Issuu

The FIL

N E W S F R O M T H E D E P A R T M E N T O F F I N A N C E , I N S U R A N C E A N D L AW The College of Business Illinois State University

BUILDING THE KATIE SCHOOL:

The people, partnerships, and ideas driving excellence in RMI education

Since its inception over 35 years ago, the Katie School of Insurance and Risk Management has grown into one of the most prominent and well-known centers in the risk management and insurance James Jones academic discipline. The organization has achieved this status thanks to the leadership of visionary people who thought outside of the traditional bounds of academia and industry. Two of those who have long stood at the helm and helped to shape and grow the program recently retired. Jim Jones, who served as the Executive Director of the Katie School for 25 years, and Debbie Babcock, who served as the Associate Director for more than three decades, placed a strong emphasis on industry partnerships, student learning and networking opportunities, and the development of future risk management and insurance (RMI) leaders. Their efforts built upon a strong foundation that was laid in the early 1990s with the beginning of ISU’s RMI major, which is housed in the FIL Department. The program is one of the oldest of its kind and was the result of increasing demand in the state of Illinois for college continued on next page

Fall 2026

Letter FROM THE

Editor

Hello to our FIL family! We are pleased to bring you the second edition of The FIL Chronicle, connecting you to the exciting activities and accomplishments within the ISU Department of Finance, Insurance and Law. In this edition, we honor top student and faculty award winners, spotlight faculty research, highlight student activities, and reflect on the growth and evolution of the Katie School of Insurance and Risk Management.

To our alumni, we earnestly hope to stay engaged with you. We spotlight two alumni, Kevin Stevens and Jeff Secord, in this edition. You can also see where recent graduates are working now. We want to feature even more of our talented alumni in the future, so please continue reading to see how you can submit your professional updates for upcoming publications. Finally, fall is always a busy hiring season, and we have two great ways for companies to hire Redbirds. First, we’ve created a form where your company can send job positions that the FIL Department will distribute to students. Second, if you or your employer is hiring for internships or full-time positions, you’re invited to join our Meet the Firms event on September 22, 2026. For the first time, we’re expanding the event to include finance, financial planning, risk management and insurance, and actuarial science. We hope you enjoy this issue and we look forward to bringing you updates twice each year! Sincerely,

Eli Sherrill Eli Sherrill Professor of Finance and Editor-in-Chief of The FIL Chronicle

continued from front page

graduates who understood the insurance industry. Around the time the major was established, the Katie School was founded as an academic center in the College of Business with the mission to connect academia and industry in ways that are mutually beneficial. Today, the Katie School is known within both the insurance industry and academia for its highcaliber programming and impact on students. Much of its success in the last 25 years is directly attributed to the leadership of both Jim and Debbie, who have helped to grow its reach and mentor the next generation of industry professionals. When Jim arrived at ISU in 2000, the Katie School received great industry support, but there was an appetite for growth driven by both industry demand for talent and university demand for external visibility. For an adventurous person like Jim, it was the new frontier. There were existing programs when Jim began as director – the executive forum and golf outing were annual traditions for nearly a decade at that point. Jim built on that foundation and experimented over the years with various programs, including fee-based corporate workshops, market research courses, high-school teacher workshops, educational programming for insurance regulators, and extensive fundraising efforts through the Hall of Fame event.

While Jim focused on the academic activity, internships, and external relationships, Debbie was tasked with growing the ISU Chapter of Gamma Iota Sigma, the student fraternity open to all students interested in RMI and actuarial science. Debbie focused on ensuring the professional development of students to better prepare them for work in the industry. Together, their work built a center for RMI that is a brand name in the industry, known for its ability to produce well-rounded graduates ready to

three types of activities: non-course technical skills such as research or industry exams; understanding the big picture of the industry, including learning about emerging risks; and developing and refining business acumen skills such as business communication, negotiation skills, and project management. He also championed the sponsorship and support of activities of the registered student organization Gamma Iota Sigma, such as an industry speaker program that brings in over 100 insurance professionals annually. Furthermore, he played an integral role in securing funding for student travel to conferences. In the past year alone, 130 students attended RMI conferences through the Katie School.

Jim’s enthusiasm for RMI and deeply held belief in the Jim Jones' retirement party, May 2026 importance of risk succeed in the insurance industry. management and As the Katie School grew through donor funds, insurance shine through in his work. A fundamental fee-based professional development, and advisory tenet of the success of the Katie School is the belief board support, Jim developed and maintained that the risk and insurance industry’s success several key programs that still exist today, such is maintained through relationships. Jim has a as annual international internships that send ISU keen interest in people, so the Katie School was students to London, Zurich, and Bermuda. Another the perfect place where he could put his ‘people such enduring program is the Insurance and Risk skills’ into action, forming relationships that Acumen Development (IRAD) badge program, have withstood decades. Indeed, to many, the which has over 100 participants annually. The Katie School ‘brand’ is synonymous with Jim, and IRAD program assists students with professional rightfully so. Jim understood the importance of development outside of the classroom through internal and external support. Thus, he formed continued on next page

atie School continued from page 2

relationships within the university, including with faculty across many disciplines and colleges. One such example is Jim’s work as a project mentor with the Innovation Consulting Community, which connects students with businesses Debbie Babcock and other organizations to solve complex real-world problems for clients, such as cyber-risk and the effects of climate change on Midwest farming. External to the university, Jim focused on diversifying support from a variety of RMI-related companies and organizations so the students would benefit from a range of perspectives, whether it be from carriers, brokerage firms, regulators, or industry associations. The goal of the Katie School is to help students with professional development and bridge the gap between academia and industry. Hence, Jim took on the role of faculty at times by writing curriculum, teaching courses, and publishing research in academic and practitioner journals. The RMI program, through direct support of the Katie School, has graduated thousands of students, many of whom have gone on to have great success in the industry. Jim’s passion, vision, enthusiasm, excitement for collaboration internally, and willingness to experiment, along with Debbie’s steadfast support of and high expectations for students, have brought the Katie School from a simple idea of creating synergy between academia and industry to global renown. Those of us who will carry on with the work of the Katie School owe a great debt of gratitude to Jim and Debbie for the legacy they built. As Jim and Debbie retire, we welcome a new director who is a faculty member in the FIL Department, Dr. Abhishek Varma. He is joined by Dr. Jill Bisco, an industry professional-turnedcollege professor who will work with the Gamma Iota Sigma students, and Dan Nash, an insurance industry veteran of over 40 years who will focus on facilitating internships and career placement. The Katie School is preparing to usher in a new era.

