Zurich contributes to a fund created to address climate resilience and social inequities

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Mar 22, 2022, 10:10 ET

Additional investors are being sought for the Resilient Community Impact Fund, which will initially support work in Boston and Houston.

SCHAUMBURG, Ill., March 22, 2022 /PRNewswire/ -- A program designed to strengthen climate resilience and help address social inequities in vulnerable communities is seeking additional investors to fund the work to be done in those communities.

The Z Zurich Foundation, a Swiss-based charitable foundation established by members of the Zurich Insurance Group, has provided initial funding of $500,000 as part of a multi-year commitment to the North America Climate Resilience Program, which will initially focus on protecting vulnerable communities in five U.S. Cities, including Houston and Boston.

Zurich North America will help administer the overarching program with Resilient Cities Network (R-Cities), which will identify neighborhoods, convene community and government partners, and deploy its Resilient Community Impact Fund (RCIFund) to catalyze direct investment into projects.

R-Cities brings more than 10 years of urban resilience experience and a strong connection to cities through its global network of Chief Resilience Officers (CROs). Most of these CROs regularly seek funding to implement their holistic resilience projects. The RCIFund was developed to deploy catalytic, grant-based funding for cities to support existing resilience strategies around the globe.

"The RCIFund is an important tool to gather the much-needed resources to finance projects on the ground in these communities," said Gregory Renand, Head of the Z Zurich Foundation. "Real success, however, will depend on additional investments from like-minded peers, which is why we're calling upon others to join us to create more climate-resilient communities and address social inequity."

The RCIFund is seeking minimum donor contributions of $250,000 to any pool or sub-fund, which could be dedicated to up to five projects in any R-Cities member city that has a resilience strategy and a Chief Resilience Officer.

"We are calling investors interested in the long-term economic vitality and resilience of urban places to join us in this important effort. The Z Zurich Foundation has taken a bold step in committing to support urban infrastructure that delivers toward climate and social equity goals," said Houston Mayor Sylvester Turner, Chair of Resilient Cities Network Board. "Cities have these types of projects ready to go; it's now on funders to come to the table."

For inquiries and further information, please contact Stewart Sarkozy-Banoczy, RCIFund project director, Resilient Cities Network, at [email protected] and visit the RCIFund landing page here.

About Zurich
Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information about Zurich is available at www.zurich.com.

In North America, Zurich is one of the largest providers of insurance solutions and services to businesses and individuals. Customers are served through the individual member companies of Zurich, including Zurich American Insurance Company. Life insurance and disability coverage issued in the United States in all states except New York is issued by Zurich American Life Insurance Company, an Illinois domestic life insurance company. In New York, life insurance and disability coverage is issued by Zurich American Life Insurance Company of New York, a New York domestic life insurance company. For more information about the products and services Zurich offers and the people Zurich employs in the U.S. and Canada, please visit www.zurichna.com.

About Z Zurich Foundation
The Z Zurich Foundation works alongside Zurich Insurance Group employees and other stakeholders as well as with governments and NGOs in pursuit of a future where people can thrive in the face of increasing climate hazards, where those of us feeling the stresses of life are empowered to speak up, and where the marginalized in our society can reach their full potential. The Z Zurich Foundation is a Swiss-based charitable foundation established by members of the Zurich Insurance Group. It is the main vehicle by which Zurich Insurance Group delivers on its global community investment strategy. For more information, visit the Foundation's website: https://zurich.foundation.

About Resilient Cities Network
Resilient Cities Network is a global city-led non-profit organization that brings together knowledge, practice, partnerships, and funding to empower cities to help them build a safe, equitable, and sustainable future for all. The Network integrates the combined effort of urban practitioners, city governments, and communities in a collective, comprehensive, and well-coordinated call-to-action to deliver urban, impact-driven resilience solutions. For more information, visit Resilient Cities Network online: https://resilientcitiesnetwork.org.

SOURCE Zurich North America