Senator Frantz Applauds Effort to Keep 800 Jobs in Stamford

October 20, 2009

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.