St. John's University in New York City has announced a $15 million gift from the Starr Foundation to launch an initiative in its School of Risk Management, Insurance and Actuarial Science, part of the Peter J. Tobin College of Business.
The gift, the largest in the university's 148-year history, will establish a leadership initiative consisting of three funds that will help support the school's academic programs, teaching and learning activities, and efforts to attract the best and brightest students to pursue academic studies and careers in the insurance industry. The funds include the Maurice R. Greenberg Scholarship Fund, which will provide full and partial scholarships to SRM students; the Starr Foundation SRM Faculty Support Endowment, which will support professional development, new resources, and enrichment activities for faculty; and the Maurice R. Greenberg SRM Industry Leadership Endowment, which will support new programs and resources for SRM industry outreach activities. Half of the gift will be used for student scholarship awards, with 33 percent allocated toward faculty support and 17 percent earmarked for the leadership endowment.
"With this gift, the School of Risk Management becomes immeasurably stronger and will build on its more than century-old mission of educating future business leaders, who themselves will endeavor to define this industry for generations to come," said the school's dean, Brandon W. Sweitzer.
"I think that throughout my career, I was always looking for talent. And it came from different industries and different schools, as well as the military," said Starr Foundation chair Maurice R. Greenberg. "But when we found out about St. John's, and the insurance school, we focused on it. We hired many people from St. John's who wanted a career in insurance, and they made great contributions to the profession. I hope that our gift is going to help the school become even bigger and even more professional than it has been. It's a major benefit to the industry."