Spencer Receives $50K Pledge from Arch Insurance to Create Eight New Diversity Focused Scholarships
December 17, 2020 (New York, NY): Arch Insurance has pledged a $50,000 gift to The Spencer Educational Foundation to create eight new $5,000 diversity scholarships. These financial awards, named the Arch Insurance Scholars Program, will enable Spencer to magnify efforts and propel forward students of underrepresented groups who are pursuing Risk Management and Insurance careers.
“We’re pleased to partner with Spencer to create the Arch Insurance Scholars Program, which offers scholarships to promising students from diverse backgrounds,” said Matt Shulman, CEO of Arch Insurance North America. “At Arch, we value innovation and the new ideas that can be sparked by having a workforce that represents the communities where we live and the clients we serve. This program will help us attract a new generation of leaders to our company and facilitate the creation of a pipeline of talent, not only for our organization, but for the insurance industry overall.”
The Arch Insurance Scholars Program scholarships highlight both Spencer’s and Arch’s efforts to advance diversity in the risk management and insurance industry. Spencer is proud to participate as a leading organization in the broader industry movement to create specific awards of DE&I scholarships to diverse students studying risk management and insurance.
“Spencer has taken another important step forward in the Diversity, Equity & Inclusion (DE&I) arena to further enable access to the risk management and insurance industry for diverse students,” said Marya Propis, SVP, Distribution & Broker Partnerships at RT Specialty and Spencer Board Chair. “We are so pleased to have leading employers like Arch Insurance partner with us to expand these efforts through diversity scholarship awards.”
Spencer’s new Arch Insurance Scholars Program scholarships, which are merit-based, will be awarded to undergraduate students who meet Spencer’s standard scholarship criteria and who identify with a traditionally underrepresented race/ethnicity. The selected recipients will also be offered an opportunity to participate in Arch’s Internship Program. The first two scholarships will be awarded in 2021, and annually through 2024.
Spencer awards scholarships to undergraduate, graduate, and PhD students pursuing risk management and insurance careers with financial support ranging from $5,000 to $10,000. To date, Spencer has awarded over 1,200 scholarships totaling more than $8 million. To learn more about our Spencer scholarships, visit www.spencered.org/scholarships.
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About Arch Insurance Group, Inc.
Arch Insurance North America, part of Arch Capital Group Ltd., includes Arch’s insurance operations in the United States and Canada. Business in the U.S. is written by Arch Insurance Company, Arch Specialty Insurance Company, Arch Property Casualty Insurance Company and Arch Indemnity Insurance Company. Business in Canada is written by Arch Insurance Canada Ltd.
About Spencer Educational Foundation
The Spencer Educational Foundation is a 501(c)(3) nonprofit organization funding the education of tomorrow’s risk management and insurance leaders through scholarships, grants, internship opportunities, on and off campus experiential learning, and support of risk management/insurance curricula. Since Spencer was founded in 1979, they have awarded over $8 million in scholarships and $5 million in grants to universities and professional institutions affecting more than 60,000 students through our programs. For more information, please visit www.spencered.org.