Christmas came early for the St. John’s University School of Risk Management, Insurance and Actuarial Science, Friday, as it received a $3 million donation to establish an endowed chair.
The Robert Clements Chair in Risk Management and Insurance is made possible by Bermuda-based companies ACE Limited and XL Capital Ltd. The companies made the joint gift in honor of Clements who is retiring as chairman of the Board of Overseers of the School of Risk Management.
“Bob Clements is recognized around the world as one of the greatest leaders in modern insurance history,” said Brian O’Hara, president and CEO of XL Capital Ltd. said in a prepared statement.
“He has led The College of Insurance and the School of Risk Management with dedication and distinction during a time of fundamental challenge and change. These unselfish contributions to higher education are less well known…we seek to recognize these achievements in a way that will long be remembered.”
Clements was elected chairman of The College of Insurance (TCI) Board of Trustees in 1994 and was elected chairman of the school’s Board of Overseers when TCI merged with St. John’s in May 2001.
“We are deeply grateful to ACE and XL for choosing to recognize Bob’s extraordinary leadership in a way that is so meaningful and lasting to our school, our students and faculty and our insurance community,” said Ellen Thrower, executive director of the School of Risk Management.
Clements, who currently serves as the chairman of the Arch Capital Group, Inc., began a career in insurance in 1957.
He joined Marsh and McLennan in 1959, where he subsequently served in all capacities as vice chairman, chairman and president of the subsidiaries and parent company. In 1994, Clements founded the Marsh & McLennan Risk Capital, and has served on the board of directors of many insurance companies, including XL Capital Ltd. and ACE Limited.
The donation to St. John’s is one of the largest in the past three years. In 1999, former basketball player Jayson Williams donated $2 million to the University. The Belson family also donated $6 million last year to build the soccer stadium.