Contact: Rich Harris, 860-524-7313, rich.harris@ct.gov
 

 

Governor M. Jodi Rell today announced that a $9 million state loan to help Stamford-based General Reinsurance Corp. move to another building in that city – thereby retaining more than 800 jobs – is expected to gain approval when the state Bond Commission meets October 30.

 

The loan keeps “Gen Re,” as it is known, in Connecticut and maintains the state’s leadership role in the insurance and financial services (IFS) business sector. A subsidiary of Berkshire Hathaway Inc., Gen Re is a holding company for global reinsurance and related operations and employs 2,300 people in more than 50 locations.

 

“Gen Re had to make a decision – stay in Stamford or relocate to Westchester County, New York – and we were not going to lose those dependable jobs and their IFS expertise without a fight,” Governor Rell said. “This funding, which goes toward fixtures and equipment in the new facility, ensures that a company based in our state since 1974 is not lost to a neighboring state.

 

“I am committed to doing everything possible to keep good, well-paying jobs we have and create new ones,” the Governor said. “Connecticut is rightfully known as the insurance capital of the world – but it is a title other states would dearly love to claim as their own. Smart, targeted loans and investments by the state will prevent that from happening.”

 

Gen Re, which was in a larger space than needed, negotiated a new lease for almost 300,000 square feet at its new location on Long Ridge Road. While the new facility is also larger than Gen Re’s present need, future expansion is possible.