Spencer Educational Foundation Awards $50,000 Course Development Grant to Bowie State University

Grant Will Lay the Groundwork for Risk Management and Insurance Degree Program

MEDIA CONTACT: Jonathan Saxon, [email protected], 301-860-3607

(BOWIE, Md.) - The Spencer Educational Foundation (Spencer) has awarded a Course Development Grant of $50,000 to Bowie State University (BSU), which will be used to develop a new College of Business undergraduate degree program in Risk Management and Insurance (RMI).

BSU Executive Director William Roberts worked with Spencer, a nonprofit organization that provides financial support in the form of merit-based scholarships and grants to institutions of higher learning, to source funds from insurance industry leaders FM and Marsh. Roberts plans to use the funds toward implementing five new RMI courses in the development of Bowie State's Risk Management and Insurance degree program, which would be one of the first programs of its kind at an historically black college or university (HBCU).

"According to a 2023 report from the U.S. Bureau of Labor Statistics, African Americans have low representation in the RMI industry," said Roberts. "We want to impact and increase that number for HBCU students."

The Spencer grant will fund the initial crop of RMI classes, which Roberts plans to grow into a Bachelor of Science degree program. The classes the grant will support include Property and Casualty, Corporate Risk Management, Insurance Company Operations, Enterprise Risk Management, and Risk Management and Insurance Analytics. Proceeds will fund the development and implementation of the courses and provide support for sending students to RISKWORLD, a major insurance conference sponsored by the Risk and Insurance Management Society (RIMS).

"Spencer is committed to supporting next-generation risk management and insurance programs at colleges and universities across the United States and Canada," said Megan Miller, Spencer's Executive Director. "The Bowie award signals our first multi-donor collaboration via Spencer's Course Development Program, and we value the expertise and industry acumen that FM and Marsh offer. We will continue to collaborate with Bill and his team as they expand the RMI program at Bowie State and drive more talent into RMI fields."

"FM is proud to work with key broker partner Marsh in supporting development of this new risk management and insurance degree program at the Bowie State University College of Business," said Johnell Holly, FM's Senior Vice President, Global Client Service, Sales, and Marketing. "As a board member of the Spencer Educational Foundation, I've seen firsthand the impact these course development grants can make. In the coming years, Bowie State University will help train the next generation of insurance professionals and bolster communities that are underrepresented in our industry."

"Marsh is committed to advancing a more diverse and inclusive culture within the risk management industry," said Charmaine R. Davis, Marsh's Managing Director, SEZ Education Leader, and a member of BSU's Maguire Academy of Insurance & Risk Management Board of Governors. "We are proud to partner with FM and Spencer to expand Bowie State University's curriculum and create new opportunities for risk and insurance talent."

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About the Spencer Educational Foundation
The Spencer Educational Foundation is a non-profit organization committed to fostering the education and professional development of risk management and insurance students. Since its establishment in 1979, the foundation has been the foremost organization helping students succeed by providing scholarships, grants, and internships to support talented individuals pursuing careers in these fields. To learn more about the Spencer Educational Foundation and its programs, please visit www.spencered.org.

About FM
Established nearly two centuries ago, FM is a leading mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of its policyholder-owners. These owners, who share the belief that the majority of property loss is preventable, represent many of the world's largest organizations, including one of every four Fortune 500 companies. They work with FM to better understand the hazards that can impact their business continuity to make cost-effective risk management decisions, combining property loss prevention with insurance protection.

About Marsh
With over 45,000 colleagues operating in 130 countries, Marsh serves commercial and individual clients with data-driven risk solutions and advisory services. Marsh is a business of Marsh McLennan (NYSE: MMC), the world's leading professional services firm in the areas of risk, strategy, and people. Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer, and Oliver Wyman.

About Bowie State University
Bowie State University is an important higher education access portal for qualified persons from diverse academic and socioeconomic backgrounds, seeking a high-quality and affordable public comprehensive university. The university places special emphasis on the science, technology, cybersecurity, teacher education, business and nursing disciplines within the context of a liberal arts education. For more information about Bowie State University, visit bowiestate.edu.

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