An insurance group based in Bermuda has seeded a new foundation with $1 million for the promotion of economic development, education and environmental sustainability initiatives throughout the island.

Global Atlantic Financial Group said the Global Atlantic Re foundation’s inaugural grants focus on:

• Education: building a pipeline of talented professionals at the earliest ages through a partnership with Planet Math, as well as establishment of a Global Atlantic Re scholarship fund for college students

• Environment: partnerships with environmental organisations whose missions are aligned to make Bermuda, and the planet, a cleaner place to live

• Economy: collaboration with the Bermuda Economic Development Corporation to provide a small business accelerator grant through a business pitch event to give entrepreneurs a financial path to create jobs and boost revenue on the island

“We are truly excited about the opportunity to continue contributing to Bermuda’s economic growth,” said Darryl Herrick, president of Global Atlantic Re and co-head of reinsurance.

“The island has an abundance of inspiring organisations doing compelling work to serve the greater good for all Bermudians, and we believe our contributions will play a key role in further amplifying their impact.”

Mr Herrick will join members of the BEDC on Wednesday at its head office for a press conference formally announcing the partnership and providing further details on that, and how island entrepreneurs can be considered for the grant.

Global Atlantic Financial Group is an insurance company meeting the retirement and life insurance needs of individuals and institutions. It is a majority-owned subsidiary of KKR, a global investment firm.