Sedgwick Endows Scholarship in Memory of COO Steve Penman

Monday, April 24, 2017 | 0

Sedgwick has pledged $100,000 to the Spencer Educational Foundation over three years to establish the Steven E. Penman Memorial Scholarship, a tribute to the company's late chief operating officer.

The merit-based Sedgwick/Penman scholarship will be awarded annually starting next year to one undergraduate college student of risk management, insurance, actuarial science or business who meets the foundation's eligibility requirements.

A U.S. Marine Corps veteran, Penman worked for Sedgwick from 1978 until his retirement last year. His positions with the company included chief information officer, director of casualty operations and executive vice president of specialty operations. He was named chief operating officer in 2013.

Penman died in December at age 62, according to an obituary.

The Spencer Educational Foundation awards a variety of scholarships and grants in risk management and insurance. The foundation also provides funding for internships and offers a risk-manager-in-residence program to universities.

The foundation has awarded 970 scholarships totaling about $6.3 million, and $3.25 million in grants to universities and professional institutions for educational programs and conferences.