HARTFORD - State Sen. Joseph J. Crisco, Jr., D-Woodbridge, co-chair of the legislature’s Insurance and Real
Estate Committee, recently joined Gov. Dannel P. Malloy at a formal
announcement of plans to have The Navigators Group, Inc., an
international specialty insurance holding company, move
its corporate headquarters and additional operations from New York to
Connecticut.
The move is planned for later this year.
The move is planned for later this year.
Crisco
commended the governor and his staff for negotiating terms of the
move, which is expected to create 200 jobs in the state’s insurance
sector within the next five years.
“The framework Connecticut has in place for
continuing, successful economic development played a big role in today’s
announcement, which, going forward, helps ensure our state’s place as
the insurance capital of the world,”
Crisco said.
“Throughout my tenure as co-chair of the Insurance Committee we’ve worked collaboratively with the industry to create a welcoming environment and that partnership is once again paying off.”
“Throughout my tenure as co-chair of the Insurance Committee we’ve worked collaboratively with the industry to create a welcoming environment and that partnership is once again paying off.”
“Our state’s longstanding familiarity with the
insurance industry helps us provide for these companies a supportive
setting, knowledgeable workforce, and an overall competitive advantage,”
Crisco added.
The Navigators Group, Inc. (NASDAQ:NAVG), is an
international commercial property and casualty insurance holding company
with insurance company operations, underwriting management companies,
and operations at Lloyd’s.
The company has a presence in communities across the United States, the United Kingdom, Continental Europe, China and South America.
The company has a presence in communities across the United States, the United Kingdom, Continental Europe, China and South America.
State support for the $25 million project will be
provided through Malloy’s Next Five program, which is
administered by Department of Economic and Community Development.
The agency will provide a 10-year, forgivable loan of up to $8 million at no interest, as well as a grant of up to $3.5 million.
The agency will provide a 10-year, forgivable loan of up to $8 million at no interest, as well as a grant of up to $3.5 million.
All assistance and loan forgiveness is contingent on
the company reaching certain job milestones. State financial assistance
will help the company purchase needed equipment, make facility
upgrades, train employees and offset relocation expenses
and other eligible project-related costs.
This information is taken from a press release from Crisco's office.
This information is taken from a press release from Crisco's office.
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