The University of Hartford Barney School of Business will use the grant to develop three course modules that focus on the importance of loss prevention in reducing an organizationâs total cost of risk.
The Virginia Commonwealth University (VCU) School of Business Risk and Insurance Studies Center will use the funds to create a graduate-level loss prevention course designed to train current and prospective business managers to plan, develop and implement risk analysis and loss prevention programs.
âCongratulations to these university programs that demonstrate superior risk management education,â says Donna L. Galer, chairwoman of Spencer Educational Foundation, Inc. âThese grants will enable the University of Hartford and Virginia Commonwealth University to take a leading role in loss prevention advocacy and, in turn, add value to their collegiate programs.â
âFM Global has always believed that the majority of all loss is preventable and weâve seen that risk managers who embrace and champion that philosophy can improve the quality of risk management within their organizations,â says Shivan S. Subramaniam, chairman and CEO of FM Global. âAs companies deal with the economic downturn, and their risks become more geographically dispersed, the need for sound loss prevention methods becomes increasingly important.â
More than 12,200 students are enrolled in bachelors and masters programs at the University of Hartford Barney School of Business. The school offers seven undergraduate and three graduate degree programs in business. VCU is the largest university in Virginia and boasts the oldest collegiate risk management and insurance program in the state, dating back to 1968. More than 4,000 students are enrolled in the VCU School of Business bachelors, masters, certificate and doctoral programs.
In 2008, FM Global contributed $525,000 to the Spencer Educational Foundation, the largest gift in the Foundationâs 30-year history that includes $300,000 earmarked to assist universities in developing new loss prevention-related courses. The remaining funds will go towards annual FMÂ Global scholarship awards for students pursuing a degree in risk management or insurance. The first-ever FM Global scholarships were recently awarded to Justin Gargus of Olivet College and Amanda Mozingo of Virginia Commonwealth University.
Since 1980, Spencer Educational Foundation has awarded more than $4 million in scholarships and $2.1 million in grants to students pursuing degrees and universities offering programs in risk management and insurance. In 2008, the Spencer Educational Foundation awarded more than $437,500 in scholarships and more than $150,000 in grants. For more information or to make a donation to Spencer Educational Foundation, visit www.spencered.org.
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.
About FM Global
FM Globalâs clients include one out of every three FORTUNE 1000 companies and similar-sized organizations in more than 130 countries. For nearly 175 years, clients have worked with FMÂ Global to develop robust property insurance and engineering solutions to protect their business operations from fire, natural disasters and other types of property risk.
FM Global ranks 583 among FORTUNE magazineâs largest companies in America and was named âBest Property Insurer in the Worldâ by Euromoney magazine and âBest Global Property Insurerâ by Global Finance magazine. The company also is rated A+ (Superior) by A.M. Best and AA (Very Strong) by Fitch Ratings. For more information, visit www.fmglobal.com.Â