nd 2 YEAR, 2nd PLACE COMMUNITY BANK CASE COMPETITION For the second year in a row, Illinois State University finished in the top three in the Community Bank Case Study Competition conducted by the Conference of State Bank Supervisors (CSBS). Last year, ISU placed third (on the first attempt), and recently, we learned of the second-place finish in this year’s contest. Thirty-five teams entered the competition in both 2025 and 2026. Like last year, ISU’s community bank partner was Heartland Bank and Trust Company (HBT), headquartered here in Bloomington. And, like last year, they were fantastic! Our shoutouts go to the members of the HBT executive team — Mark Scheirer, Pete Chapman, and Paul Berley, as well as Jake Seckler, who coordinated all bank-team communications. HBT will again be showcased as an exemplary community bank in a national outlet. The top three teams will have their case study reports published in the CSBS Journal of Community Bank Case Studies! CONGRATULATIONS TO THE STUDENTS! Garrett Allar | Economics | Senior (and a new member of the HBT team, landing the job while on the team!)

Timothy Chowles | CS/AI | Junior Jacob Maus | Finance and RMI | Senior Caden Scarlett | Finance | Senior The team’s advisor, Dr. Vladimir Kotomin, noted of the students: “I can attest that not only were you excellent individually, but you also made an excellent team! Congratulations!” Dr. Kotomin also expressed his thanks to the FIL Department; its chair, Dr. Tice Sirmans; and its generous donors for providing $500 scholarships to each student and supporting the team in other ways. The second-place finish will bring every member another $750, paid by CSBS. If any reader working for a community bank would like to consider participating as a bank partner of the ISU team in this competition in 2027, please contact Dr. Kotomin at vkotomi@ilstu.edu. Winning reports and videos are available using the QR code to the left or by visiting: www.Csbs.org/BankCaseStudy

FINANCE | INSURANCE | ACTUARIAL SCIENCE

HIRE-A-REDBIRD Options for prospective employers to reach ISU students

If your company is looking to hire, we would be thrilled for you to join us for our annual Meet the Firms event on September 22, 2026, from 4:00 – 7:00 p.m., at ISU’s Bone Student Center. For the first time, the event will include areas of finance, financial planning, risk management and insurance (RMI), and actuarial science. The event is free for employers to attend and is a great way to hire Redbirds for full-time and internship spots. Last year, the event attracted 185 students interested in finance and financial planning positions. With the addition of RMI and actuarial science focus, the event is expected to be considerably larger this year! For more information and to register, scan the QR code above.

If you or your company is looking to hire ISU students, we would be thrilled to help! This fall, the FIL Department is beginning a new way to connect students and employers. Prospective employers can simply fill out the form using the nearby QR code. Then, the FIL Department will send weekly emails to students in search of positions in finance, financial planning, and RMI (risk management and insurance) for both internships and full-time positions. Your perfect match is waiting for you!

Department of Finance, Insurance and Law Faculty

UPPER ROW FROM LEFT TO RIGHT: Eli Sherrill, Tim Trombley, Kevin Ahlgrim, Yaman Erzurumlu, Isarin Durongkadej, Alan Cring, Joe Trefzger, Tamra Connor, Chris Tamm, Zifen Zeng, Abhishek Varma, Dalia Marciukaityte BOTTOM ROW FROM LEFT TO RIGHT: Gunratan (Gene) Lonare, Tice Sirmans, Ajay Samant, Vladimir Kotomin, Jill Bisco ADDITIONAL FACULTY MEMBERS NOT INCLUDED IN PHOTO: Jesse Brobston, Md. Raihan Chowdhury, Darren Clerkin, Tim Eckhardt, Jeffrey Hahn, Tom Howe, Stella Liao, Corbin McGhee, Kristen Nancarrow, Dan Nash, Yayuan Ren, Michael Stivers, Katrin Varner

Faculty & Staff JOB CHANGES AND PROMOTIONS Dr. Jill Bisco was promoted from

Sally Rowan was promoted to Administrative Aide in October

Assistant Professor to Associate Professor and awarded tenure. In addition, Dr. Bisco recently took on responsibilities as the Student Engagement Coordinator within the Katie School of Insurance and Risk Management. Prior to joining the faculty in 2022, she had a 24+ year career in the insurance industry. Dr. Bisco has taught a variety of classes in risk management and insurance. In the past four years, Dr. Bisco has published seven articles in academic journals; her research interests involve the regulation and legislation of the insurance industry as well as operational decisions made by insurers.

2025. In this new position, her primary duties are related to the financial operations of the FIL Department and the Katie School. Mrs. Rowan has served in the FIL Department since 2011, and her tireless efforts help the department run more smoothly. Her previous role was as an Office Support Specialist.

Dan Nash joined the faculty in Spring 2026 as an Instructional Assistant Professor. Mr. Nash has spent more than 35 years in the insurance industry with a focus on commercial insurance for healthcare clients like hospitals, senior care operations, and physicians. He has worked for insurance companies and brokers. Mr. Nash brings his expertise to the RMI program by serving as the Katie School Professional Development Facilitator. In this role, he helps RMI students identify internship and job opportunities, and he facilitates students' efforts to build a network of peers and industry professionals.

Dr. Eli Sherrill was promoted from Associate Professor to Professor. During his 12 years at ISU, Dr. Sherrill has taught classes in financial markets, investments, and risk and insurance. He serves as a co-advisor for Illinois State Students in Finance and as Editor-in-Chief for the FIL Chronicle. He has 16 published or accepted papers in academic journals based on his research in investments, exchange-traded funds, target date funds, and college savings funds.

