Gibraltar Re has committed $250,000 to support non-profit organisations working to expand economic opportunity across Bermuda, including initiatives focused on career readiness, affordable housing, homelessness and small business development.

The Bermudian-based reinsurer, a subsidiary of Prudential Financial, said the funding will back organisations providing practical, locally-grounded solutions.

Joe Barrowclough, chief financial officer of Gibraltar Re, said the initiative reflects the company’s commitment to civic engagement on the island and its broader purpose of helping communities address financial challenges.

“This initiative deepens our civic engagement in Bermuda and reflects our company’s purpose: to make lives better by solving the financial challenges of our changing world,” he said.

A majority of the funds will be directed to established charities including Home, Habitat for Humanity, PeerForward, the Adult Education School and Ignite Bermuda, supporting efforts to improve housing access, skills development and pathways to employment.

An additional $100,000 will be used to launch the Gibraltar Re Community Grants Programme in partnership with the Bermuda Foundation.

The programme will provide microgrants ranging from $2,500 to $15,000 to community-based organisations across the island.

Grant applications will be reviewed by a selection committee made up primarily of Gibraltar Re employees based in Bermuda, a structure the company said is intended to ensure the awards reflect local priorities and lived experience.

• Applications for the Community Grants Programme close on February 20. Full eligibility criteria and application details are available through the Bermuda Foundation.