Saint Joseph's University Nets Record-Gift From Philly Graduate

PHILADELPHIA (CBS) -- Saint Joseph's University has received one of the largest gifts in its history from an alumnus who credits the school with helping him overcome a learning disability and laying a foundation for his success in business in Philadelphia.

James Maguire and his wife, Frances, of Wyndmoor, presented St. Joe's with a $50 million gift that school officials say will bolster the school's endowment fund.

Joe Kender is the St. Joe's Vice President for university relations.

"It's an investment in undergraduate students through financial aid, scholarship support which will help us offer a St. Joe's education to a wider array of undergraduate students," said Kender. "It's also an investment in our graduate programs, specifically a master's program in educational leadership for Philadelphia area Catholic school teachers."

Maguire, whose dyslexia was diagnosed by a St. Joe's professor back in the mid-1950s, went on to excel in accounting and statistics and entered the insurance industry after graduation.

He eventually began the Philadelphia Insurance Co. which had a nationwide presence. He sold his family stake in the business for a billion dollars in 2008.

Kender says a portion of the Maguire gift will also fund the Maguire Academy of Risk Management and Insurance.