Navigators Group Relocating Corporate Headquarters To Stamford, Connecticut
03/17/2013
“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,” said Gov. Dannel P. Malloy. “Navigators started in 1974 as a family-owned managing agency specializing in marine insurance and has since grown into an international, diversified specialty insurance group with more than $1.2 billion in annual revenue. Connecticut is looking to attract more companies with this kind of track record for growth and success.”
“When we began to evaluate our options and entered into discussion with the State of Connecticut, we were very impressed not only with the financial package that was offered to us, but by the personal involvement of Connecticut Governor Dan Malloy, Insurance Commissioner Tom Leonardi and Economic Development Commissioner Catherine Smith,” said Stanley A. Galanski, President and Chief Executive Officer of The Navigators Group, Inc. “They 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.”
The company anticipates moving its corporate headquarters from Rye Brook, New York, to Stamford by the fourth quarter of this year. In addition, Navigators anticipates taking additional space in other Connecticut locations to support other operations.
State support for the $25 million project will be provided through Governor Malloy’s Next Five program, which is administered by Department of Economic and Community Development. The agency 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. All assistance and loan forgiveness is contingent on the company reaching certain job milestones. State financial assistance will help the company purchase needed equipment, make facility upgrades, train employees and offset relocation expenses and other eligible project-related costs.
“Connecticut is still proving itself to be the insurance capital of the world,” said DECD Commissioner Catherine Smith. “Our insurance and financial services sectors are as strong as ever, and companies like The Navigators Group, Inc. realize that Connecticut is the state that offers them many competitive advantages — a productive and talented workforce, access to capital, a responsive and forward-thinking insurance department, and state leaders truly committed to developing a pro-business environment.”
Project Announcements
Zekelman Industries Expands Blytheville, Arkansas, Operations
04/19/2024
Fibrebond Corporation Expands Webster Parish, Louisiana, Operations
04/19/2024
Master Steel Expands Hardeeville, South Carolina, Operations
04/19/2024
L3Harris Technologies Expands Orange County, Virginia, Operations
04/18/2024
Republic Airways Holdings Plans Tuskegee, Alabama, Training Operations
04/18/2024
South Africa-Based Radel Plans Winston-Salem, North Carolina, Operations
04/18/2024
Most Read
-
2023's Leading Metro Locations: Hotspots of Economic Growth
Q4 2023
-
2023 Top States for Doing Business Meet the Needs of Site Selectors
Q3 2023
-
38th Annual Corporate Survey: Are Unrealized Predictions of an Economic Slump Leading Small to Mid-Size Companies to Put Off Expansion Plans?
Q1 2024
-
Manufacturing Momentum Is Building
Q1 2024
-
Making Hybrid More Human in 2024
Q1 2024
-
20th Annual Consultants Survey: Clients Prioritize Access to Skilled Labor, Responsive State & Local Government
Q1 2024
-
Public-Private Partnerships Incentivize Industrial Development
Q1 2024