A specialty insurance company, The Navigators Group, opened its new headquarters at 400 Atlantic Street in Stamford, Connecticut, as part of a $25 million project expected to create 202 jobs during the next 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 the state.
“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. Dannel P. Malloy. “Navigators is already bringing good-paying jobs with good benefits to our state.”
With its headquarters in Connecticut and insurance operations based in New York and London, Navigators has offices in major insurance centers in the United States, the United Kingdom and Continental Europe, as well as representatives in China and Brazil.
The state provided financial assistance for the company’s $25 million expansion and relocation project through the Next Five program, administered by the 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. In addition the firm received a grant of up to $3.5 million for training and other relocation expenses is also part of the assistance agreement.
“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 DECD.