FM Global Awards US$1 Million Grant to the Spencer Educational Foundation

JOHNSTON, R.I., USA- Commercial property insurer FM Globaltoday announced it has provided a US$1 million grant to the Spencer Educational Foundation. The grant, which will be distributed over a four-year period, will support programming aimed at developing and elevating the next generation of insurance professionals.

Spencer will allocate more than half of the grant toward its annual Risk Management Challenge, held in conjunction with the RISKWORLD^® conference. The annual challenge is designed for college students to address community issues. In total, 38 university teams from 9 countries participated in this year's competition. Spencer will invite the top eight teams to present their strategies at the 2024 RISKWORLD conference, which will be held in San Diego, California, from May 5-8.

As sole corporate partner of the challenge, FM Global is contributing toward a significant mission - to support the next generation of insurance professionals by increasing student participation in the RISKWORLD conference year over year with enhanced awards and attendance stipends. More specifically, the funds will cover travel expenses for eight teams from four countries attending RISKWORLD, additional prize funding for the top three teams and more.

"We are a proud supporter of the Spencer Educational Foundation," said Johnell Holly, senior vice president, Central division manager for FM Global, and president of the Spencer Educational Foundation's board of directors. "Spencer's mission to help fund the education of tomorrow's risk management and insurance leaders aligns with FM Global's science- and research-based approach to risk management and helping our clients protect today for a better tomorrow."

The remaining funds will be used toward general programs such as scholarships, grants and internships, and to support program-related staff and other program work, including Spencer's mentorship program and webinar series. All these efforts are designed to create a diverse and robust pool of talent for the industry.

"This is the largest grant over a four-year period that the Spencer Educational Foundation has ever received," said Megan Miller, executive director of the Spencer Educational Foundation. "We are extremely grateful for FM Global's ongoing support of our mission and excited to expand the Risk Management Challenge to provide an unparalleled learning experience to students from around the world."

FM Global has been a dedicated partner of the Spencer Educational Foundation for decades. The long-standing relationship has allowed Spencer to fund dozens of scholarships, develop numerous risk engineering training courses - including risk management college curriculum - sponsor events and provide internships and unrestricted funds for the organization's daily operations.

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 Global

Established nearly two centuries ago, FM Global is a 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 Global 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.

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