Aon will manage the new Butler University College of Business student-run captive insurance company, due to launch on 1 May 2017, it has announced.
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 is anticipated to need tens of thousands of new employees over the next seven years.
According to Zach Finn, clinical professor and director of the Davey Risk Management and Insurance Programme, the opening of the captive insurance company is more than two years ahead of schedule.
Finn suggested that 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.