New York insurance firm to move HQ to Stamford - WFSB 3 Connecticut

New York insurance firm to move HQ to Stamford

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STAMFORD, CT (AP) -

The Navigators Group, a specialty insurance holding company, is moving its corporate headquarters from New York to Stamford, promising to create 200 jobs in Connecticut within the next five years.

The publicly traded firm is the latest recipient of state aid under the so-called First Five program. Under the agreement announced by Gov. Dannel P. Malloy on Friday, The Rye Brook company will receive a 10-year, forgivable, no-interest loan of up to $8 million and a grant of up to $3.5 million.

The funds, contingent on the company reaching certain job milestones, will be used to purchase equipment, making facility upgrades, train employees and offset relocation costs.

Stanley Galanski, Navigators' president and CEO, said the firm expects to finish the move from Stamford around Labor Day, bringing 100 employees.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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