New York Life, Robinson College of Business Establish Partnership To Fund Professorship, Scholarships

ATLANTA – New York Life (NYL) Insurance Company and the Robinson College of Business at Georgia State University have joined to establish a professorship in insurance named for the company and to offer scholarships to international and minority students.

Through the NYL Foundation, the company has contributed $250,000 to establish the New York Life Professorship in Insurance in the College's Department of Risk Management and Insurance (RMI). The holder of the professorship will be engaged in highly visible teaching, research and service activities consistent with the mission of the RMI department.

The College and NYL also have agreed to establish two innovative programs to attract outstanding students who want to pursue careers in risk management and insurance. The NYL International Fellows Program will be established to attract talented individuals from around the world into the department's graduate programs in actuarial science and risk management and insurance. It is anticipated that, upon graduation, the Fellow will work at a NYL operation in his or her home country.

In addition, the NYL Minority Scholars Program will be created to provide financial support and an internship to qualified undergraduate and graduate students. Emphasis will be placed on students enrolled in Georgia State's actuarial science and risk management and insurance programs.

"We are very excited about this new and innovative initiative with one of the world's leading life insurers," said Dr. Bruce Palmer, chair of the RMI department. "New York Life's expansion of global operations mirrors our department's increasing global emphasis on curriculum and on providing first-hand international experience for our students."

"New York Life's significant financial commitment to this initiative," said Palmer, "is further testament to the high regard in which the RMI department and its programs are held throughout the insurance and financial services industry and will help us to attract talented students and faculty."

"New York Life is pleased to enter into this partnership with Georgia State so that we can provide scholarships and internships to qualified minority students," said Sy Sternberg, chairman, president and chief executive officer of NYL and chairman of the NYL Foundation. "This program will enable students to realize their potential and pursue promising careers in insurance and actuarial science."

The endowed professorship marks another milestone in the relationship between NYL Insurance Company and the RMI department that began in 1960. That year, the firm pledged $15,000 to advance the academic goals of the young insurance department, established at Georgia State in 1953 by Dr. Kenneth Black Jr. NYL's commitment and support further served to bolster the position of Georgia State's program as one of the premier insurance programs in the world. The department is ranked as having the best undergraduate insurance program in the nation among public universities, according to the latest ranking of insurance programs by U.S. News & World Report.

The NYL Foundation, established in 1979 by NYL Insurance Company, is the major vehicle through which the company channels contributions to national and local nonprofit organizations. Through its Nurturing the Children effort, the Foundation supports organizations, programs, and services that target young people, particularly in the areas of mentoring, safe places to learn and grow, and educational enhancement opportunities.

For more information, contact:
Dr. Bruce Palmer, Chair of Department of Risk Management and Insurance,
Robinson College of Business

Karen Finkston, Assistant Vice President,
New York Life Company, 212/576-5624

____________
The J. Mack Robinson College of Business is one of the nation's top business schools. The College's part-time MBA program has been listed in the top ten by U.S. News & World Report for the past five years. In addition, the magazine recently lists many of the College's undergraduate and graduate programs among the nation's best. Forbes magazine list the Robinson College in the top ten for return on investment for regional schools, and Business Week ranks the College's Executive MBA program among the top leading 20 schools in the nation.