D'Arcy Named Brogan Faculty Scholar

For well over a decade, the insurance program at Illinois has been shaped by the able hand of Stephen P. D'Arcy, professor of finance. On November 19, 1999, his efforts and contributions were recognized when he was named the first John C. Brogan Faculty Scholar in Insurance and Risk Management.

This recognition was made possible by a generous gift from John and Eleanor Brogan. The Brogans set up a remainder trust in 1985 to create the John C. Brogan Professorship in Insurance, and have also agreed to provide annual gifts so that the position can be supported during their lifetimes. The Brogan Faculty Scholar is the result.

In the elegant surroundings of Harker Hall, the Brogans, the D'Arcy family, students, faculty, and college and foundation administrators were on hand to join in the festivities. John Brogan, who enjoyed an extremely successful career in insurance, was honored for his achievements in the field and recognized for his generosity to the college, particularly the insurance program. A humorous highlight of the program occurred when Dean Thomas presented a commemorative plaque to Brogan. When the dean faltered as he tried to read the inscription without his glasses, Brogan took over, reading the plaque easily (without glasses) and remarked, in triumph, "and I'm 85."

Speakers at the program included Bill Sturtevant from the foundation; Howard Thomas, dean of the college; Morgan Lynge, chair of finance; and two of D'Arcy's students — Kevin Ahlgrim, an actuarial student who graduated in 1992 and then returned to campus in 1996 to enter the doctoral program in finance, and Aleta Stack, a senior in actuarial science who has taken five courses from D'Arcy. "I am certain I would never have taken so many insurance/finance courses had such an energetic and enthusiastic professor not introduced me to the field," Aleta said with feeling. "From the very first lecture I had with Professor D'Arcy, I could see that he is a professor who makes learning fun, takes teaching seriously, and prudently fulfills his duties. He is a highly intelligent individual who has the rare ability of conveying information in a fashion that allows students not only to understand what is going on, but also to incite in them a passion to further pursue the subject matter." Aleta's comments echo those made by many other students D'Arcy has nurtured during his career at Illinois.

The college is indeed fortunate to have faculty of D'Arcy's caliber and dedication to inspire generations of students and a loyal and generous alumnus, like John Brogan, to provide a means for us to reward and recognize such achievement. Thank you both.

Awards all around — to the Brogans for their generosity and to Steve D'Arcy for his contributions to the insurance program. L-R, Dean Howard Thomas, John and Eleanor Brogan, Steve D'Arcy.

John C. Brogan

In his field, Brogan is recognized for his work ethic, his ability to work with others, and his knowledge of particular areas of the insurance industry, especially aviation insurance. He began his professional life with Zurich Insurance Co. in 1937, after one year in the Army (he earned an A.B. from Illinois in 1936). But, in 1941, the war interrupted his career and he spent the next five years serving his country, taking part in the campaigns in North Africa and Italy. He returned to Zurich in 1946 and spent the next forty years in the insurance industry. Through a series of purchases and consolidations he built a highly successful career. When he retired in 1985 he was chairman of the insurance brokerage group that included Youngberg-Carlson Co., Scarborough and Company, A. Yarchin & Co., and American Benefit Corp.

Brogan has kept close ties to the university and college. Back in 1991 he made a memorable visit to Steve D'Arcy's introductory insurance class as an Emerson Cammack Lecturer. His visit just happened to coincide with what D'Arcy called "the greatest insurance disaster in history; the potential bankruptcy of Lloyd's of London." As a Name at Lloyd's, Brogan provided an insider's view of the debacle as it was unfolding. That was a class the students never forgot. In the spring of 1997 the Commerce Alumni Association recognized Brogan's achievements by giving him the Distinguished Commerce Alumnus Award.

Stephen P. D'Arcy

Since joining the finance faculty at Illinois in 1981, a year before completing his doctorate, Stephen D'Arcy's name has become synonymous with the insurance program in the college. His skill as an innovative and highly successful teacher is widely recognized and has brought him repeated awards: University Scholar, 1994_97; American Risk and Insurance Association Innovation in Instruction Award, 1991 (for his work in creating the Cammack Lecture Series); Burlington Northern Foundation Faculty Achievement Award, 1990 (campus award); Campus Award for Excellence in Undergraduate Teaching, 1986; Commerce Alumni Association Excellence in Undergraduate Teaching Award, 1984 (college award). He has also been recognized for his scholarship: Casualty Actuarial Society, Dynamic Financial Analysis Call Paper Program Award for Best Paper in 1997; Actuarial Education and Research Foundation-Casualty Actuarial Society, research grant, 1990; Journal of Risk and Insurance Awards, 1988 and 1989. An active participant in his field, D'Arcy was the 1998_99 president of the American Risk and Insurance Association, following a two-year term as vice president. He is also associate editor of the Journal of Risk and Insurance (1992-present). The list goes on.

D'Arcy, who holds a Ph.D. and M.S. in finance from Illinois, also earned a B.A. in applied math from Harvard (1972). His area of teaching is insurance, especially liability and casualty actuarial insurance as well as financial risk management. His research is in the area of financial pricing models applied to insurance, dynamic financial analysis, and financial risk management of insurers.