The Insurance Industry Charitable Foundation will be presenting $500,000 in grants Dec. 5 at a dinner in New York.

New York Mayor Michael Bloomberg expects to attend the gala, and Martin Sullivan, chairman of American International Group Inc., New York, will be the chairman of the event, according to the Insurance Industry Charitable Foundation, New York.

The guest of honor will be Brian Duperreault, former chairman of ACE Ltd., Hamilton, Bermuda.

Recipients of foundation grants will include the New York City Financial Empower Financial Center, which offers free financial advice for New York residents; the Wounded Warriors Project, which helps severely injured members of the armed services; and Riverkeeper, a group that protects the Hudson River.