Intact's first social ventures investment to target child poverty in a non-traditional way
TORONTO, Dec. 18, 2019 /CNW/ - Intact Financial Corporation (TSX: IFC) has invested $200,000 in Windmill Microlending's Community Bond Program to help skilled immigrants get the Canadian credentials they need to work in their field.
This is Intact's first investment in the social ventures space aligned with its child poverty social responsibility focus. To help find new and creative solutions, Intact is investing in social ventures that target the root causes of child poverty in a non-traditional philanthropic way.
"Our social ventures investments will enable us to deepen our commitment to addressing the root causes of child poverty while challenging the status quo of philanthropy,'' said Diane Flanagan, Vice President of Corporate Affairs and Communications, Intact Financial Corporation. ''Many skilled immigrants and refugees are under-employed, putting them and their families at risk of falling under the poverty line. We invested in Windmill because it helps keep children out of poverty by helping parents gain stable employment, which leads to stable housing, food and education for children."
"When skilled immigrants and refugees are able to find work in Canada that matches their skills, experience and education, their incomes increase substantially and their children are better off," said Claudia Hepburn, Chief Executive Officer of Windmill Microlending. "We're grateful to Intact for their investment in skilled newcomers through Windmill."
Intact's employees are also participating in windmill's mentorship program. They are sharing their valuable experience and expertise with newcomers in several fields, such as law and data science. Through the program, Intact lawyer Victor Cheng is mentoring a lawyer from Zambia. Read Victor's story HERE.
Learn more about Windmill Microlending.
About Intact Financial Corporation
Intact Financial Corporation (TSX: IFC) is the largest provider of property and casualty (P&C) insurance in Canada and a leading provider of specialty insurance in North America, with over $10 billion in total annual premiums. The Company has approximately 14,000 full- and part-time employees who serve more than five million personal, business and public sector clients through offices in Canada and the U.S.
In Canada, Intact distributes insurance under the Intact Insurance brand as well as The Guarantee Company of North America brand, through a wide network of brokers, including its wholly-owned subsidiary BrokerLink, and directly to consumers through belairdirect. Intact also provides specialized insurance programs to public entities through its wholly-owned subsidiary, Frank Cowan Company.
In the U.S., OneBeacon Insurance Group, a wholly-owned subsidiary, provides specialty insurance products through independent agencies, brokers, wholesalers and managing general agencies.
SOURCE Intact Financial Corporation