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Sedgwick endows Spencer Educational Foundation scholarship

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Sedgwick Claims Management Services Inc. has pledged $100,000 to the Spencer Educational Foundation over three years to establish the Steven E. Penman Memorial Scholarship in tribute to the company’s late chief operating officer.

Beginning in 2018, the merit-based Sedgwick/Penman scholarship will be awarded annually to one undergraduate college student of risk management, insurance, actuarial science or business who meets the foundation’s eligibility guidelines, Sedgwick said Thursday in a statement.

A U.S. Marine Corps veteran, Mr. Penman worked for Memphis, Tennessee-based Sedgwick from 1978 until his retirement in 2016. He served in a variety of leadership roles, including chief information officer, director of casualty operations, executive vice president of specialty operations and COO.

“Steve Penman spent his entire 40-year career growing as an individual and improving the claims industry; I can think of no better way to celebrate and extend his legacy than establishing an academic scholarship in his name,” Dave North, Sedgwick president and CEO and former Spencer Educational Foundation board member, said in the statement. “Sedgwick is proud to support students of risk management as they prepare for bright futures in our industry.”