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STAMFORD, Conn. — The Navigators Group will be moving its corporate headquarters and additional operations to Stamford from Rye Brook, New York by the fourth quarter of the year, a release from Gov. Dannel Malloy said.
“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.
Comments (27)
moderator
Can you please do something with ponytail Steve his obsession of this Tim is running the board
Poor Timmy, all mad we know you have 50 user names.
Begging for help does not change anything. Terrified to use one name, we all ridicule you so you reply to yourself.
You are not that smart, Timmy
Steve
Why areyou so obsessed with this Timmy to the point that you think everyone is him. I bet you dream about him. Please seek help troll
Wow. This is not a very productive debate. I am sorry to have stirred up so much animosity and ill-feelings. It was certainly not my intention.
The fact remains: I know of no compelling studies that support the argument that tax incentives to corporations create sustainable jobs and build sustainable communities.
I thought that was the subject, not one's political affiliation or even sexual orientation.
You also know of no compelling studies that proves that tax incentives do not create jobs.
Tim T, we all know you are not very smart, but let me ask you something...
Has a poor person ever given you a job?
You clearly have no idea how the economy works. Obama sending you checks, is NOT a recovery FYI
pony taill steve
Many have asked you but you are to cowardly to answer. Who is this Timmy that you stalk and are obsessed with to the point of thinking everyone is him. Is he an x- homosexual lover of yours? Tell us troll.
Thank you Governor for a job well done....
If it made economic sense for a company to relocate here and the environment justified doing so then they would do so on their own. On top of that, if the State is going this route then why not pay to relocate in areas that are depressed to bring them back - why pay taxpayer monies to move companies to cities that are already doing well. Is Malloy so shortsighted that all he's concerned about is how Stamford is doing? I thought he was Governor and not still Mayor. If I were Danbury or Bridgeport or New Haven or even Hartford then this would make my stomach turn.
I am neither a Republican nor a Democrat. I was an economist. Subsidies and tax grants to "create" jobs do not produce any sutainable long term benefits to communities. I have been looking at this subject for 40 years and have yet to find any compelling economic and replicable evidence that they do. Ain't seen it!
As far as I can see, both Republicans and Democrats continue to use taxpayer money to improve their political ratings with scant regard to residents who foot the bill for their political aspirations.
Blaming one party or the other for fiscal mismanagement is silly and disingenuous. They both do. Sadly, party supporters on both sides of the aisle applaud their financial irresponsibility.
CT is expected to have a population growth rate of one-third the national average over the next twenty years. Why? The answers are relatively simple: CT is too expensive and there are plenty of interesting job opportunities and social amenities in other States (without tax incentives) to attract young entrepreneurs and their families.
Honestly, Rye Brook is only 10.4 miles from Stamford. It isn't as if these "new" jobs are coming from California. Insurance no less! Pathetic.
Why is it you Republicans are always ashamed to admit that's what you are?
WHAT
Where in the article does it say anything about age for these jobs. I am sure if you have 21st century skills and are not some has been you could get the job, The Republicans are a very very sad cult as here we have good news and you clowns cant bring yourself to admit it.
Thankfully we have governor Malloy who is fixing the many many issue created by the Republican Rell .
Thats laughable. Malloy is fixing things by raising taxes on those of us who work. Our current situation is the result of decades of democratic dominance in the state legislature. You folks can spew that nonsense in Washingtong but not in or about CT. We havent had ANY real conservative representation in my lifetime. The Governor, like the president, aint all that big a deal. They sign what crosses their desk. In CT that means liberal garbage.
Clown
He has not raised any taxes stop with your lies as no one believes you. why is it the right wing filth can never tell the truth?
"(H)e has not raised any taxes" is so demonstrably false that even the governor could not agree with that. (Of course, the legislature must enact what the governor proposed, and it did). He could argue that it was necessary or unavoidable but he could not say in truth that he has not raised many, many taxes. Facts are indeed stubborn things. There was/is a huge deficit and Gov. Malloy chose tax increases as one way to eliminate them. He has not been very successful and the prognosis is not great. Programs to entice a few select companies to move here by giving them a reprieve on our punitive corporate tax structure do nothing for companies that don't get these favors and do little to help the economy. They do provide the Governor with talking points for the poorly informed and willfully blind. "Jim J"'s nasty name calling is pathetic.
When facts are not on your side all you are left with is name calling. Jim J is simply taking his cue from MSNBC and the President and many others on the extreme left. If the facts don't work for you try to demonize anyone that gets in your way to discourage them from pointing out the facts. Unfortunately for that strategy doesn't discourage everyone so it fails over the long-term. Even Bill Maher is beginning to see the light:
http://www.newsmax.com/Newsfront/bill-maher-taxes-too/2013/03/17/id/495069
Jim J (aka Tim T and many others) is a hand out king! He spams all day and enjoys free hand outs. When caught, he gets upset.
What a loser
pony tail steve
Why do you always seem to be more concerned with the ones who post instead of the article. You seem to be a bit un- hinged with your obsession of other posters.
Jim J (aka Tim T and many others) is a hand out king! He spams all day and enjoys free hand outs. When caught, he gets upset.
What a loser
You say he has raised taxes but show no proof...Humm typical republican liar.
Like You are NOT a liar? You are terrified to use the same username TIMMY!!
You are so right pony tail steve..The filthy Republicans are never happy ..All they want to do is destroy and destroy. This is great news Thank YOU governor Malloy. These numbers the Republicans and the ones that are ashamed to admit they are Republicans state are all lies as usual
This is a disgrace. Connecticut has joined the race to the bottom by paying companies to be here. CT taxpayers have just paid a private company $57,500 per job to move 200 jobs here. Ridiculous. This is exactly NOT what government is for.
Last August Malloy paid Bridgewater Associates $115 million to create 1,000 new jobs over 10 years (yes, that's $115,000 PER JOB!). Bridgewater was already in CT, with 1,225 employees, and their business already had been growing for years. I'm sure the owner just figured out he could get the idiots in the CT statehouse to pay him for what he already was doing.
I think it's time to take the keys away from these people.
We need jobs that middle aged working people can take, this is good for 200 young people maybe, but honestly they'd be better off getting out of CT as fast as they can upon graduation.
Governor Malloy does know better Richard, but this propaganda is sufficient for the sheep that vote for him.
Good point Ken. Young people are exiting CT in droves as the latest census data suggests. Young people generally vote with their feet, which from my perspective makes total sense.
This is just plain silly. I have yet to see any compelling and reputable economic evidence that tax incentives and grants provide any material long term benefit to the community - including job creation. Governor Malloy should know better given the UBS fiasco.
Just another example of how taxpayers subsidize the aspirations of politicians rather than build sustainable communities. As Mark Twain said, "It is easier to fool the people than explain to them that they have been fooled."
Richard W. May
This is just plain silly. I have yet to see any compelling and reputable economic evidence that tax incentives and grants provide any material long term benefit to the community - including job creation. Governor Malloy should know better given the UBS fiasco.
Just another example of how taxpayers subsidize the aspirations of politicians rather than build sustainable communities. As Mark Twain said, "It is easier to fool the people than explain to them that they have been fooled."
Richard W. May