July 14, 2005

Memorializing a Strong Believer in Education

Penn Mutual Life endows professorship at The American College

Penn Mutual Life Insurance Co. associates have endowed a professorship at The American College, naming it for a respected colleague. The Charles E. Drimal Estate Planning Professorship will offer advanced courses in estate planning for professionals who have three to five years of financial services experience.

The idea came about when Penn Mutual President Daniel Toran, a board member of the college, saw that individuals were making generous gifts to the college and thought companies should get involved. The Penn Mutual gift of $500,000 includes individual donations and a corporate match. They chose honor Drimal after "Charlie had just passed away. He was a natural because not only was Charlie eminently thought of in the Penn Mutual family but also in the industry," says Toran. Drimal was a general agent who led a major Penn Mutual office in New York City. It was easy to "match Charlie's legendary record with the concept of fundraising for the College--Charlie was a great believer in education and in financial service professionals continuing their education."

Toran says he wanted to highlight the college's excellent estate planning programs and Drimal's achievements. "His reputation for bringing young people into the financial services business and developing them as professionals is one of the best success stories in our industry. He specialized in the estate planning market and training these young agents to be successful both with individuals and with small businesses."

Theodore T. Kurlowicz will be the first Drimal Professor. Kurlowicz, a 20-year veteran at the college is also American College's Professor of Taxation. "The professor we chose has an incredible background in this area," said Dr. Laurence Barton, president and CEO of the college. According to Barton, the primary reason that estate planning is so important now is baby boomers. Barton says with some 76 million baby boomers set to inherit an estimated $24-$26 trillion, "the need for advanced estate planning is going to be paramount for the next 15 years."

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