Global Atlantic Launches Foundation in Bermuda to Promote Economic Growth and Sustainability

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05/01/2023 - 07:30 AM

HAMILTON, Bermuda--(BUSINESS WIRE)-- Global Atlantic Financial Group (“Global Atlantic”), a leading insurance company meeting the retirement and life insurance needs of individuals and institutions, today announced the launch of the Global Atlantic Re foundation in Bermuda, which has been seeded with $1 million dedicated to the promotion of economic development, education and environmental sustainability initiatives throughout the island.

Darryl Herrick, President, Global Atlantic Re, and colleagues Kiara Somner and Kymn Astwood are presented a donation check to Kevin Warner, Co-Founder of Planet Math. (Photo: Business Wire)

The three pillars of the foundation include providing opportunities and support in Bermuda related to education, the environment, and the economy. The 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 organizations 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 organizations 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 be joining members of the BEDC on Wednesday, May 3 at 10:00 am AST at the BEDC Head Office for a press conference for formally announcing that partnership and providing greater details around partnership and how island entrepreneurs can be considered for the grant.

About Global Atlantic
Global Atlantic Financial Group is a leading insurance company meeting the retirement and life insurance needs of individuals and institutions. With a strong financial foundation and risk and investment management expertise, the company delivers tailored solutions to create more secure financial futures. The company's performance has been driven by its culture and core values focused on integrity, teamwork, and the importance of building long-term client relationships. Global Atlantic is a majority-owned subsidiary of KKR, a leading global investment firm. Through its relationship, the company leverages KKR's investment capabilities, scale and access to capital markets to enhance the value it offers clients. KKR's parent company is KKR & Co. Inc. (NYSE: KKR).

Global Atlantic Financial Group (Global Atlantic) is the marketing name for The Global Atlantic Financial Group LLC and its subsidiaries, including Accordia Life and Annuity Company, Commonwealth Annuity and Life Insurance Company, Forethought Life Insurance Company and Global Atlantic Re Limited. Each subsidiary is responsible for its own financial and contractual obligations. These subsidiaries are not authorized to do business in New York.