Dr. Abhishek (Abhi) Varma took on the role as Director of the Katie School of Insurance and Risk Management. Dr. Varma, who holds the title of Professor, joined the faculty at ISU in 2009. He remains deeply engaged in both academia and industry. His research interests encompass investments, insurance, risk management, and financial reporting. His work is highly cited globally, appearing in top-tier journals, such as the Journal of Banking & Finance, Journal of Corporate Finance, and The Accounting Review, and has been featured in major media outlets like The Wall Street Journal. In addition to his academic contributions, he has published opinion pieces in industry outlets like CPCU Insights and delivered talks to investment and insurance practitioners. Dr. Varma began his career in banking and wealth management with HSBC. He contributes to the corporate governance of the insurance industry as a board director for a regional carrier, a role that provides critical insights into the contemporary challenges and dynamics facing property and casualty insurers.

New Class FINANCE ELECTIVE FIL 200 Ever wondered how a Renaissance banker and a modernday cryptocurrency pioneer are connected? A new elective course in the FIL Department explores exactly that. “This is a first-of-its-kind course,” said Professor Tim Trombley, who developed the class and taught it this past spring. “This course focuses on the innovations that created our modern system of buying and selling of assets and what allowed those assets to be bought and sold with confidence.” The course is called History of Financial Innovations from the Medicis to Bitcoin. When asked what makes this class different, Professor Trombley said, “While many universities have economic history courses, their focus is usually different. Many of these focus on the struggle between capitalism and communism. I wanted to avoid that kind of course because that’s politics, not finance. From a finance perspective, I don’t see the point in analyzing a system that rejected regulated markets and failed so catastrophically everywhere it’s been tried. Other courses focus on the history of money, also called monetary policy, or the history of moneylending or the relationships between economics, politics, and social events. This course is different because it focuses on the innovations that made modern financial markets. I wanted students to be equipped to evaluate new innovations that we haven’t even thought of yet, to see if they will be beneficial.” Students will learn why the market trusts certain assets and distrusts others. How were options traded before the Black-Scholes model was created? How were robber barons able to rip off minority shareholders in the late 1800s, and what market innovations reduced their power? What allowed insurance companies to evolve from coffeehouse handshakes into some of the most trusted institutions in our modern society? Students will learn how some innovations — such as patents, real estate, insurance against risks, and cryptocurrencies — have allowed new categories of assets to be traded in markets. Why did investments in real estate companies lead to market meltdowns in 1720 and 2008 but lead to widespread benefits in the second half of the 20th century? Trombley added, “Why do modern-day investors routinely invest in risky firms over which they have no operational control? If you think about it, it’s rather odd. Why does a teacher or a firefighter have faith that the managers or large shareholders of Tesla or Rivian or Caterpillar won’t just spend their investment on a new corporate jet or use it to make political contributions or something equally wasteful? And yet in the USA, average people routinely put the majority of their retirement savings into such investments, while people in the rest of the world generally don’t.” The syllabus promises a mix of weekly readings, movies, presentations, and hands-on projects. This fall semester, they will analyze Fibonacci’s present value formulas, Bobby Bonilla’s famous major league baseball contract, and the corporate governance of the firms that built the Transcontinental Railroad. By the end of the semester, Trombley says, students will not only know the history of finance, but they’ll also be stronger writers, sharper critical readers, and more thoughtful evaluators of future financial innovations.

Congratulations

DIYA PATEL on passing the UACRM Exam

We are pleased to announce that Diya Patel is the first Illinois State University student to earn the University Associate Certified Risk Manager (UACRM) designation — an exciting milestone for our program and our students. The UACRM, offered through the Risk & Insurance Education Alliance, is a nationally recognized credential that students can earn before graduation. By completing approved coursework at ISU and passing the CRM Control of Risk exam, Diya has gained advanced risk management knowledge and earned credit towards the prestigious Certified Risk Manager (CRM) designation. This credential gives students a powerful advantage as they prepare for careers in underwriting, compliance, enterprise risk management, claims, consulting, and corporate risk roles. It signals professionalism, initiative, and a strong foundation in risk analysis — qualities highly valued across industries. Celebrating our first UACRM recipient marks an important step in expanding opportunities for our students and strengthening our commitment to industry-aligned education.

IMPACT AWARD RECIPIENTS Each year, Illinois State University recognizes members of the campus community who help students succeed with Impact Awards. Nominated by students, recipients are motivating, inspiring, and supportive. This year, there were five FIL faculty, one finance student, and an academic advisor to FIL students who received awards.

FACULTY Jill Bisco Isarin Durongkadej Jeffrey Hahn Chris Tamm Joe Trefzger STUDENT Corey Urban ACADEMIC ADVISOR Kathy Sims

department of finance, insurance and law

AWARDS BANQUET STUDENT RECOGNITION In April 2026, the Finance, Insurance and Law Department and the Katie School of Insurance and Risk Management honored high-achieving students, faculty, and an alumnus. Over 70 students received awards, including the following top awards: LUKE FINN | Charlie Norman Outstanding Senior in Finance Luke is a senior from Aurora, Illinois, majoring in finance with a minor in economics. Active as President of Illinois State Students in Finance and Treasurer of Redbird Barbell, Luke takes pride in serving the ISU community. This summer, he will start full-time at International Motors in Lisle, working as a member of the Finance and Accounting Leadership Development (FALD) program. This three-year rotational program gives broad exposure to working within corporate finance at a multi-billion-dollar firm. Luke won the Bone Scholar Award, ISU’s highest award.

GRACE CITTADINO | Outstanding Senior in Risk Management and Insurance Grace is a senior studying Risk Management and Insurance with a minor in Financial Planning. She has been a member of the Alpha Kappa chapter of Gamma Iota Sigma for four years, serving as Secretary and currently as President. She has also been a member of the Chi Omega sorority, where she volunteers and fundraises for Make-A-Wish Illinois. After graduation, Grace is excited to go back to Munich Re as an Underwriting Graduate Trainee in the Chicago office.

