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ACE contributes to Spencer Foundation


NEW YORK--The ACE Group of Cos. will contribute $100,000 to the Spencer Education Foundation Inc., the New York-based Risk and Insurance Management Society Inc. announced today.

ACE will contribute the money over four years to create a merit-based scholarship in memory of William J. Clagnaz. During his 36-year career in the insurance industry, Mr. Clagnaz held various property underwriting and management positions, according to RIMS, which is affiliated with the Spencer Foundation.

Mr. Clagnaz ultimately became senior vp, underwriting at ACE USA Global Property in New York. He died in March 2006.

ACE's scholarship will be awarded annually in $5,000 blocks to undergraduate students in New York studying risk management or insurance.

Since 1980 the Spencer Foundation Inc. has awarded more than $2.6 million in scholarships and $1.4 million in grants to insurance and risk management students.