A reinsurance company has signed on as the lead sponsor of an event to raise funds for the transformation of a church rectory into a residential treatment centre.

Talcott Re is supporting Vegas in the Vaults, to be held at Agar’s Island on Saturday.

Habitat for Humanity of Bermuda aims to raise $600,000 towards the revitalisation of the former St James Church rectory in Sandys so that it can be used to help people with long-term mental health conditions.

A spokeswoman explained: “At Talcott Re, employees share in the culture of caring with their generosity and volunteerism and believe strongly in the value and strength of the communities where they live and work.

“With their commitment to supporting local charities, they are making a meaningful contribution to Habitat for Humanity to help bring this project to fruition.”

She said: “Talcott Re, an international reinsurer, offers flexibility to counterparties seeking international solutions to their risk management needs.

“The company has locations in Bermuda and the Cayman Islands and $31 billion in assets under management.”

Sheelagh Cooper, the chairwoman of Habitat for Humanity of Bermuda, added: “We are so excited to be partnering with Talcott.

“It is a new, really dynamic company, with a team that really understands and supports our values.”

The fundraiser is expected to start with a boat ride to the private island location, where guests will dance and enjoy food and wine from around the world while trying their luck at casino-style games.

Habitat for Humanity is working in partnership with the Mid-Atlantic Wellness Institute and the Anglican Church of Bermuda to provide somewhere that will offer around-the-clock care for patients with long-term mental conditions.

• For more information about the St James rectory project visithabitat.bm. Tickets for Vegas in the Vaults can be bought on the charity’s website via the News and Events tab.