PEMBROKE, Bermuda--(BUSINESS WIRE)--Arch Capital Group Ltd. (Arch) today announced plans to make $1 million in corporate donations, double its employee giving match for charitable contributions and establish an employee assistance fund in response to the COVID-19 pandemic.
Arch’s initial pledge will aid organizations primarily focused on food insecurity, health issues in underserved and high-risk communities and providing front-line responders with protective equipment and essential medical items related to the COVID-19 pandemic.
The donation will support charities around the world where the company has large employee populations, along with contributions to organizations with a global impact. A list of charities selected by the company is provided below.
In addition to the corporate donations, Arch is temporarily enhancing its corporate match for employees’ charitable contributions from 1:1 to 2:1 to strengthen employees’ ability to impact the charities most meaningful to them.
"The scale and speed of this pandemic has been devastating around the globe,” said Marc Grandisson, Arch President and Chief Executive Officer. “Striving to make a difference and investing in our communities are part of our corporate values, and we are committed to supporting those affected by this crisis.”
Additionally, Arch has established an employee assistance fund, Arch Cares: COVID-19 Employee Assistance Fund for Financial Hardships. The fund will provide monetary support to eligible employees with financial hardships caused by the COVID-19 pandemic.
Jennifer Centrone, Chief Human Resources Officer, said, “We recognize the pandemic has directly affected the overall financial well-being of some of our employees’ family members. By creating this fund, we hope to ease the strain on those employees in what is already a difficult situation.”
COVID Solidarity Response Fund for World Health Organization
- The Smith Family Children’s Charity
- The Bermuda Community Foundation
- Vision Bermuda
- Bermuda Family Centre — Hardship Program
- Age Concern
Eliza Doolittle Society
- Sunnybrook Foundation
- Daily Bread Food Bank
Operation Harvest Sharing
- Cyprus Red Cross Society
- Hus Forbi
- Hong Kong Red Cross
- Cystic Fibrosis Ireland
- Philippines Red Cross
Lung Center of the Philippines
- Cáritas Diocesana
- NHS Charities Together
- Age UK
PPE for NHS
- First Responders Children’s Foundation
- Direct Relief
- Red Cross Coronavirus Outbreak Fund
MBA Opens Doors Foundation
PPE for UConn Healthcare
- Jersey Battered Women’s Services
- Sage Elder Care
- Holy Name Medical Center
One Simple Wish
- Guilford Education Alliance — Laptop Project
- No Kid Hungry North Carolina
Frisco Fast Pacs
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a Bermuda-based company with approximately $13.23 billion in capital at Dec. 31, 2019, provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.
Cautionary Note Regarding Forward-looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward−looking statements. This release or any other written or oral statements made by or on behalf of Arch Capital Group Ltd. and its subsidiaries may include forward−looking statements, which reflect our current views with respect to future events and financial performance. All statements other than statements of historical fact included in or incorporated by reference in this release are forward−looking statements.
Forward−looking statements can generally be identified by the use of forward−looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or their negative or variations or similar terminology. Forward−looking statements involve our current assessment of risks and uncertainties. Actual events and results may differ materially from those expressed or implied in these statements. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward-looking statements includes the following: adverse general economic and market conditions; increased competition; pricing and policy term trends; fluctuations in the actions of rating agencies and our ability to maintain and improve our ratings; investment performance; the loss of key personnel; the adequacy of our loss reserves, severity and/or frequency of losses, greater than expected loss ratios and adverse development on claim and/or claim expense liabilities; greater frequency or severity of unpredictable natural and man-made catastrophic events, including pandemics such as COVID-19; the impact of acts of terrorism and acts of war; changes in regulations and/or tax laws in the United States or elsewhere; our ability to successfully integrate, establish and maintain operating procedures as well as integrate the businesses we have acquired or may acquire into the existing operations; changes in accounting principles or policies; material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; availability and cost to us of reinsurance to manage our gross and net exposures; the failure of others to meet their obligations to us; and other factors identified in our filings with the U.S. Securities and Exchange Commission.
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included herein or elsewhere. All subsequent written and oral forward−looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. We undertake no obligation to publicly update or revise any forward−looking statement, whether as a result of new information, future events or otherwise.