Y - Alleghany Corporation Donates $1 Million To The NYC COVID-19 Response & Impact Fund
NEW YORK, April 13, 2020 /PRNewswire/ -- Alleghany Corporation (NYSE:Y) today announced that it has donated one million dollars to the NYC COVID-19 Response & Impact Fund in the New York Community Trust. The donation reflects the desire of Alleghany's management and Board of Directors to assist in the fight against the pandemic and to support New York City's most vulnerable residents.
About NYC COVID-19 Response & Impact Fund
The NYC COVID-19 Response & Impact Fund was created on March 20, 2020 to aid small to mid-sized New York City-based nonprofit social service providers and arts organizations struggling with the health and economic effects of the coronavirus. It will give grants and no-interest loans to nonprofits that are trying to meet the new and urgent needs that are hitting the city and the communities they serve. The New York Community Trust will administer the Fund and oversee grants, while Nonprofit Finance Fund will manage the loans. Priority will be given to nonprofits addressing essential healthcare and food insecurity, and in the arts and culture sector, organizations with a demonstrated record of working from and serving their communities. The Fund will help nonprofits with a variety of needs, including protective equipment, cleaning supplies, technological assistance, and support for financial losses.
The Fund launched with $75 million contributed by 18 founding members, including foundations, companies and individuals. It has since grown to over $80 million and has attracted many new large and smaller donors who care about nonprofits being able to continue their vital public service missions.
About Alleghany Corporation
Alleghany Corporation (NYSE:Y) creates value through owning and supporting its operating subsidiaries and managing investments, anchored by a core position in property and casualty reinsurance and insurance. Alleghany's property and casualty subsidiaries include: Transatlantic Holdings, Inc., a leading global reinsurer; RSUI Group, Inc., which underwrites wholesale specialty insurance coverages including property, casualty, professional liability and directors' and officers' liability; and CapSpecialty, Inc., an underwriter of commercial property, casualty and surety insurance coverages. Alleghany's subsidiary Alleghany Capital Corporation owns and manages a diverse portfolio of middle market businesses.
SOURCE Alleghany Corporation