Ins. Exec Most Generous Donors Listed
NU Online News Service, Dec. 1, 12:05 p.m. EST?Three executives from the insurance industry have made the cut for the new list of "The 50 Most Generous Philanthropists."[@@]
According to the ranking, compiled by Business Week magazine, the most generous philanthropist in the insurance sector is Warren Buffett, chief executive officer at Omaha, Neb.-based Berkshire Hathaway Inc.
Mr. Buffet, together with his wife Susan, has given or pledged some $230 million?which represents about 1 percent of his overall wealth?during the 1999-2003 period. Donations were for causes for reducing nuclear weapons as well as population control. Mr. Buffet's overall ranking on the philanthropist list is number 26.
The next most generous insurance executive comes from the Progressive Corporation, based in Mayfield Village, Ohio. The company's chairman, Peter Lewis, has reportedly given or pledged some $221 million for education and arts during the 1999-2003 period. This makes him number 30 in the overall ranking. Mr. Lewis has so far given away more than 20 percent of his net worth, the survey said.
Another figure from the insurance industry who made the list is Maurice Sabbah. Mr. Sabbah, ranked 48th, had earlier built his fortune from reinsurance businesses and has given or pledged some $100 million. But his business has faltered in recent years?Mr. Sabbah's Fortress Re, a Burlington, N.C.-based company focusing on commercial aviation reinsurance, suffered in the aftermath of Sept. 11 terror attacks.
Overall on the philanthropist list, the most generous donor was Microsoft co-founder Bill Gates, who has given or pledged nearly $30 billion between 1999 and 2003.
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