MetLife, Conn. Gov. Rell Agree on Job-Saving Plan

Connecticut Governor M. Jodi Rell and MetLife Chairman and Chief Executive Officer Robert H. Benmosche today announced an agreement to keep 1,310 jobs in Hartford following the acquisition by MetLife of Travelers Life & Annuity.

The announcement comes after three weeks of talks between representatives of Governor Rell’s office and MetLife.

Rell said that the job losses, which stood at 1,200 when the talks began, will now total 490.

“This was an important fight, and we saved a lot of jobs,” she said. “But our efforts to turn around our economy and create jobs elsewhere continue.

MetLife has guaranteed that 1,310 jobs will be preserved for at least one year following the official closing of the deal. Moreover, MetLife has promised that there will be no change, apart from attrition, to the approximately 1,200 positions it currently has in Connecticut, including the towns of Glastonbury, Rocky Hill, Shelton and Westport.

“We are pleased that through negotiations with the Governor and our own comprehensive review we have arrived at a job level that will enable us to complete this transaction in a way that benefits all of our constituencies,” said MetLife Chairman Benmosche. “I am confident that the Travelers acquisition will be viewed for MetLife, the state of Connecticut in general, and Hartford in particular, as an example of business and government working together for the benefit of all.”

Rell expressed her appreciation to Attorney General Richard Blumenthal and Hartford Mayor Eddie Perez for their efforts during the negotiations.

Talks between the Governor’s office and MetLife officials began shortly after Rell and CEO Benmosche met in her office on March 7. MetLife announced on January 31 that it planned to acquire Travelers Life & Annuity for $11.5 billion from Citigroup.

MetLife’s application for approval of the transaction is pending before the state Department of Insurance. The state will offer its comments during the regulatory approval process but the Governor has asked, and the Attorney General has agreed, to withdraw Connecticut’s petition for intervenor status in the review.

“I will continue to closely monitor the acquisition and approval process – asking questions about the details of the deal and issues relating to the public interest,” Blumenthal said. “Our strongly stated intention to intervene opposing the deal hopefully helped persuade MetLife to retain more Connecticut jobs. There is no satisfaction in the loss of any jobs – but this number is far better than MetLife’s initial plans. I am grateful for the Governor’s effective efforts, which we were pleased to join and support.”