State Loan Will Help General
Reinsurance Corp. Remain in Stamford
Hartford, CT – State Senator
L. Scott Frantz (R-Greenwich) today applauded Governor
Rell’s announcement that the state Bond Commission
is expected to approve a $9 million loan to help Stamford-based
General Reinsurance Corporation, or Gen Re, continue
to do business in Connecticut.
“At a time when so many businesses are moving
out of state or laying off workers, it is encouraging
to hear that Gen Re has been spared and will be able
to continue to do business in Connecticut and keep hundreds
of jobs intact,” said Senator Frantz.
Gen Re will move to a new location in Stamford on Long
Ridge Road. The loan will help pay for new equipment
and fixtures at the nearly 300,000 square foot facility.
“While I am grateful to Governor Rell and the
Bond Commission for their efforts to get this loan approved,
I am disheartened that Connecticut was in danger of
losing Gen Re in the first place,” said
Senator Frantz. “This close call with
Gen Re only affirms what legislative Republicans have
been saying for months - Connecticut is not doing enough
to support business growth and job creation. The legislature
must work hard over the coming months to expand the
tax base and enhance the economy by keeping the jobs
we have here and supporting policies that will attract
new business to our state.”
The loan is expected to be approved when the Bond Commission
meets on October 30th. Gen Re is a subsidiary of Berkshire
Hathaway Inc. and has been based in Connecticut since
1974. The company employs 2,300 people in more than
50 locations.
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