On Thursday, SMSU and North Star Mutual Insurance Company of Cottonwood announced a partnership that will lead to a $3 million investment in the university’s School of Business.

The partnership will establish the North Star Mutual School of Business, as well as provide funding for academic programs, facilities, and scholarships, university spokespeople said.

“We are grateful to North Star Mutual and their leadership team who see the value in further investing in the next generation of SMSU students,” said SMSU President Kumara Jayasuriya. “This partnership will help us expand opportunities for students in southwest Minnesota, which is critical to our mission and allows us to continue meeting the workforce needs of our regional employers.”

As part of the partnership, North Star Mutual receives naming rights to the business school, and will have a role on a special advisory committee made up of SMSU faculty and local business representatives, Thursday’s announcement said. The North Star Mutual School of Business will house university programs in accounting, finance, management, marketing and business administration, while supporting programs like agribusiness and hospitality management. SMSU will also be enhancing its curriculum in risk management as part of the new partnership.

The partnership between the university and North Star Mutual will also establish new scholarship and internship opportunities for SMSU students, the announcement said.