U.S. Bureau of Economic Analysis 2019
10 Jan 2023
News, Press Release
(HARTFORD, CT) – Governor Ned Lamont today announced that Global Atlantic Financial Group, a leading insurance company meeting the retirement and life insurance needs of individuals and institutions, is growing its operations in Hartford in an expansion plan that includes leasing an additional 11,500 square feet of office space to support approximately 100 new employees.
With this addition, Global Atlantic will now occupy the entire 10th and 24th floors of The Gold Building at One Financial Plaza in downtown Hartford. This is the second time that Global Atlantic has expanded its footprint in Connecticut’s capital city – the first was in 2019 after it moved into The Gold Building in 2018. The company will now have a total footprint of more than 46,000 square feet in the building with the ability to support more than 300 employees.
“Since moving to downtown Hartford four years ago, Global Atlantic has seen a significant growth in its business and its employment levels,” Governor 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.”
In 2022, Global Atlantic grew its total employee base by 325 employees. This includes the addition of 75 new employees in Hartford, which represents the greatest concentration of growth among its offices.
“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. “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.”
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.
“Global Atlantic is a valued member of our business community, and it is great to see them expanding their physical footprint and continuing to add jobs in our capital city,” Alexandra Daum, commissioner designate of DECD, and Peter Denious, CEO of the nonprofit economic development organization AdvanceCT, said in a joint statement. “Connecticut’s insurance industry is recognized around the world for its talented workforce, leading companies, and commitment to innovation. Announcements like this one reinforce our competitive strengths in this sector and the fact that Connecticut is home to the largest insurance industry cluster in North America.”
Global Atlantic Financial Group is a leading insurance company meeting the retirement and life insurance needs of individuals and institutions. With a strong financial foundation and risk and investment management expertise, the company delivers tailored solutions to create more secure financial futures. The company’s performance has been driven by its culture and core values focused on integrity, teamwork, and the importance of building long-term client relationships. Global Atlantic is a majority-owned subsidiary of KKR, a leading global investment firm. Through its relationship, the company leverages KKR’s investment capabilities, scale, and access to capital markets to enhance the value it offers clients. KKR’s parent company is KKR & Co. Inc. (NYSE: KKR).
U.S. Bureau of Economic Analysis 2019
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