Spencer Educational Foundation raises $870,000 for scholarships

The Spencer Educational Foundation Inc. has raised more than $870,000 at the organization's annual gala at the Waldorf-Astoria in New York.

Proceeds from last week's event will fund scholarships for students and professionals studying risk management and insurance as well as universities committed to advancing the study of risk and insurance, the charitable affiliate of the Risk & Insurance Management Society Inc. said Thursday in a statement.

The Sept. 17 event, which drew more than 600 guests, honored Ryan Specialty Group L.L.C. founder Patrick Ryan and Zurich Insurance Group Ltd.'s Michael Kerner for their contributions to risk management and insurance education.

The Spencer Educational Foundation was founded in 1979 to honor the late Robert S. Spencer, a former RIMS president. Since 1979, the foundation has awarded more than $5 million in scholarships to undergraduate, graduate and post-graduate students and risk managers, and has provided more than $2.2 million in grants.