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Argo’s charitable giving hits $1.25m

During the past eight years, Argo Group International Holdings has, through The Argo Foundation, made donations totalling $1.25 million to charities in Bermuda.

The Argo Foundation was established in 2008. It supports programmes and services “that enrich the lives of Bermuda's youth, preparing them for a productive future”.

Argo Group, is a specialty insurer and reinsurer with offices on Pitts Bay Road. Mark Watson, chief executive officer, said: “At Argo Group, our core purpose is to secure the future for our policy holders, employees, shareholders, and the communities in which we live and work.

“Through The Argo Foundation, we're able to contribute to the welfare of our community, particularly youth charities in Bermuda. We're happy to have reached this milestone.”

The Foundation has an allocations committee that meets quarterly to consider applications received throughout the year.

Elspeth Gray, president of The Argo Foundation, said: “Local not-for-profits have suffered a double whammy of increased need for services and a reduced donor pool due to the slow down in the Bermudian economy.

“It's not just that people have less disposable income, but also that mergers and acquisitions in the international company sector have resulted in less corporate money available to charitable causes.”

In these circumstances, requests for Foundation support often exceed the available resources by a factor of four, Argo Group said in a statement.

“The volume of requests makes the decision-making for the Allocations Committee difficult and sometimes disheartening,” said Ms Gray. “Fortunately, the Foundation has robust metrics for determining eligibility, which make it a bit easier to narrow the number of applications.”

More than 55 individual charities have received grants from the Bermudian-based foundation. Five organisations that have received significant funding on a regular basis are Family Centre, WindReach Bermuda, The National Dance Foundation, The Adult Education School and Bermuda Sloop Foundation.

Mark Watson, chief executive officer of Argo Group

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Published August 08, 2016 at 9:00 am (Updated August 07, 2016 at 9:19 pm)

Argo’s charitable giving hits $1.25m

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