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“Navigators’ relocation to Connecticut is great news, not only because it will create hundreds of jobs, but it will also strengthen Connecticut’s global reputation as a leader in the insurance industry,” Malloy said in the release.
“The City of Stamford’s business community look forward to welcoming Navigator Reinsurance to Stamford and will do everything to assure them they have made the right choice,” Mayor Michael Pavia said in a letter to the governor.
The international specialty insurance holding company is expected to create 200 jobs in the city in the next five years, the release said. The company also has plans to take additional space in the state for other operations, the release said.
The $25 million project is part of the governor’s Next Five program, and through the Department of Economic and Community Development will provide a ten-year, forgivable loan of up to $8 million at no interest, as well as a grant of up to $3.5 million, the release said. The loan forgiveness and assistance is contingent on certain job milestones, the release said.
Malloy and Catherine Smith, economic development manager, and Tom Leonardi, insurance commissioner "made it very clear that Navigators was an attractive, growth-oriented company they wanted to bring to their state, and they succeeded in making a compelling case for us to make the move to Connecticut and become a vital part of the state’s world-leading insurance marketplace,” Stanley A. Galanski, president and chief executive officer of The Navigators Group, Inc., said in the release.
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