HARTFORD — State Sen. Joseph Crisco, Jr. (D-17) joined Gov. Dannel Malloy last week at the formal announcement of plans that The Navigators Group, Inc. will move its corporate headquarters and additional operations from New York to Connecticut later this year.
The Navigators Group is an international commercial property and casualty insurance holding company. The company will move its corporate headquarters in Rye Brook, N.Y., to Stamford as part of Malloy’s Next Five program. The Department of Economic and Community Development will provide a 10-year, forgivable loan of up to $8 million at no interest, as well as a grant of up to $3.5 million to the company, according to a release issued by Crisco’s office. All assistance and loan forgiveness is contingent on the company reaching certain job milestones.
Crisco, co-chair of the legislature’s Insurance and Real Estate Committee, commended the governor and his staff for negotiating terms of the move, which is expected to create 200 jobs in the state’s insurance sector within the next five years.
“The framework Connecticut has in place for continuing, successful economic development played a big role in today’s announcement, which, going forward, helps ensure our state’s place as the insurance capital of the world,” Crisco said in a statement. “Throughout my tenure as co-chair of the Insurance Committee we’ve worked collaboratively with the industry to create a welcoming environment and that partnership is once again paying off.”