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
Little Leaf Farms Plans Coffee County, Tennessee, Production Operations
07/02/2025
White Rock Truss & Components Expands Lee County, Virginia, Operations
07/02/2025
Fox Tank Company Plans Coshocton, Ohio, Operations
07/02/2025
Ascentek Expands Shreveport, Louisiana, Operations
07/02/2025
ProBio Establishes Hopewell, New Jersey, Gene Therapy Operations
07/02/2025
22nd Century Technologies Expands Fairfax County, Virginia, Headquarters Operations
07/02/2025
Most Read
-
20th Annual Area Development Gold and Silver Shovel Awards
Q2 2025
-
First Person: Joe Capes, CEO, LiquidStack
Q2 2025
-
The Legal Limits of DEI in Incentives Agreements, Hiring, and Contracting
Q2 2025
-
From Silicon to Server: Mapping the Data Center Supply Chain
Q2 2025
-
39th Annual Corporate & 21st Annual Consultants Surveys: What Business Leaders and Consultants Are Saying About Site Selection
Q1 2025
-
Rethinking Life Sciences Site Selection in a Resilient and Dynamic Market
Q2 2025
-
First Person: David Robey, Co-CEO of QTS Data Centers
Q2 2025