JAKE PODVRSAN | Charlie Norman Outstanding Junior in Finance Jake is a junior at Illinois State University, majoring in Finance and Managerial Economics with a minor in Spanish. He is originally from Arlington Heights, Illinois. On campus, Jake is actively involved in student organizations, serving as Secretary of the Pre-Law Club and Captain of the ISU Mock Trial Team. Professionally, Jake currently works as an intern in real estate private equity, gaining hands-on experience in underwriting and financial analysis. He has also accepted a corporate accounting and finance position in Chicago, where he plans to continue developing his skills in financial strategy and business operations. Jake is interested in pursuing a career at the intersection of finance, law, and real estate. CARLY PYE | Outstanding Junior in Risk Management and Insurance Carly is a junior from Naperville, Illinois, studying Risk Management and Insurance. She is currently serving as the Secretary of the Alpha Kappa Chapter of Gamma Iota Sigma and has accepted the role of President for her senior year. She is also the Honor Council Chairwoman of her sorority, Sigma Sigma Sigma. Additionally, she serves as a member of the Gamma Iota Sigma Student Advisory Council for the Grand Chapter. Carly interned with Amwins Brokerage in Chicago in the Healthcare Division last year. For summer 2026, she has accepted two internships, the first in Bermuda as part of the Katie School International Internship Program. Upon her return, she will be joining The Hartford in Chicago in Construction Casualty. Carly greatly enjoys international travel and hopes to build a career abroad in the future. *Editor’s Note: Student biographies were captured in April 2026 so some items, such as year in school, have changed. We congratulate our most recent graduates in this group!

FOR A FULL LIST OF ALL AWARD WINNERS AND STUDENT PROFILES scan the QR code for the full program or visit TinyUrl.com/mr2t4fjz

DEPARTMENTAL

FACULTY AWARDS

COLLEGE OF BUSINESS

FACULTY AWARDS

Each year, the FIL Department recognizes three faculty members for their outstanding work. This year’s winners were:

VLADIMIR KOTOMIN Hobart & Marian Gardner Hinderliter Endowed Professorship This is the most prestigious faculty award given by the College of Business, recognizing excellence in teaching, research, service, and citizenship. ELI SHERRILL Gary R. Gemberling Faculty Scholar in Business This award goes to a College of Business faculty member who demonstrates exceptional teaching skills and distinguished intellectual contributions.

YAMAN ERZURUMLU JILL BISCO Outstanding Outstanding Research Award Teaching Award

GUNRATAN (GENE) LONARE COB Outstanding Researcher Award This award recognizes a faculty member in the College of Business with a record of scholarly productivity and significant research contributions.

ELI SHERRILL Outstanding Service Award

2026 FINANCE AWARD RECIPIENTS (Left)

s 2026 RISK MANAGEMENT AND INSURANCE AWARD RECIPIENTS (Below)

FOR CURRENT STUDENTS INTERESTED IN APPLYING

for FIL department awards, applications typically are due in January. Award applications can be found by scanning the nearby QR codes.

TO VIEW PHOTOS

Finance Applications TinyUrl.com/5n7wpsac

RMI Applications TinyUrl.com/24akxkyr

from the 2026 department awards banquet, please visit TinyUrl.com/2pwk8h8j or scan the QR Code to the right.

Empowering the Next Generation of Redbirds For most students, the financial decisions that shape their first decade of adulthood don’t start at graduation; they start the moment they arrive on campus. Student loans, credit habits, and spending patterns often solidify long before a steady paycheck does. By the time a Redbird walks across the commencement stage, some of their most consequential financial choices are already in the rearview mirror. As the financial landscape grows more complex, today’s students are navigating increasingly turbulent air. At Illinois State University, we believe a pilot should not have to learn the instrument panel after takeoff.

Through targeted workshops and digital resources, RFP helps students build capability across critical areas including: Fiscal management: Developing command of life’s total expenses so that meeting every obligation becomes a source of confidence rather than consternation. Career development: Engineering one’s career trajectory and understanding total compensation in order to maximize the value of human capital. Financial buffers: Building resilience through emergency savings and risk management, so that life’s inevitable surprises don’t ground their progress.

Redbird Flight Plan (RFP), formerly known as Redbirds FLI, is ISU’s commitment to ensuring students leave the nest as confident, independent, and self-supporting adults. Housed in the Department of Finance, Insurance and Law, RFP is a campus-wide resource that moves beyond the generic baseline of financial literacy to instill competence and preparation required for true agency.

The aim of RFP is to ensure that when our graduates take flight, the focus is on their professional trajectory, their community impact, and their personal aspirations — not their financial anxieties. If you’d like to learn more about Redbird Flight Plan, you can reach out to redbirdflightplan@ilstu.edu.

REDBIRD FLIGHT PLAN

FROM PASSENGER TO PILOT:

ILLINOIS STATE STUDENTS IN FINANCE This year’s ISSF officers include (from left to right): Kolton Mannin (president), Connor Lehman (secretary), Jason Tarpey (vice-president), and Chase Garner (treasurer) Illinois State Students in Finance (ISSF) is a student organization that connects students to finance industry professionals. Guest speakers discuss what it is like to work in finance and expose students to the many career options in the field. We are greatly blessed to have many alumni and other industry professionals who give their time to talk with students and faculty. We thank the guests who spoke at ISSF meetings in the spring semester. If you are a financial professional who is interested in talking to students in ISSF, please let faculty advisor Chris Tamm (ctamm@ilstu.edu) know of your interest. Meetings are typically on Tuesday nights from 6:30-7:30 p.m. BELOW ARE SPEAKERS FROM THE 2026 SPRING SEMESTER.

Greg Stephens (’01), CFA | Finance Manager | State Farm, Bloomington, IL Lizbeth Menjivar, ChFC | Financial Consultant | Fidelity, Chicago, IL Collin Geninatti (’10), CFA | Director, Alternative Investment Strategies | Edward Jones, Fort Worth, TX Ashton Barling (’10); Vice President and Credit Officer; Hickory Point Bank & Trust; Decatur, IL Austin Shunk, CFP; Partner and Private Wealth Advisor; Shunk Financial Group; Springfield, IL Drew Snodgrass, CFP; Partner and Private Wealth Advisor; Shunk Financial Group; Springfield, IL Amanda Hendrix (’98 and ’06) | Associate Vice President, Budget & Financial Planning | Illinois State University; Normal, IL

Faculty Research Spotlight

PU BL ICAT IONS

J O U R N A L O U T L ET S

R ES EARCH AREAS

Why it matters

F E AT U R E D T H E M E

Research that connects classroom learning with real financial practice

Strengthens the department’s academic visibility and research reputation. Brings current research directly into courses, case work, and student mentoring. Highlights faculty expertise for alumni, donors, employers, and prospective students. Supports student engagement through applied research and competition experiences.

