FSU Wertheim College receives ‘transformational’ investment to name the Florida Surplus Lines Center for Insurance Excellence

Further strengthening its extraordinary record of commitment to risk management and insurance research and education at Florida State University, the Florida Surplus Lines Service Office (FSLSO) has announced a significant investment to name and endow the Florida Surplus Lines Center for Insurance Excellence in the Herbert Wertheim College of Business.

Wertheim College officials lauded the endowment as “transformational.”

The philanthropic investment, which follows a recent major investment to name the center’s directorship and a stream of previous contributions to the college, will expand opportunities for Wertheim College faculty members to conduct objective, rigorous research that empowers regulators, legislators and industry participants to make informed decisions about key insurance issues.

The Florida Surplus Lines Center for Insurance Excellence will work with the No. 3-ranked Dr. William T. Hold/The Alliance’s Program in Risk Management and Insurance, with the Hold/Alliance’s program serving as the distinguished academic brand and the Florida Surplus Lines Center serving as the applied-research and industry-engagement engine. Together, and working closely with the Florida Office of Insurance Regulation (OIR), they will elevate FSU and the Wertheim College as the state’s focal point for risk management and insurance education and research.

“This investment reaffirms our belief in the Wertheim College’s students, faculty members and administrators, and the valuable contributions of its risk management and insurance education and research,” said Mark Shealy, FSLSO’s executive director, who graduated from FSU with a bachelor’s degree in accounting in 1991 before embarking on a career in the insurance industry. “Our continued support, including this endowment, reflects our commitment to strengthening both the surplus lines industry and the broader insurance marketplace by investing in the education, research and talent that will shape the future.”

Mike Yaworsky, commissioner of the OIR, which helps oversee FSLSO, hailed the “outstanding” investment for its promise to “further amplify the Office of Insurance Regulation’s strong partnership with Florida State University.”

“It has been a goal for many years to see the OIR and FSU solidify and improve research efforts together,” Yaworsky added. “Florida has considerable and unique insurance risk, and this partnership will truly advance meaningful data-driven research. I am grateful for this investment and excited to see the significant outcomes of this collaboration.”

FSLSO, a Tallahassee-based not-for-profit organization, monitors, educates and supports Florida’s surplus lines insurance market, which provides coverage for unique or complex risks that the traditional market often doesn’t insure.

Shealy lauded the strength and ability of FSU’s students, emphasizing that FSLSO hires interns from the college every semester.

“This transformational investment comes from an exceptional partner that embraces our goal of catapulting our risk management and insurance faculty, students and research to even greater global acclaim,” said Michael D. Hartline, dean of the Wertheim College. “The Florida Surplus Lines Service Office has again proven itself a champion of our continuing preeminence. We will remain forever grateful.”

“This transformational investment comes from an exceptional partner that embraces our goal of catapulting our risk management and insurance faculty, students and research to even greater global acclaim.” 

 – Michael D. Hartline, dean of the Wertheim College

FSLSO has maintained multiple investments and initiatives in support of FSU’s risk management and insurance faculty and students. In 2024, the organization collaborated with the Florida Surplus Lines Association to establish the Florida Surplus Lines Speaker Series, a biannual Wertheim College event that addresses regulatory issues, new product development and changing market conditions in the surplus lines market. FSLSO partners with the Wertheim College on research and funds student trips to London and other markets where they learn about the industry from a global perspective. Also, the organization remains a regular sponsor and partner in events such as FSU’s Insurance Days, a twice-yearly job fair for risk management and insurance students.

“This substantial investment elevates every facet of our program and college,” said Brad Karl, the Dr. William T. Hold Professor of Risk Management and Insurance and the chair of the Department of Risk Management/Insurance, Real Estate and Legal Studies. “By supporting world-class faculty research, hands-on student development and deeper industry collaboration, FSLSO is helping us set a new national benchmark for academic excellence.”

Charles “Chuck” Nyce, the center’s inaugural Florida Surplus Lines Insurance Director, pointed out that the state of Florida, home to one of the world’s largest and most dynamic insurance markets, stands as a global leader in developing innovative solutions to emerging and complex insurance challenges. He said FSLSO’s investment “will enable the center to become a preeminent authority on insurance market development, providing thought leadership, rigorous research and educational outreach that will shape not only Florida’s insurance landscape, but also insurance markets around the world for years to come.”

Portions of endowment earnings will be used for:

• Faculty support, including salary stipends, research, travel, professional development and other activities
• Graduate and undergraduate student assistance, including scholarships, research, travel, professional development and other activities
• Florida Surplus Lines Center preeminence, including initiatives that connect industry leaders to the center, such as industry conferences, symposia or summits that bring together key stakeholders in collaborative forums

“This investment will bring industry and academia together and create lasting value for Florida’s entire insurance marketplace,” said Conor O’Leary, chair of the FSLSO Board of Governors. “The board and I believe strongly in the value of this center and the role it will play in strengthening Florida’s insurance marketplace for years to come.”

He added: “While our roots are in surplus lines, the challenges facing our industry increasingly cross market boundaries. This center will advance the research, education and talent needed to address those challenges and help ensure Florida remains a leader in insurance.”

Hartline hailed the investment as the latest infusion of “game-changing support and partnerships” for the Wertheim College.

“We’re thrilled to see the momentum continue to build around our amazing students, world-renowned faculty, spectacular building and new era of preeminence,” Hartline said. “Mark Shealy, Conor O’Leary and FSLSO exemplify the confidence our friends and alumni have in our programs, our college and our future.”