State of Connecticut lends $9m over 20 years to save jobs
Warren Buffett’s most profitable firm General Re, has secured a $9m loan at 2% from Connecticut to keep the Stamford-based company in state for at least four more years, Bloomberg reports.
The funding “ensures that a company based in our state since 1974 is not lost to a neighbouring state,” Governor Jodi Rell said. The 20-year, 2% loan requires General Re to keep an average of 820 workers in Stamford through 2013, said Jim Watson, a spokesman for the state’s Department of Economic and Commercial Development.
“Gen Re had to make a decision - stay in Stamford or relocate to Westchester County, New York - and we were not going to lose those dependable jobs,” Rell said. “Smart, targeted loans and investments by the state will prevent” the loss of insurance-industry positions.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