The department’s recent scholarship spans executive behavior, investor decision-making, bank outcomes, energy futures, ESG performance, and insurance disclosure. Together, these projects show how FIL research speaks directly to the issues shaping firms, markets, and households today. Insurance

FA C U LT Y R ESEA R C H ER S

FIL faculty continue to publish impactful research in peer-reviewed journals across finance, insurance, and risk management. This page highlights the breadth of scholarship in the department.

Finance

Banking

Sustainability

Behavioral Research

Health Insurance

�� Risk Management & Insurance

�� Corporate Finance & Governance

Research on insurance regulation, reserve management, disclosure, policyholder outcomes, and cannabis laws connects public policy to insurance markets and consumer outcomes.

Faculty examine executive confidence, outside roles, incentives, governance structures, and firm risk-taking.

Insurance Regulation

Executive Roles

Reserve Errors

Disclosure

Cannabis Laws

Health Insurance

Risk-Taking

Firm Performance

�� Banking & Financial Markets

�� Sustainability, Innovation & Global Finance

Recent work studies deposit markets, bank operations, PPP loan outcomes, and futures market uncertainty.

FIL scholars study how corruption, regulation, geopolitical risk, and knowledge capabilities affect innovation and sustainability.

Deposit Rates

Sustainability

PPP Lending

Energy Futures

�� Investments & Behavioral Finance

⚕

ESG

Innovation

Global Markets

Health Insurance and Healthcare Policy

Scholarship analyzes how investors and fund structures shape performance, costs, classifications, and behavioral bias.

Research in this area examines how medical and recreational cannabis laws affect drug claims, insurer premiums, claims experience, and profitability in commercial health insurance markets.

Behavioral Bias

Health Insurance

Target Date Funds

ESG Labels

Investor Attention

Healthcare Policy

Cannabis Laws

Premiums & Claims

R E C E N T P U B L I C AT I O N S B Y FA C U LT Y ( 2 0 2 5 - 2 6 )

JILL BISCO Associate Professor Retained Asset Accounts - A Critical Component in Financial Planning Journal of Financial Service Professionals Retained Asset Accounts - the Past, the Present and the Concern for Consumer Disclosure Journal of Insurance Regulation

MD RAIHAN UDDIN CHOWDHURY Assistant Professor Do Busy Bees Still Make Honey? Examining the Impact of Non-CEO Executives’ Outside Roles on Firm Performance The Financial Review The Impact of Subordinate Executives’ Comparative Confidence and Competence on Corporate Risk-taking Journal of Financial Research

ISARIN DURONGKADEJ Assistant Professor Policy Uncertainty and Tail Risk in Energy Futures: the Role of Maturity and Storage Capacity Constraints Journal of Financial Research REITs' Cash Holding Around the Global Financial Crisis Review of Pacific Basin Financial Markets and Policies Data Breach Announcement Effect on Bank Operation and Performance Journal of Financial Services Research

YAMAN ERZURUMLU Assistant Professor Economic Uncertainty and Innovation Capability: Corruption As a Barrier to Innovation Output Pacific Basin Finance Journal How Knowledge Capabilities Drive Environmental Innovation? Evidence from Global Firms Business Strategy and the Environment Impact of Market Regulations on Firm-specific ESG Performance: Evidence from Asian Economies Review of International Business and Finance Secured or Unsecured That Is All Matters: Practical Implications of New Reference Rates Applied Economics Letters The Effects of Geopolitical and Political Risks on Corporate ESG Practices Journal of Environmental Management

VLADIMIR KOTOMIN Professor Debiasing Recency: Evidence from Individual Investor Stock Sales Journal of Behavioral Finance Deposit Flows and the January Effect in Deposit Rates Journal of Financial Research Forgive Me Not? Racial and Institutional Disparities in the Paycheck Protection Program Loan Forgiveness Small Business Economics

STELLA LIAO Associate Professor I've Got to Catch a Flight: Investor Travel and Earnings Announcement Responses Review of Financial Economics

GUNRATAN LONARE Assistant Professor CEO Conscientiousness and Reserve Errors: Evidence from US Property-liability Insurers The Geneva Papers on Risk and Insurance - Issues and Practice Tournament Incentives and Reserve Management Risk Management and Insurance Review

ELI SHERRILL Professor Active Ingredients: How Actively Managed Holdings Shape Target Date Fund Performance and Costs Journal of Financial Research Behind the Curtain: Analysis of TDFs' Holdings and the Performance of Their Underlying Funds Quarterly Journal of Finance Do Labels Matter: Impact of Changing ESG Classifications for Funds Journal of Investing Do Advisor 529 Plans Add Value for Investors Compared to Direct Plans? Managerial Finance Home Is Where Your 529 Plan Is: State Variation in Plan Offerings Journal of Investing

TICE SIRMANS Associate Professor & Department Interim Chair The Effects of Medical and Recreational Cannabis Laws on Prescription Drug Claims in Commercial Group Insurance Markets Health Economics The Impact of Medical Cannabis Laws on Commercial Health Insurer Individual Market Premiums, Claims, and Profitability The BE Journal of Economic Analysis & Policy

TIM TROMBLEY Associate Professor Transmission of Information from Private to Public Markets Journal of Financial and Quantitative Analysis

ABHISHEK VARMA Professor Debiasing Recency: Evidence from Individual Investor Stock Sales Journal of Behavioral Finance

ZIFEN ZENG Assistant Professor CEO Conscientiousness and Reserve Errors: Evidence from US Property-liability Insurers The Geneva Papers on Risk and Insurance – Issues and Practice Corporate Opacity and Net Premiums Written Flows: Evidence from US Property‐liability Insurers Risk Management and Insurance Review Representation, Medical Examination, and the Effectiveness of Underwriting: Evidence from a Life and Health Insurance Company Risk Management and Insurance Review

Established in 1991, the Center for Insurance and Risk Management (also known as The Katie School of Insurance and Risk Management) supports Illinois State University’s nationally recognized undergraduate insurance and risk management program and actuarial science program. It is committed to preparing future professional leaders by supporting strong industry involvement with our students, innovative teaching by outstanding faculty, cutting-edge applied research, and a student-centered learning environment.

