$5.2M Gift Given To USF’s Muma College Of Business

SARASOTA-BRADENTON, FL — The University of South Florida’s Muma College of Business received a $5.2 million gift for the university’s School of Risk Management and Insurance.

It’s the largest donation in USF’s Sarasota-Manatee campus history, according to a news release from the university.

The gift, given by BRP Group, Inc., will be used to support educational programs in the risk and insurance fields. In recognition of the donation, the School of Risk Management and Insurance will be renamed the Baldwin Risk Partners School of Risk Management and Insurance.

While the donation’s home is the Sarasota-Manatee campus, it will serve risk management and insurance programs on each of USF’s three campuses. It will be used to provide scholarships to draw students to the program, offer resources to support student engagement with industry leaders via case competitions, hire new faculty-scholars and support industry-education outreach.

“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.

Because of technology disruption and an aging workforce, the insurance industry is facing a talent gap, USF said. The number of insurance employees over the age of 55 has increased by 75 percent in the last 15 years and is nearly 30 percent higher than in other industries.

Only about 25 percent of the insurance workforce is under the age of 35, according to a 2019 report from the International Risk Management Institute, the university added.

USF is only one of two Florida universities offering a full major in the discipline.

“Our firm has a deep commitment to each of our key stakeholders, which include our clients, our colleagues, insurance company partners and our communities,” Lowry Baldwin, chairman and co-founder of BRP Group, said. “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.”

Data from MyFloridaFuture.com shows that starting salaries average $50,000 annually and graduates report earning upwards of $80,400 per year within five years, USF said.

Economic Research Institute data indicates that, nationwide, the average starting salary is nearly $65,000, 16 percent higher than the average starting salary across all industries. In addition, some positions pay in excess of $100,000 within five years, according to the university’s news release.

The Baldwin Risk Partners School of Risk Management and Insurance is the third of the six schools comprising the Muma College of Business to be named. The Kate Tiedemann School of Business and Finance was named in 2014 and the Lynn Pippenger School of Accountancy was named in 2015.