A leading insurance company is expanding its operations in Hartford, Gov. Ned Lamont announced Monday.
Global Atlantic Financial Group is planning to lease an additional 11,500 square feet of office space in The Gold Building at One Financial Plaza in downtown Hartford. The added space will support approximately 100 new employees.
The Connecticut Department of Economic and Community Development (DECD) is supporting the expansion by providing up to $695,640 in grants in arrears that are contingent on the company creating and retaining 100 full-time jobs over seven years.
“Since moving to downtown Hartford four years ago, Global Atlantic has seen significant growth in its business and its employment levels,” Gov. Lamont said. “Now, as this renowned insurance company that has offices all throughout the country is looking for a location to expand, they’ve decided that Hartford is the best place to support this growth. I congratulate Global Atlantic on their decision to invest and grow here, and I look forward to strengthening our partnership with this company for years to come.”
This isn’t the first time Global Atlantic has expanded its footprint in Hartford. The company expanded in 2019, a year after it moved into the Gold Building. In 2022, Global Atlantic grew its total employee base by 325 employees, including the addition of 75 new employees in Hartford, which was the greatest concentration of growth among its offices, according to the governor’s office.
Global Atlantic will now occupy the entire 10th and 24th floors of the building and have the capacity to support more than 300 employees.
“The expansion of our presence in Hartford, one of the premier insurance markets in the United States, is a testament to Global Atlantic’s growth and position within the insurance industry,” Dan O’Shea, chief administrative officer for Global Atlantic, said in a statement. “We are proud to continue expanding 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.”
January 9, 2023 @ 7:40 pm
This is uber disappointing. The state has to pay almost 700,000 too keep 100 jobs in Hartford? Des Moines, the insurance center if insurance in the US, must be laughing.