Connecticut Governor Dannel P. Malloy on Wednesday joined executives from The Navigators Group Inc. and state and local officials to celebrate the opening of the insurer’s new headquarters at 400 Atlantic Street in Stamford, Conn.Navigators is the 10th company to participate in Gov. Malloy’s “Next Five” job creation initiative.
In March, Navigators, an international specialty insurance holding company, announced it was relocating its corporate headquarters from Rye Brook, N.Y., to Connecticut, a $25 million project that is expected to create 202 jobs within five years.
Navigators has also taken additional space in other locations around the state to support its operations and, to date, has created 118 jobs in Connecticut.
The state of Connecticut provided financial assistance for the company’s $25 million expansion and relocation project through the Next Five program, administered by the state’s Department of Economic and Community Development. The agency provided a 10-year, $8 million loan at no interest for new equipment, facility upgrades, and other eligible project-related costs. A grant of up to $3.5 million for training and other relocation expenses is also part of the assistance agreement.
Connecticut’s job creation initiative program provides incentives and tax credits to businesses that, depending on the size of the company’s investment, create a minimum of 200 new, full-time jobs in the state within the next two years, or 200 new, full-time jobs in the state within five years.
“In less than a year since we announced Navigators would be moving to Connecticut, we have already begun to see the tremendous economic impact of this partnership,” said Gov. Malloy.
“Navigators is already bringing good-paying jobs with good benefits to our state, but we are also here to celebrate a lesser known, less widely-publicized benefit of this economic development project,” Gov. Malloy said.
“The new five year partnership announced between Navigators’ and the nonprofit Kids in Crisis demonstrates the company’s commitment to being a good neighbor,” Gov. Malloy said. “This is an investment in more than just jobs and economic development – this is an investment in improving the quality of life for many of the community’s youngest residents.”
Navigators, in partnership with the Cos Cob, Conn.-based Kids in Crisis, also announced it will be the title sponsor of the newly-named Navigators Stamford KIC IT Triathlon, an event in June that will consist of a 1.5K swim in Long Island Sound, a 40K bike ride, and a 10K run through downtown Stamford.
“This important project represents high-quality jobs, millions in capital investment, and another step in our efforts to strengthen our insurance sector,” said Catherine Smith, commissioner of Connecticut’s Department of Economic and Community Development.
“It also shows how Connecticut corporations are making a difference in other ways,” Smith said.”Businesses all across the state make countless contributions to the communities in which they call home — their investments in charities, arts and cultural organizations, or sporting activities have a tremendous impact locally and touch the lives of thousands.”