Navigators Group, a New York-based insurance company, is moving from New York to Stamford and bringing 200 jobs to the state.
The state of Connecticut will be giving the company a 10-year forgivable loan up to $8 million at no interest, along with a $3.5 million grant.
“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,” Gov. Dannel Malloy said in a statement. “Navigators started in 1974 as a family-owned managing agency specializing in marine insurance and has since grown into an international, diversified specialty insurance group with more than $1.2 billion in annual revenue. Connecticut is looking to attract more companies with this kind of track record for growth and success.”
Navigators has multiple locations in the United States, as well as overseas.
In November 2012, PwC issued a report saying Connecticut’s insurance sector “plays a vital role in the global insurance landscape and the state’s economy.”
“Today marks the day when Connecticut puts a stake in the ground to resurrect the state’s title as Insurance Capital of the U.S. It’s time to promote our rich history, extensive workforce, and global brands that drive future growth of insurance in our own backyard and the world,” Susan Winkler, executive director, Insurance & Financial Services Cluster, said in November, according to the new release from PwC.