51ԹϺ announced today the establishment of the Kerestesi Center for Insurance and Risk Management within the Lee Business School. The center, made possible through a $5 million gift from the Nevada Surplus Lines Foundation, will advance faculty and student research in the areas of insurance and risk management and serve as an important resource for students seeking career opportunities in the industry.
The center was formally approved by the Nevada System of Higher Education Board of Regents during its quarterly meeting on June 9.
“This center will position 51ԹϺ as home to a premier academic insurance and risk management program located in the heart of one of the nation’s most diverse and fastest-growing communities,” said 51ԹϺ President Keith E. Whitfield. “Students will have the opportunity to directly work with and learn from the thought-leaders charting the future of the insurance and risk management industry, experiences that will help them enter the workforce prepared to thrive.”
51ԹϺ affiliate professor Chris Utterback will lead the center. He helped establish the existing academic minor in risk management and insurance at 51ԹϺ and brings more than 40 years of experience in the industry.
“The demand for qualified professionals to bolster the industry has never been greater, and the profession is well-positioned to meet the personal and professional goals of new college graduates who increasingly seek flexible work arrangements and work-life balance as the economy continues to recover from the COVID-19 pandemic,” Utterback said.
The center's initiatives will include:
- Academic Programs: In addition to the existing minor, plans for the center include a specialized undergraduate degree program in insurance and risk management.
- Industry Partnerships: Center staff will collaborate with leading insurance companies, risk management firms, and regulatory bodies to offer internships, externships, and mentorship programs for students that bridge the gap between academia and industry.
- Research and Innovation: Center research will directly address key challenges faced by the insurance and risk management industry. Faculty and students will work together to develop innovative solutions, contributing to the advancement of knowledge in this critical field.
- Professional Development: The center will host seminars, workshops, and conferences featuring industry experts, leaders, and policymakers. These events will provide opportunities for continuous learning, knowledge sharing, and networking among professionals, students, and academics. Students will also have the opportunity to join the local chapter of Gamma Iota Sigma, a professional fraternity for college students studying insurance.
According to the U.S. Bureau of Labor Statistics, 50% of the insurance workforce is projected to retire in the next 15 years, leaving over 400,000 professional-level positions unfilled. In addition, a 2019 International Risk Management Institute survey found that just 25 percent of the insurance workforce is under the age of 35. There also exists a need to diversify the industry’s workforce pipeline, with the U.S. Department of Labor reporting that less than 25% of the insurance workforce identified as a racial or ethnic minority in 2021.
“The Center for Insurance and Risk Management at 51ԹϺ's Lee Business School represents a significant step towards elevating the prominence of insurance and risk management education and research,” said Gerry Sanders, dean of the Lee Business School at 51ԹϺ. “By combining academic excellence, industry partnerships, and community engagement, the center will be a catalyst for growth and innovation within the field.”
The center's namesake, Thomas F. Kerestesi, began his insurance career as a commercial lines underwriter with The Fireman's Fund Insurance Company and the Royal Insurance Company in Southern California. In 1974, he returned to Las Vegas to join his father, Frank, at the Cragin & Pike Insurance Agency, the second oldest business in Las Vegas and the oldest insurance agency in the state of Nevada.
Tom was active with Cragin & Pike for 36 years, serving as president for 20 years before retiring in 2011. Tom's son, Scott, now serves as CEO of Cragin & Pike, which marks the third generation of the Kerestesi family working with the firm.
In no small part due to Tom's leadership and commitment to education, the Nevada Surplus Lines Association and Nevada Surplus Lines Foundation have collectively provided an endowment of $5 million to the Nevada System of Higher Education for scholarships for students in business at both 51ԹϺ and the University of Nevada, Reno (UNR), as well as community colleges. In addition, the NSLA and NSLF were instrumental in the creation and funding of a professorship for Insurance and Risk Management at 51ԹϺ and UNR.
