Liberty Mutual will increase its charitable giving in Massachusetts this year, at the same time as other major financial institutions in Boston plan to maintain their previous levels of support.
According to an article in The Boston Globe, the Boston-based insurance company will up local donations to $17 million, an estimated 20 percent increase from the $14.2 million it distributed last year. This change is being made possible largely because of the company's signing of a three-year, $8 million deal renewing its sponsorship of the Boston Pops Fireworks Spectacular.
The insurance giant is also donating $1 million in nonprofit grants to promote its 100th anniversary. One of these grants will be used to conduct a series of public concerts in Boston.
“We care deeply about the community,” Melissa MacDonnell, director of Liberty Mutual’s philanthropy programs, said in a statement. “We were born here 100 years ago, and we’ve grown to become an international company in 27 countries.”
While Liberty Mutual is increasing its donations, other institutions that have large operations in Boston are staying at their previous giving levels. Charlotte, N.C.-based Bank of America, which is struggling with millions of dollars in losses stemming from its purchase of the mortgage company Countrywide, announced it would give $12 million to Massachusetts charities. This is the same amount the bank has given in previous years.
John Hancock also announced its donations would be staying the same, with a spokesperson saying the company expects to donate $11.5 million locally, which is around the same number as last year. The financial services company had already raised $6.8 million for nonprofits this year, thanks to a sponsorship program with the Boston Marathon.
You can read the full story in The Boston Globe.