Third Point Re gives $55,000 to the Bermuda COVID-19 Emergency Fund for essential resources on the island

2020 / 04 / 08

FOR IMMEDIATE RELEASE

HAMILTON, Bermuda. April 8, 2020. Third Point Reinsurance Ltd. (“Third Point Re”) (NYSE: TPRE), a Bermuda-based reinsurance company, has announced the donation of $55,000 to the Bermuda COVID-19 Emergency Fund. The fund was created by the Bermuda Community Foundation (BCF) to respond to urgent needs in the community due to the impacts of the global pandemic on the island.

The BCF has been working closely with charities in Bermuda via the Third Sector Coordinated Crisis Response Effort (CCR), a coalition of organizations created to help critical non-profits and organizations providing community support with shelter, food, and other essential resources, such as mental health counselling. The coalition includes Bank of Bermuda Foundation, the Inter-Agency Committee for Children and Families, Age Concern and other community groups.

“It is important to us that our donation be deployed as quickly and efficiently as possible to make an immediate difference in the areas where help is most needed,” said Mark Nash, Senior Vice-President, Enterprise Risk Management and Chair of the Third Point Re Charitable Giving Committee. “We agreed that the most effective use of our funds is to allow the experts in the field, who have for weeks been engaged with our charities and community organizations, to direct our funds towards the most urgent areas of need.”

Last week, the company pledged $100,000 for COVID-19 relief and response efforts in the communities where Third Point Re staff live and work, covering offices in Bermuda, New Jersey and London.

So far, the donations have been:

  • $65,000 in Bermuda; $55,000 to the COVID-19 Emergency Fund and $10,000 to assist the Bermuda Hospitals Board, which operates the main hospital on the island, with the purchase of ventilators, protective clothing and other much needed equipment.
  • $13,000 in New Jersey; $10,000 for AngelaCARES, a New Jersey-based charity that helps seniors to live independent lives and a further $3,000 for the Jersey City Medical Center to purchase protective clothing and equipment.
  • £5,000 ($6,165) in the UK; to help to establish a COVID-19 testing center in Tonbridge, Kent, where the funding contributed towards opening the center and purchasing protective clothing and equipment for staff.

Dan Malloy, CEO, Third Point Re said: “We are proud to help the communities where the Third Point Re team live and work during this very difficult time and we hope that our donation for the COVID-19 response in Bermuda, New Jersey and London will make an immediate and significant positive impact.

“Our donations for these COVID-19 response and relief efforts are in addition to Third Point Re’s annual charity budget; we are aware that many charities will be struggling to deliver on their programs right now, and we don’t want to impact our ability to support these important initiatives. We’ll emerge on the other side of this crisis and we want these charities, who do vital work, to continue to succeed.”

Third Point Re focuses its charitable giving in the areas of mental health, education and environment and encourages individual donations by matching staff charitable donations of up to $2,000 annually.

ENDS

About the Company

Third Point Re is a public company listed on the New York Stock Exchange which, through its wholly-owned subsidiaries Third Point Re BDA and Third Point Reinsurance (USA) Ltd. ("Third Point Re USA"), writes property and casualty reinsurance business. Third Point Re BDA and Third Point Re USA each have an "A-" (Excellent) financial strength rating from A.M. Best Company, Inc.

 

For further information please contact:

Mairi Mallon

Mairi.Mallon@rein4ce.co.uk

+44 7843 076533