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March 14, 2008

USM launches insurance program

While budget constraints have forced the University of Southern Maine to consider cutting 26 programs, the school this week said it is launching a new program funded entirely by the private sector that will train students to work in the insurance industry.

About 30 local insurance companies raised $629,800 to allow USM to launch the Risk Management and Insurance program, which will begin next fall and prepare students for careers as underwriters, risk analysts, agents, claims adjusters or actuaries. Kenneth A. Ross, vice president and treasurer of Clark Associates Insurance in Portland, and a 1974 USM graduate, approached the university with the idea for the program, the release said. He says Maine's insurance industry employs 13,000, and needs 1,300 more professionals.

The private sector funding is expected to cover the cost of the program for the first four year, after which it is hoped the program will be self sufficient, Judie O'Malley, USM's assistant director of public affairs, told Mainebiz this morning.

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