Central Illinois CPCU & Katie School of Insurance Spring Symposium The Katie School is involved in many activities and events. One such event held in collaboration with the Central Illinois CPCU Chapter in April was an annual spring Symposium. The Symposium is a unique forum providing an opportunity for industry, students, and faculty to hear from researchers and other experts on relevant insurance industry issues and trends. It welcomes hundreds of participants virtually from around the world. This year’s event was entitled: “Transforming Risk & Resilience: Insight, Innovation, and Impact.”The three-day event began with an in-person network mixer. Here students and industry members networked, and scholarship award winners were recognized. ISU students presented on their learning experience attending CPCU In2Risk. It also featured a presentation from Joseph Zaarour, Founder and CEO of iSolvRisk, who facilitated an engaging, gamified risk management experience. In addition, the Symposium included two days of virtual presentations from numerous industry leaders. It concluded with a presentation by students on their idea for a parametric reinsurance product. Student presenters were seniors Sadira Ali and Aubry Dale, along with junior Ben Leese. The inaugural Katie School/CPCU Symposium was held in 2013 when the Katie School Symposium combined with the CPCU Workshop. The common thread over the years is that the Symposium focuses on combined industry and academic presentations on future-oriented topics such as emerging trends, emerging risks, new insurance technologies, new insurance products, and student research. The event attracts both presenters and participants from around the world. The Symposium committee is comprised of the Director of the Katie School, a Katie School student, and numerous industry professionals. “Every year, the Central Illinois CPCU (Chartered Property & Casualty Underwriters) Society hosts a Student Mixer at Illinois State University. This year, we had a presentation on the value of the CPCU from a student perspective, including an overview of their conference we attended in New Orleans, In2Risk. Our star of the night, however, was Joseph Zaarour, the CEO and Founder of iSolvRisk. He brought our mixer to life by hosting a game in which we tested our knowledge of the CPCU 500 exam. Overall, it was an amazing opportunity to network and gain a new perspective on risk!” - Carly Pye

Katie School by the Numbers 2025-2026 CO-CURRICULAR ACTIVITIES Lunch and Learns: 46 events involving 756 students Company visits: 6 visits involving 89 students Conferences: 15 industry conferences attended by 130 students Workshops: 21 sessions with 397 students Team competitions: 5 teams led by 20 students Research projects: 6 Risk Management Badge: 120 student participants, with 14 completing the badge program

SCHOLARSHIPS 56 valued at a total of $175,000 DONORS Corporate donors: 44 | Individual donors: 56 INTERNSHIPS International: 6 Domestic coordinated by the Katie School: 12 INDUSTRY PROFESSIONALS INVOLVED IN PROGRAMS About 550 professionals, including 245 in-person

Professional exams passed: 36

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Gamma Iota Sigma 2026-2027 EXECUTIVE BOARD Sara Waller | VP of Student Affairs Josie Fry | Director of Fundraising Carly Pye | President Gigi Tertipes | Co-Director of Professional Development Lauren Ribbe | Co-Director of Professional Development Rae Mahalik – Director of Alumni Affairs

Gamma Iota Sigma is open to all majors! If you would like to learn more about Gamma Iota Sigma or if you are interested in joining, please scan the QR code that will take you to the Alpha Kappa Chapter’s website. Or stop by SFHB 432 to pick up an application and learn more about what GIS can offer you.

Gamma Iota Sigma overview Gamma Iota Sigma is an academic organization and the only international professional fraternity dedicated to students interested in careers in insurance, risk management, and actuarial science. Its mission is to cultivate and sustain student interest in these fields while supporting their professional development. The organization fosters meaningful connections between students and industry professionals through networking opportunities, competition opportunities, scholarships, and efforts to enhance public awareness of the profession. During the spring 2026 semester alone, Gamma Iota Sigma hosted over 50 events, reflecting its strong commitment to student engagement.

Throughout the semester, a wide range of companies are invited to campus to connect with members and share insights about the industry. These presentations provide students with a deeper understanding of company operations, organizational culture, and the variety of career paths available within the insurance sector. They also offer students valuable opportunities to build relationships with industry representatives in an intimate environment. Through these experiences, students can continuously grow professionally and expand their knowledge of the field. We sincerely appreciate the many companies that dedicate their time visiting Illinois State University and all the contributions they make to our students’ development.

Transition Dinner for GIS Officers “The GIS Officer Transition Dinner has been a key part of my time at ISU. To me, it symbolizes change and growth with the addition of a new board of officers. I am excited for the change that will present itself for the 2026-2027 GIS Executive Board. During dinner, I enjoy my conversations with my future board members as well as the outgoing board members. Being able to professionally discuss the future of GIS with a group of talented individuals is a privilege that I will never take for granted. GIS has always had a strong influence on my life, and I am always grateful for the opportunities it provides us students with.” ~ Matthew Casella

Regional Conference “Attending the Gamma Iota Sigma Regional Conference in Cincinnati was an incredible experience, both for myself and my fellow GIS members. The conference was a great opportunity to network with industry professionals and gain insight from different sessions. The chance to network with recruiters and gain insight from industry leaders was especially significant. The experience was especially exciting for me, as I will be returning to Cincinnati this summer as a WSIA intern with Great American Insurance. It was nice to visit Cincinnati prior to my internship, making me even more excited about my upcoming experience.” ~ Marek Pedziwater

WSIA Extreme Risk Takers Symposium “Attending the WSIA Extreme Risk Takers Symposium in Chicago was a defining moment in my journey in Risk Management and Insurance. Having the opportunity to attend two years in a row has been incredibly impactful. During my first year, it was an amazing experience to connect with professionals and meet companies I would later intern with, which made the industry feel exciting to be a part of. This year, I had the opportunity to take that experience a step further by helping moderate a panel. This role challenged me to think critically and contribute to meaningful conversations. The sessions throughout the symposium provided valuable insight into current industry trends and emerging topics, helping students better understand the evolving landscape of specialty insurance. Additionally, there were roundtable discussions, which created a unique environment where students could openly ask insurance professionals questions and gain honest perspectives. As someone entering the E&S industry post-graduation, this experience has strengthened my confidence and solidified my passion for building a career in this dynamic field!” ~ Veronica Zieba

