Third Point Re donates $325,000 to non-profits
Bermudian-based specialty reinsurer Third Point Reinsurance Ltd has announced donations totaling $325,000 to registered non-profits in Bermuda, the United States and Britain as part of an employee matching initiative.
To be eligible to receive a donation the company said non-profits needed to be actively working in the areas of racial equity and/or justice.
Third Point Re matched contributions to non-profits in this sector four-to-one, for donations of up to $2,000 per employee.
The company said the initiative was launched in response to the killing in the US of both George Floyd and Breonna Taylor, which, in a stressful time, highlighted the systemic inequalities and injustices experienced by people of colour.
The fundraising and matching have been run in addition to Third Point Re’s ongoing commitment to charitable causes, and the company’s existing two-to-one employee matching scheme, it said.
Dan Malloy, chief executive officer of Third Point Re, said: “It is clear racial injustice is a historic challenge that society needs to address.
“My strong feeling, and one that I’m proud to say the Third Point Re family affirms, is that there is no place in the world for intolerance or racial discrimination. No human being should fear being disadvantaged or discriminated against. All steps we take as a company should reflect these basic beliefs.
“We will build measurable, practical, and thoughtful programmes to support racial equality, including employee education and community support for non-profits, to ensure our organisation contributes to a more equitable, safe, and just society.”
In addition to the matching programme, the company said it has invested in racial equality education with Citizens Uprooting Racism in Bermuda.
Third Point Re staff in Bermuda took part in a virtual training session about the history of institutional racism in Bermuda.
Global staff are also participating virtually in CURB’s “Critical Conversations for Workplace Professionals” programme, which the company said is a condensed version of the “Truth and Reconciliation Community Conversations” created for individual companies and small groups.
The company said that CURB was one of the major beneficiaries of the matching initiative, receiving $140,000. The donation will allow them to continue their programmes without interruption and to broaden the scope of their outreach and offerings to the public, Third Point Re said.
Lynne Winfield, president of CURB, said: “As a non-governmental, volunteer, racial justice organisation, CURB has struggled over the years to raise funds. We are grateful to Third Point Re for their considerable financial commitment to CURB in supporting our operating costs and programmes.
“Their focus on internal change and financial commitment is welcomed as Bermuda seeks to repair the damage of the past and help the Bermuda community to move towards greater empathy and understanding, leading to a more equitable and healthier community.”
Third Point Re said it is also focused on its approach to the recruitment, hiring, retention and advancement of staff, enhancing career opportunities for candidates of diverse backgrounds, and ensuring efforts are made to identify diverse candidates for career opportunities at all levels of the organisation.
Mr Malloy added: “These are just starting points. We need to follow up with specifics to the commitments we are making as an organisation and help to develop and grow diversity, equity and inclusion in our industry.
“We know we can, and must, do more – and that there is no short-term solution to racism and discrimination.”
The non-profits benefiting from the Third Point Re four-to-one non-profit matching initiative are:
Bermuda: Bermuda Diabetes Association’s Client Assistance Programme, C.A.R.E. Learning Centre, Centre Against Abuse, Citizens Uprooting Racism in Bermuda, Focus Counselling Services, Impact Mentoring Academy, Open Your Heart Foundation, Salvation Army-Bermuda Chapter, and Urban Garden Project.
United States: Black, LGBTQIA + Migrant Project, Center for Law and Social Policy, Covenant House, Equal Justice Initiative, Latino Justice PRLDEF, Loveland Foundation, Movement for Black Lives, NAACP Legal Defense Fund, Newark Community Street Team, and Union County College Foundation.
Britain: Trinity School Bursary Fund.