Memphis, TN – Sedgwick recently announced that it 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.
In line with the foundation’s mission of funding the education of tomorrow’s risk management and insurance leaders, the merit-based Sedgwick/Penman scholarship will, beginning in 2018, be awarded annually to one undergraduate college student of risk management, insurance, actuarial science or business who meets the foundation’s eligibility guidelines.
“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,” said Dave North, Sedgwick president and CEO and former Spencer Educational Foundation board member. “Sedgwick is proud to support students of risk management as they prepare for bright futures in our industry.”
A veteran of the U.S. Marine Corps, Penman worked for Sedgwick from 1978 until his retirement in 2016. During his tenure, he ascended the company’s ranks and served in a variety of leadership roles, including chief information officer, director of casualty operations, executive VP of specialty operations and COO.
“Steve played an integral role in Sedgwick’s growth from a small workers’ compensation third-party administrator to a leading global provider of innovative business solutions,” North said. “Nobody personified our ‘caring counts’ philosophy better than Steve Penman, and nobody cared more about Sedgwick, our colleagues, our clients and our industry.”
“We greatly appreciate Sedgwick’s generous support of the Spencer Foundation and investment in the future leaders of our industry,” said Ron Davis, chairman of the Spencer Educational Foundation and EVP, head of customer management for Zurich Commercial Insurance. “There is a pressing need to attract young talent to the risk management and insurance profession, and our scholarship program is critical to building that talent pipeline. Sedgwick’s meaningful gift in memory of Steve Penman will allow the foundation to do even more in achieving its mission.”
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