SLAB Gala 2026 “At this year’s SLAB (Student Leadership Advisory Board) Gala, Gamma Iota Sigma was honored to receive the Large Registered Student Organization of the Year award, recognizing the organization’s impact within the business community on campus. The award reflects a semester full of steady involvement, hands-on experiences, and strong collaboration with industry partners. Through a wide range of events, members had the chance to build their understanding of the insurance and risk management field while forming meaningful connections with professionals. These experiences gave students a closer look at the day-to-day realities of the industry while helping them better understand how professionals approach real-world challenges. This recognition is a result of the hard work of our members and leadership team, along with the continued support of alumni and corporate partners who play a key role in making it all possible.” ~Andy Munn

RLI Underwriting IMMERSION DAY

This was the first year that our GIS chapter and RLI Insurance collaborated on an Underwriting Immersion Day that provided engaging, hands-on experience in insurance underwriting geared towards underclassmen. We explored real-world scenarios, analyzed risk factors, and applied underwriting principles under the guidance of RLI professionals. The day offered insight into decision-making processes, policy evaluation, and the importance of accuracy in assessing risk. Students were able to dive deeper into RLI’s company operations and learn about what qualities recruiters are specifically looking for with internship candidates. This immersive experience strengthened our knowledge of the industry and highlighted the critical role underwriting plays in the insurance field. It also bolstered our organization’s relationship with RLI Insurance.

Megan Kapala

OUTSTANDING FINANCE ALUMNI INAUGURAL AWARD RECIPIENT The FIL Department is excited to announce that Megan Kapala is the inaugural winner of the “Outstanding Finance Alumni Award.” This award, which recognizes the exceptional professional accomplishments of a finance alumnus, was awarded at the FIL Department’s annual student awards banquet in April 2026. Megan serves as a lead advisor and relationship manager to high‑net‑worth individuals, families, and organizations at BMO Bank. She partners closely with clients to understand their lifestyles, careers, philanthropic interests, and long‑term wealth planning goals. Together with her team, Megan develops tailored and continually evolving financial plans designed to optimize each client’s investment strategy and support ongoing lending and banking needs. As a fiduciary, she prioritizes her clients’ objectives and especially enjoys advising business owners on succession planning, estate planning, and tax strategies. Megan earned a Bachelor of Science in Finance with a minor in Financial Planning from Illinois State University in 2018 (summa cum laude) and was a Bone Scholar. She later completed her MBA with distinction at DePaul University’s Kellstadt Graduate School of Business in 2023 and is also a CERTIFIED FINANCIAL PLANNER™ professional. She serves as an Ambassador for BMO’s Women & Wealth initiative, is a Next Generation Initiative member with the DuPage Foundation, and acts as the lead liaison for BMO’s Southwest Suburban region. A native of Tinley Park, Megan currently lives in Naperville with her husband, Vince; their daughter, Charlotte; and their puppy, Cannoli. She enjoys cooking, fitness, and spending quality time with friends and family.

Where Our Graduates Are Now The FIL faculty and staff are incredibly proud of our recent graduates. From financial analysts to financial advisors, associate underwriters to associate brokers, and many other roles, our graduates are making a difference in their fields. Below is a list of companies that graduates from the past three semesters have taken positions with based on graduation surveys: Bridge Specialty Group 815 Property Management Accurate Personnel American Ag. Insurance Company American Commercial Bank & Trust Amwins Aon Bank of America Bel-Clair Electric, Inc. Berkley One Burns & Wilcox Busey Bank Caterpillar Chestnut Health Systems Chubb Insurance City of Bloomington CNA Insurance Department of Defense Edward Jones Encore Global Enterprise Rent-A-Car Equitable Advisors Fidelity Investments First Neighbor Bank Georgia Financial Advisors Globe Life Goldman Sachs Growmark Inc. HDI Global SE Health Care Service Corporation Heartland Bank and Trust Company Hope Impacta Strategy

IntentGen Financial Partners International Motors J.M. Abbott & Associates Kohl’s Lauterbach & Amen Mack & Associates, P.C. Markel Marsh Metropolitan Fire Protection Miller Cooper Co. Milliman Consulting Munich Reinsurance Northern Trust Northwestern Mutual PawPad Doodles Inc. Pintauro Construction Company Polaris Wealth Management Group Restore Restoration RubinBrown Advisors Shallcross Financial Signature Bank Sikich State Farm Strutzel Wealth Management TableCraft Products Company TerraVision Inc Travelers Insurance United Healthcare USI Insurance Ventura Foods Vertex Planning Partners Virtus Media Group Zurich

Graduate Spotlight

Below is information on recent graduates who responded to a survey from The FIL Chronicle: Luke Finn began his career as a financial analyst in the FALD program with International Motors. He will rotate through various corporate finance and accounting-related positions over the next few years. Michael Korpitz started as a financial paraplanner trainee at Shallcross Financial in Glen Ellyn, Illinois. During the next few months, he’ll be working to acquire the SIE, Series 7, and Series 66, as well as the CFP designation afterward. Jacob Maus accepted a full-time position as an associate marine underwriter with HDI Global in Chicago, IL, beginning June 2026. He previously interned with HDI Global's captive underwriting team and was active in Gamma Iota Sigma. Brad Schardan began his career as a financial analyst at Heartland Bank in May 2026. Gavin Serra accepted a position with Zurich North America as a market-facing underwriting trainee starting June 2026. He will be working on the occupational accident team during this training program.

