USF lands $1M gift to expand insurance program amid growing workforce shortage

The University of South Florida received a $1 million gift from the Florida Surplus Lines Service Office to expand its risk management and insurance program, the university announced Thursday — a move aimed at preparing more students for careers in one of Florida's fastest changing industries.

The donation will establish the Florida Surplus Lines Insurance Directorship in USF's Baldwin Group School of Risk Management and Insurance and fund new educational and experiential learning opportunities for students pursuing careers in the insurance sector.

University officials said the endowment will help grow the program, particularly in excess and surplus lines insurance. That’s a specialized segment of the industry that covers risks traditional insurers often will not, including hurricane-prone coastal properties, emerging cybersecurity threats and other difficult-to-insure exposures.

The investment comes as Florida's insurance industry grapples with an aging workforce and increasing demand for professionals with expertise in complex risk management.

"This gift from Florida Surplus Lines Service Office will enable us to provide more opportunities for our students to learn from leaders in risk management and insurance while also supporting our faculty," USF President Moez Limayem says in the release. "Together, we are developing the talent that will help meet a growing workforce need and support Florida's economy."

The Florida Surplus Lines Service Office, known as FSLSO, supports the state's surplus lines insurance market by helping insurers and agents comply with regulations while providing industry data and market resources. The organization said partnering with USF will help strengthen the pipeline of insurance professionals entering the workforce.

"We need professionals who understand the fundamentals of insurance but who are also prepared to think critically, adapt and respond to a changing marketplace," FSLSO CEO and Executive Director Mark Shealy says in the release. "The Baldwin Group School of Risk Management and Insurance is well-positioned to play an important role in developing the next generation of insurance professionals."

The Baldwin Group School serves nearly 1,300 students each semester, according to USF, and enrollment has continued to grow as interest in insurance and risk management careers increases.

University officials say the new endowment will expand opportunities for internships, mentorships, industry engagement and experiential learning while supporting faculty leadership through the newly created directorship.

The gift builds on an existing relationship between USF and FSLSO, which already provides internships, campus programming, mentoring and domestic and international learning opportunities for students.

David Blackwell, dean of USF's Muma College of Business, says the additional funding will strengthen the school's ability to connect students with employers and prepare graduates for careers in a high-demand field.

Insurance has become an increasingly important sector of Florida's economy as insurers navigate mounting catastrophe risks, technological change and evolving regulatory requirements. Industry leaders have warned that replacing retiring professionals and attracting new talent will be critical to meeting the state's long-term insurance needs.

USF officials say the new investment is intended to help ensure graduates are equipped to address those challenges while reinforcing the university's position as a leader in insurance education.