Scholarship supporting next generation of insurance professionals in memory of terror attack victims
A group of insurance industry executives’ started the London Insurance Market Charitable Trust post 9/11 for students to learn and succeed at Bayes Business School.
An annual scholarship, awarded to students at Bayes Business School (formerly Cass), is continuing to create a positive legacy from the horrific acts of terrorism witnessed on 11th September 2001.
Hundreds of insurance brokers and insurance company workers lost their lives that Tuesday in New York City. As the 20th anniversary of the attacks on the World Trade Center approaches, a group of insurance industry executives’ have reaffirmed their commitment to ensuring the next generation of insurance students have a chance to develop and succeed in the industry.
Marsh Ltd and Aon, two leading global insurance broking and risk management firms, lost almost 500 people on 11th September 2001. Shortly afterwards, Mike Hammond, Chief Executive of Marsh UK Ltd, made the decision with three of his sector colleagues – Steve Matanle, Marsh Global Broking, David Martin, CEO of Aon UK, John Turner, Aon Wholesale Head – to support the studies of students seeking careers in the Insurance Industry.
And so, the London Insurance Market Charitable Trust was born. Mr Hammond, Chair of the trust, chose London as a base and the students of Bayes Business School because of its place in the city. Following a commitment that is about to enter it’s thirteenth year, the partnership is continuing to flourish.
“We chose Bayes, and its MSc in Insurance & Risk Management, because we wanted a university in the city that was in the heart of the insurance world.
"We are a global industry and have supported students from all over the world, including Asia, South America, Europe, the USA and the UK to study and have a career in insurance. “We never imagined 20 years later we would still be going. It wasn’t corporately funded; we did this as four individuals, who were competitors in the sector. We all had relationships with people who died, and we wanted to commemorate that with something that memorialised our friends and gave opportunities to young people wanting to enter the industry.”
The Trust is about to sign a three-year extension to the commitment and offers to help the students with internships and work placements, post-study. Graduates have secured posts across the globe since 2009, with first graduate Qasim Mahmood working in Aviation and Liability in Dubai, before becoming an Underwriting Director, while Nana Serwaa-Abrahams is a former deputy commissioner for the insurance regulator in Ghana.
Tinashe Garapo graduated in 2012, and said the Master’s degree provided a much-needed foundation for a career in the industry. He is now Head of Business Segment at Samlam Sanlam Emerging Markets, which is responsible for Pan-African insurance portfolios.
“The opportunity to learn insurance and risk management from the leading insurance university in Europe gave me the advantage to apply superior knowledge and skill within the industry.
“Today, I have a support network spread across different insurance regions in the world and have inherited a vast professional network of individuals linked to the companies that have supported the Trust, such as Lockton Companies.”
Mr Hammond added: “Many of the participating firms have provided internships and jobs for Bayes graduates including Marsh, Aon, Axis, and Lloyds. Half the students who have been granted this scholarship have ended up in the industry because of the relationships they develop with the trustees, such as Qasim, Tinashe. and Nana. We want them to come into London, get jobs in the industry, and enjoy successful years in business.
On Saturday 3rd September, the Trust held its annual charity golf event at Walton Heath Golf Club, to raise money for the project, hosted by Lloyds and supported by Bruce Carnegie Brown, Chairman at Lloyd’s of London, and John Neal, CEO of Lloyd’s of London. More than 100 attendees raised over £40,000 for the Trust.
Dr Simone Krummaker, Course Director for the MSc in Insurance and Risk Management, said:
“The terrorist attacks in September 2001 have not only had a profound impact on the global insurance sector but are also reflected in the curriculum of the MSc Insurance & Risk Management.
“One underlying theme of the programme requires students to reflect on the interdependencies of risks, their dynamics, and the complexities of sources of risk, which the terrorist attacks have highlighted. This also explores the boundaries of insurability and solutions to cover risks across various market players and public-private partnerships. Our curriculum is constantly updated to keep up with a changing risk landscape and to support our students in their journey as future experts, leaders and policy makers in the global insurance markets.”