Alumni Updates If you are an ISU alumnus who graduated with a major or minor in the Finance, Insurance and Law Department, we welcome you to share updates on your career. Whether that be a promotion, job change, completing a professional designation or advanced degree, or retirement, we’d be interested to hear and share it in an upcoming department newsletter for fellow alumni to see. To do so, scan the QR code or visit TinyUrl.com/2fhajf3k

Board

Member Highlight Guidance for the Future: The FIL Advisory Board

A key for faculty members in preparing students for their future careers involves staying current on industry needs and the ever-evolving landscape they will face upon graduation. To assist the FIL Department in this goal, the FIL Advisory Board — a group of dedicated industry professionals — provides ongoing strategic guidance. Board members meet with administration, faculty, and students twice a year to discuss departmental goals, student challenges, the job market, and emerging industry trends.

Member Spotlight: Jeff Secord

One such board member, who has served for more than a decade and is the current Chair of the FIL Advisory Board, is Jeff Secord. When asked what inspired him to join, Secord fondly recalled his time as an ISU student. After transferring from the University of Illinois to Illinois State in 1970, Secord particularly appreciated the flexibility of night classes, which he says “enabled [him] to get a great education.” After earning both a bachelor’s degree and a Master of Business

Administration from ISU, Secord discovered a lifelong passion. “I found a career I love in the wealth management business, starting with Merrill Lynch in 1973,” he said. Today, Secord is a Partner and Senior Wealth Advisor at Renaissance Wealth Management, bringing 53 years of industry experience to the board. In addition to his time, he also gives back financially by sponsoring the Jeffrey Secord Outstanding Student in Financial Planning Scholarship. Having interacted with many ISU students over the decades, including hiring some, Secord has first-hand experience gauging their readiness for the workforce. He observed, “Our students have a great education, including internships and competitions, that should enable them to stand out as they compete for top jobs in our industry.”

Gratitude for Our Board To Mr. Secord and all the members of the FIL Advisory Board, we extend our sincere gratitude for their time, service, and generosity. Below is a full list of the FIL Department Advisory Board: Kathy Chamberlain | COUNTRY Financial, Bloomington Daryl Dagit | Savant Capital Management, Peoria Scott Davis | Renaissance Wealth Management, Bloomington John Kerr | State Farm Insurance, Bloomington Kedric Meredith | JBT Corporation, Chicago Greg Morris | Archer Daniels Midland, Chicago Joel Myers | COUNTRY Financial Robert Parent | State Farm Insurance, Bloomington James Pribel | Consultant, Chicago Mike Price | David Vaughan Investments, Peoria Steve Rolinitis | Caterpillar, Peoria Ajay Samant | Illinois State University Eric Schweitzer | Challenger Gray, Chicago Jeff Secord | Renaissance Wealth Management, Bloomington Tice Sirmans | Illinois State University

Investing in the Next Generation: FUELING STUDENT SUCCESS Alumni support of Illinois State University is tremendously important, helping to promote student excellence in our programs. Your gift, no matter the size, makes a real difference to our students and serves as a testimony to an enhanced sense of mutual responsibility to ensure quality education. During the 2025 fiscal year, the Department of Finance, Insurance, and Law (FIL) was incredibly proud and grateful to be supported by 103 individual donors and 22 corporate donors.

KEVIN STEVENS’ LEGACY OF GIVING BACK One of those dedicated supporters is Kevin Stevens. His generosity over the last five years, in the form of the Kevin Stevens ClearPointe Financial Scholarship, has opened the doors for financial planning students to pursue their goals and helped cover their educational expenses. For nearly three decades, Stevens has served clients as a Private Wealth Advisor at ClearPointe Financial Group, a private wealth advisory practice of Ameriprise Financial Services, LLC. For this ISU alumnus, a successful wealth management career was significantly impacted by a pivotal decision at Illinois State University: deciding to

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become a finance major. Drawn to the concepts of investments, Stevens found that his finance degree provided a strong foundation that helped prepare him for industry licensing and that made early financial planning concepts feel natural. Reflecting on his time as a student, Stevens fondly recalls hands-on learning and notes he had “a very positive experience in many classes” during his time at ISU. Inspired by a client on the College of Business advisory board at ISU, Stevens recently reconnected with his alma mater to make a targeted impact. He established an annual donation specifically for financial planning students facing a tuition shortfall, and he periodically visits campus to speak with students. “Despite receiving financial aid, some students are still short of the amount needed to cover tuition,” he said. “I wanted my contributions to have an immediate impact and to cover that shortage.” Since starting his donations in 2021, Stevens has been thrilled to witness the increasing number of students pursuing financial planning. He also is encouraged with the progress many students make towards earning professional designations and receiving internships. “It is great to see students coming out of graduation with a solid core of understanding and some level of job experience as well,” he notes. One of the students tangibly impacted by Stevens’

generosity is Collin Eisenbarth. He is the recipient of the 2026 Kevin Stevens ClearPointe Financial Scholarship. With over two years as an intern at Renaissance Wealth Management and participation in a financial planning case competition, Eisenbarth gained valuable experience to prepare him for a career in the industry during his time at ISU. After graduating in May 2026, Eisenbarth joined Renaissance full-time as an Associate Advisor. “I am extremely honored and grateful to receive this award,” noted Eisenbarth. “I was drawn to the financial planning profession after learning about personal finance in a high school course. I look forward to following in Mr. Stevens’ footsteps and helping the next generation achieve financial freedom. To Mr. Stevens, thank you for your generosity and for setting an outstanding example for young advisors to look up to.” Reflecting on his career path, Stevens observed, “It took a lot of effort, but a lot of people helped me along the way. My ISU education, along with managers and friends, were all pieces of the puzzle that brought me to where I am today. Now, I’m ready to give back and make an impact.” He appreciates that ISU ensures his gift directly impacts a specific student each year rather than going into a general fund. When asked what he would say to fellow alumni considering a gift, his advice is simple and inspiring: “It is rewarding to give back.”

Get Involved

If you feel inspired to donate to Illinois State University’s Finance, Insurance and Law Department, there are three easy ways to do so. Your gift, no matter the size, can make a real difference for students.

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Scan the QR code to the right or visit TinyURL.com/9mh9vb4m

(309) 438-2294  CallMonday - Friday, 8 a.m. to 4:30 p.m.

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Send a check payable to ISU Foundation to: ISU Foundation Campus Box 8000 Normal, IL 61790-8000

*Note: Please write “5485270 FIL Dept” on the memo line to ensure your contribution supports our department directly.