New York University's Stern School of Business has announced a $50 million gift from the Berkley Family Foundation in support of undergraduate scholarships.

The commitment from the foundation of NYU board chair and alumnus William R. Berkley ('66) and his wife, Marjorie — the largest scholarship gift in Stern's history — will establish the Berkley Achievement Scholars Program. Beginning with the class entering in fall 2022, the program will provide full-tuition scholarships for talented students with financial need from across the United States, supporting more than sixty Berkley Scholars at any given time.

The founder of W.R. Berkley Corporation, a commercial lines property and casualty insurance holding company based in Greenwich, Connecticut, Berkley is chair emeritus of NYU Stern's executive board and has served the NYU Langone Health board. His previous support for Stern includes gifts to establish the William R. Berkley Professorships in Economics, the Berkley Center for Entrepreneurship, and the William R. Berkley Scholarship Program for MBA students.

"When I was admitted to Stern, I was the beneficiary of a scholarship that gave me the chance of a lifetime to study tuition-free," said Berkley. "I often think about this extraordinary opportunity that dramatically impacted the path of my life, and I am fortunate to be able to pay it forward. I am pleased to build on NYU Stern's efforts to tackle the problem of unequal access to higher education by opening doors for young people with talent and determination who simply need an investment in their future. Empowering people changes the world."

(Photo credit: NYU Stern School of Business)