The University of South Florida’s Mumma College of Business has received a $5 million grant from Baldwin Risk Partners to enhance its risk management and insurance program.

The University of South Florida’s Mumma College of Business and BRP Group Inc. (NASDAQ: BRP), a Tampa-based independent insurance distribution company that provides integrated insurance solutions, today announced a $5.2 million commitment to the university from the company and the Baldwin family. School of Risk Management and Insurance at Mumma College of Business. The gift, the largest in USF Sarasota-Manatee campus history, will support academic programs in the risk and insurance fields and, effective immediately, the university will rename the existing School of Risk Management and Insurance the “Baldwin School of Risk Partners.” Risk Management and Insurance.

“BRP’s landmark investment will enable the University of South Florida to enhance its risk management and insurance education capabilities and prepare future insurance industry leaders for roles critical to supporting Florida’s economy.” he said.

The insurance industry faces a skills gap due to technological disruption and an aging population. The number of insurance workers over the age of 55 has increased by 75 percent over the past 15 years and is nearly 30 percent higher than in other industries. Additionally, only 25 percent of insurance workers are under the age of 35, according to a 2019 report from the International Risk Management Institute. There aren’t enough graduate programs to address this challenge—one other Florida university offers a full degree in the discipline, and there are fewer than 10 risk management and insurance programs nationwide, each producing about 50 graduates each year.

“Our firm has a deep commitment to each of our key stakeholders, including our customers, colleagues, insurance company partners and our communities,” said Lori Baldwin, chairman and co-founder of BRP Group. We are proud to support the discipline of risk management through this partnership to develop a world-class educational program. This investment will expand awareness of the diversity of career options available in this field of study and ignite the next generation of industry leaders.

According to data from the US Department of Education, insurance majors command higher average salaries two years after graduation than students from the same university who majored in other business fields such as management, marketing, finance or accounting. According to data from MyFloridaFuture.com, starting salaries average $50,000 per year and graduates report earning more than $80,400 per year within five years. According to data from the Institute for Economic Research, the national average starting salary is nearly $65,000, which is 16 percent higher than the average salary across all industries. Additionally, some positions pay more than $100,000 over five years.

“Our local insurance professionals and community partners have helped build the foundation for the School of Risk Management and Insurance,” said USF Sarasota-Manatee Campus Regional Chancellor Karen A. Holbrook. “We are thrilled to receive support from BRP to expand and enhance the RMI program on our campus and throughout USF.”

The school’s home is on the Sarasota-Manatee campus, but the endowment serves risk management and insurance programs at each of USF’s three campuses. The grant provides scholarships to attract students to the major as well as resources to support their participation in case competitions with industry leaders. As it grows, the school hires additional faculty-scholars to teach in the program and conduct scholarly inquiry into new opportunities. The grant also supports industrial-education outreach.

The Baldwin Risk Partners School of Risk Management and Insurance is the third of six schools that comprise the Mumma College of Business. The Kate Tiedemann School of Business and Finance was named in 2014 and the Lynn Pippenger School of Accounting was named in 2015.

“It’s exciting to see community leaders and members of the USF family making such a significant investment in USF,” said GJ de Vered, USF MUMA interim dean of business. “Their gift addresses a major industry need that will transform the industry and students’ lives for many years to come.”

“We are grateful to BRP for their investment in risk management and insurance, providing educational and professional opportunities for USF students, faculty and community members,” said USF Foundation CEO Jay Stroman. “BRP’s generosity, partnerships and expertise will benefit our university, the Tampa Bay region and beyond for generations.”