders. We look forward to another 35 years of delivering exceptional opportunities through our scholarship and grant programs that directly benefit the entire industry.”

In addition to the honoring Mula and Doyle, the gala also featured remarks by:

• St. John’s University senior and this year’s Spencer Scholar, Bailey Noone, who shared her story of how the Spencer Educational Foundation has impacted her life.

• St. Francis College’s Academic Dean, Allen Burdowski, who spoke about the foundation’s $50,000 grant that has helped fund the development of the school’s risk management and insurance curriculum.

• Debra Rodgers, senior vice president of global risk management for Aramark, who spoke of her participation in the internship program and how the grant she receives from the foundation allows her to secure resources to train  future risk management leaders.

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.