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Request For Information: Unlocking Insurance Company Capital for Community Investment
Foundation: Rockefeller Philanthropy Advisors, Johnson Foundation, Robert Wood Johnson Foundation
The Robert Wood Johnson Foundation is looking for ideas on how insurance companies can do more to help communities of color, and one proposal in particular is getting a lot of attention.
It's called the " guarantee program," and it's a way for insurers to guarantee that if something doesn't work out, the RWJF will step in and pay to make it happen, the New York Times reports.
The request for information, issued April 1 and posted on the Center for Community Investment's website, asks insurers to submit "community investment opportunities that are under consideration by insurance companies but cannot be pursued due to one or more institutional constraints," such as regulation or liquidity issues.
"The guarantee unlocks new insurance company capital for the subject investment and demonstrates a credible pathway forward for continued investment in the same or comparable opportunities without additional guaranties," the Center for Community Investment says in its request for information, which asks for proposals by April 30, 2024.
The Times notes that the insurance industry is a "significant asset owner and provider of critical insurance products and services on the ground," and that the RWJF has been trying to get insurers to invest more in communities of color for years.
The proposal is here.
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