Baldwin Risk Partners Donates $5M to USF for Insurance Program

Tampa-based Baldwin Risk Partners Group and the family behind it this week announced a $5 million gift to the University of South Florida to boost the school’s risk management and insurance program.

It’s the largest gift in the history of USF’s Sarasota-Manatee campus, the university said in a statement Wednesday.

“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,” said USF President Rhea Law.

USF will rename its program the Baldwin Risk Partners School of Risk Management and Insurance.

The bequest could help with the talent gap the insurance industry is now facing, thanks in part to an aging workforce, the university said. The number of insurance employees over the age of 55 has increased by 75% in the last 15 years while only about 25% is under the age of 35, according to a 2019 report from the International Risk Management Institute.

U.S. Department of Education data suggest that the insurance business can provide a comfortable income for young graduates. Those majoring in insurance command higher median salaries two years after graduation than students from the same universities who major in other business fields, such as management, marketing, finance or accounting. 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, the USF news release said.

“We’re proud to support the risk management discipline through this partnership to develop a world-class educational program,” said Lowry Baldwin, chairman and co-founder of the BRP Group. “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.”

BRP Group calls itself an independent insurance brokerage and distribution holding company, with some 1.2 million clients around the country and internationally. Founded in 2011, the firm and its subsidiaries have grown significantly in recent years through acquisitions of brokerages and agencies.