STAMFORD, Conn. -- As dozens of employees looked on, Gov. Dannel P. Malloy cut the ribbon at the official opening of the Navigators Group Inc.'s new headquarters in Stamford on Wednesday morning.
"We want Connecticut in the future to be known as a job growth state," Malloy said in brief remarks at the company's 400 Atlantic St. headquarters. He told his audience that he signed an executive order Wednesday to review state regulations that are four years old and older to see whether some can be streamlined or eliminated.
“Quite frankly, we need to get rid off a lot of that stuff,” he said. “It is a multifaceted approach to making Connecticut a truly business friendly climate and to throw off the reputation we have had in the past of being overly bureaucratic.”
Navigators Group President and Chief Executive Officer Stanley Galanski praised the state for its work in bringing the company to Stamford from .
“Their pro-business attitude and their pro-job creation attitude was very evident and just the integrity and they way they negotiated with us was just a fantastic experience,” he said. “We’re delighted to be members of the community here,” he said.
The company was lured to Stamford from its former home in Rye Brook, N.Y., by the state's Next Five program, which seeks to entice companies to move to Connecticut.
The program will provide a 10-year forgivable loan of up to $8 million at no interest. Navigators Group will also receive a $3.5 million grant to help offset the $25 million relocation cost.
The company employs 87 people at the Stamford location, with an additional 35 across the state, Malloy was told at the event.
The Next Five program provides incentives and tax credits to businesses that create a minimum of 200 new full-time jobs within five years.
Navigators is expected to create slightly more than jobs within five years.
Economic Development Commissioner Catherine Smith also attended. “This important project represents high-quality jobs, millions in capital investment, and another step in our efforts to strengthen our insurance sector,” said Smith. “It also shows how Connecticut corporations are making a difference in other ways. Businesses all across the state make countless contributions to the communities in which they call home — their investments in charities, arts and cultural organizations, or sporting activities have a tremendous impact locally and touch the lives of thousands.”
Navigators Group, in partnership with Cos Cob-based Kids In Crisis, announced it will be the title sponsor of the Navigators Stamford KIC IT Triathlon. The June event consists of a 1.5-kilometer swim in Long Island Sound, a 40K bicycle ride and a 10K run through Stamford.
The Navigators Group is an international specialty insurance holding company with insurance company operations, underwriting management companies and operations at Lloyd's. With its headquarters in Connecticut and insurance operations based in New York and London, Navigators has offices in major insurance centers in the United States, the United Kingdom and Continental Europe, as well as representatives in China and Brazil.