The Butler University College of Business has moved the launch date of its student-run insurance company forward to 1 May 2017.
The original start-up date was the start of the 2019-2020 academic year.
Zach Finn, clinical professor and director of the Davey Risk Management and Insurance Programme, explained that the opening of the captive insurance company is more than two years ahead of schedule.
Finn suggested this is down to the hiring of Kevin Thompson to teach in the programme and a $250,000 gift from MJ Insurance and its CEO, Michael Bill. The money will cover the minimum amount of capital that’s needed to fund the captive, and the college of business also will be soliciting gifts to fund operating costs.
Previously, Thompson served as counsel to Plews Shadley Racher & Braun and president of Insurance and Risk Management Services.
The Butler captive will insure certain programmes, including the live mascot, Butler Blue III, and any physical damage to university vehicles.
The aim of the captive is to give students hands-on experience and prepare them for an industry that expects to need tens of thousands of new employees over the next seven years.
