Allstate, Prudential and St. Paul Named Among Top 25 Most Generous Companies

The American Benefactor magazine has named the Allstate Insurance Co., Prudential and The St. Paul Companies in its list of the Top 25 Most Generous Companies. The publication recognizes companies that support innovative and effective funding programs that creatively meet community needs.

Allstate, through its philanthropic arm, The Allstate Foundation, was cited for its focus on urban investment through its programmatic and philanthropic associations with organizations such as Neighborhood Housing Services (NHS) and the National Training and Information Center (NTIC). Additionally, the foundation's highly regarded Neighborhood Partnership Program, a series of Allstate-neighborhood group partnerships in 26 cities throughout the U.S. received praise from the publication. Neighborhood Revitalization is one of The Allstate Foundation's focus areas, which funds more than 960 programs each year with an annual budget of approximately $9 million..

"We are pleased that Allstate's philanthropic efforts have been recognized by The American Benefactor," said Jerry D. Choate, Allstate's chairman and CEO. "Allstate has a long heritage of caring and commitment. We have always believed that stronger, safer communities are in everyone's best interest and help ensure future markets."

The St. Paul Companies was cited for its Leadership Initiatives in Neighborhoods program, a one-of-a-kind genius grant program for people working in nonprofits. LIN grant recipients are able to take time away from their demanding jobs—sometimes as much as a year—to pursue their interests in creative and often very personal ways. About 18 grants are awarded annually, ranging from $20,000 to $35,000. One recent winner, John Acosta, a mural artist and mentor to Latino youth, traveled to Spain, Mexico and Latino communities in the United States, researching Puerto Rican and Cuban culture and meeting with other muralists who work with Latino youth.

Prudential was recognized for its dedication, in terms of thousands of hours of volunteer time and at least $72 million, to developing its home city of Newark, NJ. In particular, Prudential's assistance in funding the New Jersey Performing Arts Center received recognition. The company has also invested $200,000 in a partnership with NJ Transit to run a new shuttle bus service linking the center with the historic Ironbound District, the New Jersey Historical Society and Museum, various commuter hubs and Prudential's corporate HQ.

The Prudential Foundation has also made its mark on New Jersey's public school system, establishing a $10-million loan fund, which offers loans of up to $1 million at rates as low as 2.75 percent.

"Prudential was brilliant," says Mike Evers, who volunteered his time to help start the Elysian Charter School. "They were way ahead of the curve and invited us to meet with them. The loans they offered guaranteed that we could meet payroll and buy equipment."