CT Insurance Company Expands Hartford Office, Adds 100 Jobs

“Global Atlantic has seen significant improvements in business and employment levels since we moved to downtown Hartford four years ago,” said Democrat Lamont, who was sworn in for a second term last Wednesday. said in a news release statement. “This well-known insurance company, which now has offices across the country, is looking for a location to expand and has determined that The Hartford is the perfect location to support this growth. We congratulate them on their decision to invest and grow, and look forward to strengthening our partnership with this company for years to come.”

To support Global Atlantic’s plans, the state’s Department of Economic and Community Development (DECD) will provide a “deferred” grant of up to $695,640. This is conditional on the company creating and maintaining his 100 full-time jobs over the next seven years.

Focused on the retirement and life insurance needs of individuals and institutions, Global Atlantic has grown its headcount significantly in recent years. In 2022, he will increase the number of employees by 325. According to the news release, the total includes the addition of 75 employees in Hartford, which “represents the largest concentration of growth among its offices”.

The company also has offices in Manhattan. Boston; Atlanta; Berwyn, Pennsylvania; Batesville and Indianapolis, Indiana. Des Moines, Iowa. And Hamilton in Bermuda.

Global Atlantic’s chief administrative officer, Dan O’Shea, said in a statement, “Our expanded presence in Hartford, one of the major U.S. insurance markets, will support Global Atlantic’s growth in the insurance industry. And it’s a sign of status,” he said. in a news release. “We are proud to continue our expansion in a state with such a diverse talent pool and vibrant community, and appreciate the support of the Connecticut Department of Economic and Community Development. “

Global Atlantic, a majority-owned subsidiary of investment giant KKR, is the latest company in recent years to announce expansion in Connecticut, backed by state grants that rely on jobs. Most of the other large companies that qualified for such state funding during that period were based in southwestern Connecticut and include Digital Currency Group, iCapital, Hudson Bay Capital, Oasis Pro Markets, Includes Mirador, Tomo Networks.

New jobs at these companies could help revive parts of the Connecticut economy that have struggled to create jobs in recent years. According to the State Department of Labor, there were 117,100 jobs in the financial activities sector, including the finance and insurance industry, in November. The total was up 0.3% year-over-year, but down 19% from the 144,500 positions in March 2008, setting a record for total Connecticut employment.

“Global Atlantic is a valued member of our business community. It’s great to see them continue to expand their physical footprint and create more jobs in our capital,” said DECD’s appointment as Commissioner. Alexandra Daum and AdvanceCT, a non-profit economic development organization, said in a joint statement: “Connecticut’s insurance industry is recognized around the world for its talented workforce, top-notch companies, and commitment to innovation. It reinforces the fact that it is home to industry clusters.”

pschott@stamfordadvocate.com; Twitter: @paulschott