USF receives $5.2M gift

A publicly traded Tampa-based firm has made the largest gift in the history of the USF Sarasota-Manatee campus, with $5.2 million donated to the university's School of Risk Management and Insurance.

The University of South Florida will also rename the the school where those classes are taught to the Baldwin Risk Partners School of Risk Management and Insurance. The school is on the Sarasota-Manatee campus.

The BRP Group Inc. (NASDAQ: BRP) made the investment as the insurance industry faces a talent gap "as a result of technological disruption and an aging workforce," according to a news release.

"BRP's milestone investment will allow the University of South Florida to grow the school into a powerhouse in risk management and insurance education and prepare future generations of insurance industry leaders for high-demand roles that are critical to supporting Florida's economy," USF President Rhea Law said.

Steve Miller, USF's director for the school, said the risk management and insurance industry employs 2.8 million people with fewer than 10 colleges in the country producing more than 50 risk management and insurance graduates each year.

"The demand for new talent with new skills is absolutely through the roof," Miller told the Herald-Tribune. "But the talent is extremely scarce."

Miller said that as technologies like artificial intelligence and self-driving cars become more ingrained in society, there will need to be even more professionals in the field.

The USF program currently has two faculty members with about 15 to 20 students majoring in Risk Management and Insurance. There are also about 100 students taking courses in the school.

"Our local insurance professionals and community partners have helped build the foundation for the School of Risk Management and Insurance," said USF Sarasota-Manatee campus Regional Chancellor Karen A. Holbrook. "We are thrilled to have the support from BRP to expand and elevate the RMI program on our campus and throughout USF."

The $5.2 million gift from BRP Group will be used to hire more staff across all three USF campuses as the program grows, create scholarship programs to attract students to the program and provide resources for student engagement with industry leaders.

GJ de Vreede, interim dean of the of the USF Muma College of Business, called the gift a "watershed moment" for the school.

"This gift will allow us to put RMI (risk management and insurance) on the map in the Tampa Bay region," he said.

He pointed to the need for graduates across the country.

The insurance industry has been getting older with the number of employees older than 55 increasing by 75% in the last 15 years "and is nearly 30% higher than in other industries," according to a news release about the gift.

"In addition, only about 25% of the insurance workforce is under the age of 35, according to a 2019 report from the International Risk Management Institute," the news release reads.

"Our firm has a deep commitment to each of our key stakeholders, which include our clients, our colleagues, insurance company partners and our communities," said Lowry Baldwin, chairman and co-founder, BRP Group. "We're proud to support the risk management discipline through this partnership to develop a world-class educational program. This investment will broaden awareness of the diversity of career options available within this field of study and fuel the next generation of industry leaders."