NEW YORK (April 22, 2013) —RIMS, the risk management society™, and American International Group, Inc. (AIG) today announced David C. Sterling and Robert S. Spencer as the 2013 inductees to the Risk Management Hall of Fame (RMHF). The RMHF serves as a means to maintain the history of the field of risk management and recognizes risk practitioners who have made significant contributions to advancing the discipline. Both honorees were officially inducted at RIMS 2013 Annual Conference & Exhibition in Los Angeles.
The RMHF Selection Committee considers the following criteria for membership in the RMHF: considerable contributions to the field; significant achievements, innovation and trend setting; demonstrated leadership, character and service; and the highest caliber of ethical and professional conduct.
“The best way to preserve and enhance the future of the risk profession is to acknowledge the achievements of the individuals who set the bar and have introduced or popularized strategies that continue to be adopted by organizations today,” said RIMS Executive Director Mary Roth. “Together with AIG, we congratulate David Sterling and the late Robert Spencer for their tremendous contributions to the industry.”
Peter Eastwood, President and CEO, Americas Region, AIG Property Casualty, said, "AIG is proud to partner with RIMS to honor professionals who have made important contributions to the risk management field. With this year’s inductees, the Selection Committee has once again chosen risk management leaders who have had a profound and lasting influence on the industry. ”
The 2013 inductees to the RMHF are:
DAVID C. STERLING
David C. Sterling joined The Hartford Financial Services Group, Inc. in 1964 after serving two years with the U.S. Army at Fort Kobbe, Panama Canal Zone. He retired from The Hartford after 42 years as assistant vice president and senior risk manager, where he managed The Hartford’s world-wide risk programs and exposures to accidental loss including the placement of all insurance and non-insurance programs designed to protect the organization.
David is a risk and insurance pioneer. He purchased and implemented one of the first EPLI (employment practices liability insurance) programs in the insurance industry; purchased and implemented one of the first cyber risk [e-Risk] liability, property and crime insurance programs; and implemented one of the industry’s first blended multi-year program for a financial institution and rolled the program over several times to achieve significant savings.
Throughout his career, he shared his professional experiences and expertise with students and risk professionals who expressed interest in advancing their careers.
At the West Hartford Branch of the University of Connecticut he taught the Insurance Institute of America’s Risk Assessment program, one of three courses required for The Institute’s Associate in Risk Management (ARM) designation.
Additionally, he was a reviewer of The American Institute for CPCU [now called ‘The Institutes’] texts for the Chartered Property Casualty Underwriter (CPCU) designation program which focuses on risk management and insurance, as well as a reviewer of other texts published by them. For more than 30 years, he served The Institutes on its CPCU ‘Exam Review Committee’. And, he also authored a CPCU monograph entitled: “Environmental Liability: An Insurance Perspective.”
David is currently a member of RIMS Connecticut Valley Chapter, the CPCU Society and the Society of CIC. He holds 28 professional risk management and insurance designations, as well as a State of Connecticut’s Producer’s license and a State of Connecticut’s Certified Insurance Consultant license.
David is an avid archer who enjoys roving with his traditional longbow, hiking, biking, skiing, wilderness canoe camping and fly-fishing. He is also an archery historian, who has written a number of articles on the subject and has co-authored a CD and book on archery. He has formed an extensive library devoted to the sport that serves as a historical research and reference source.
Dave was born in Schenectady, NY and grew up in Pittsfield, MA. He is a graduate of Bryant University (Smithfield, RI) with a degree in business administration.
During his 17-year career, Robert S. Spencer held numerous risk management positions including vice president of insurance for Fuqua Industries Inc.
At Fuqua, he was responsible for the development and implementation of the organization’s risk management program that included a very diverse portfolio that includes everything from the manufacturing of lawnmowers and sporting good to being the 8th largest trucking company in the United States. In 1976, he co-founded Fuqua’s Bermuda-based captive, Fuqua Insurance Company Ltd.
Robert is credited with setting standards on the dealings of captives with reinsurance markets, both domestic and international. He was also responsible for a workers compensation self retention program that was adopted by 31 U.S. states in the Fuqua program.
Robert served the Atlanta Chapter of RIMS in all officer positions including president in 1973. He also served as a Vice President of RIMS from 1974 – 1977 and RIMS President from 1977 – 1978. He was a founding member of the Canadian Institute of Chartered Accountants.
Most importantly, Robert was quick to share the knowledge he gained with others so that the principles of “good” risk management could be passed on without reinvention. He fostered numerous programs at both the Atlanta Chapter and international levels of RIMS to support students, and expose them to the risk management profession.
Thirty-four years after his death (1979), his legacy continues to provide educational opportunities for young men and women seeking to advance their education in business, insurance, actuarial sciences, and the risk management fields through the Spencer Educational Foundation. Established in 1979 in his memory, the Foundation funds the education of tomorrow’s risk management and insurance industry leaders. Since 1999, the charitable organization has awarded $4.7 million in student scholarships and $2.2 million in educational grants.
Additionally, Robert was responsible for establishing RIMS’ Anita Benedett Student Involvement Program in 1978.
Robert was a native of Red Oak, Iowa graduating from The University of Iowa.
About the Risk Management Hall of Fame
The Risk Management Hall of Fame (RMHF) is home to those risk professionals who have made exceptional contributions to advancing the risk management discipline. RMHF is a joint venture of the RIMS and AIG, and was created to preserve the history and tradition of the profession. Founded in 2011, nominees are considered from around the globe and inductees are selected by the RMHF Selection Committee. New members to the Risk Management Hall of Fame are announced yearly at the RIMS Annual Conference & Exhibition. For more information, visit www.RiskHallofFame.org.
American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries.. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
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AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.