Governor Dannel Malloy has announced that The Navigators Group, an international specialty insurance holding company, will move its corporate headquarters and additional operations from New York to Stamford, Connecticut.
The project is expected to create 200 jobs in the state within the next five years.
“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 Malloy. “Navigators started in 1974 as a family-owned managing agency specialising 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.”
The Navigators Group is an international commercial property and casualty insurance holding company with insurance company operations, underwriting management companies, and operations at Lloyd’s.
“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 Galanski, president and CEO of The Navigators Group.
“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 Q4 2013. Navigators may also take additional space in other Connecticut locations to support other operations.
