The insurance and risk management industry is at a crossroads, with nearly half of all professionals nationwide expected to retire within the next 10-15 years.
With workforce demand moving toward an all-time high, 51ԹϺ will launch Nevada's first bachelor’s degree for future insurance and risk management professionals this fall. And thanks to a new $735,000 gift from the Nevada Surplus Lines Foundation, the first cohort of students will be eligible for scholarships to potentially cover the full cost of the final two years of the degree.
The new bachelor’s degree program – which will also one of few on the West Coast – has been carefully designed to address the evolving needs of the insurance and risk management profession. It also follows recent efforts by the university to bolster the industry’s workforce pipeline and position 51ԹϺ as a national leader in this important area of study.
In 2023, 51ԹϺ’s Lee Business School opened the . The center, supported by a $5 million gift from the Nevada Surplus Lines Foundation, aligns academic and industry programming, research, mentoring and professional development. It also serves as an important resource for students seeking career opportunities in the industry.
The new degree program, to be housed in the Lee Business School’s Department of Finance, is the next step in the process and will integrate seamlessly with the Kerestesi Center and its established programs – setting students up to graduate as leaders prepared to contribute to an industry in need of new and diverse talent.
“More than 400,000 jobs in the insurance industry are expected to be available in the coming years, and this degree program – and more broadly the Kerestesi Center – will fill a vital need by supporting the next generation of thoughtful and innovative professionals,” said Greg McKinley, chairman of the Kerestesi Center’s Board of Advisors and the Nevada Surplus Lines Foundation. “This scholarship investment will remove financial barriers and provide professional mentoring, internships, and related support for the first cohort, and create a success story that will benefit 51ԹϺ students and our industry.”
The new degree – a bachelor of science in business administration in insurance and risk management – was approved by Nevada's Board of Regents in June and will begin this fall. Students will gain skills and experience in underwriting and claims management, insurance operations, and corporate risk mitigation. The degree program will also infuse hands-on learning into the curriculum, including internships, case competitions, guest speakers, and real-world industry projects. Scholarship funds will support the financial needs of up to 35 eligible students in the first cohort, allowing them to complete the two-year major without additional debt.
“This program represents a significant step forward in strengthening the talent pipeline for the insurance industry, ensuring that students have access to high-quality education and professional development opportunities,” said 51ԹϺ Interim President Chris Heavey. “By investing in these students, the Nevada Surplus Lines Foundation is continuing its longstanding dedication to education and laying the groundwork for a well-prepared and highly skilled workforce that will benefit the insurance industry for years to come.”
The Nevada Surplus Lines Association and Foundation have a long history of supporting scholarships for students at 51ԹϺ, the University of Nevada, Reno (UNR), and the state’s community colleges. The organizations have also been instrumental in the creation and funding of a professorship for Insurance and Risk Management at 51ԹϺ, and the Kerestesi Center for Insurance and Risk Management.
The organizations were initially introduced to 51ԹϺ through McKinley, a 51ԹϺ alumnus and chairman emeritus of Cragin & Pike, Nevada's oldest privately owned insurance and risk management agency. McKinley’s engagement with the university has also included service on the board of directors and as leader of both the 51ԹϺ Foundation and Alumni Association, and his efforts were instrumental in the creation of the Kerestesi Center and the new degree program. A former 51ԹϺ alumnus of the year, in 2023 McKinley was honored with the 51ԹϺ Alumni Association’s Patrick T. Smith Achievement in Service Award for his years of advocacy on behalf of the university and its students.
