HARTFORD — A New York-based financial services company that relocated to downtown Hartford from the suburbs in 2018 is expanding its operations in city and plans to add another 100 employees.
Global Atlantic Financial Group relocated from Simsbury to Hartford with 85 employees four years ago and since then has added another 75, for a total of 160 located at One Financial Plaza, the “Gold Building.
”The state Department of Economic and Community Development is giving Global Atlantic up to $695,640 in grants contingent on the company creating and retaining the 100 full-time jobs over seven years. A Global Atlantic spokesman said employees in downtown Hartford generally work a hybrid schedule of three days in the office and two at home.
The announcement comes two months after Sun Life Financial completed a multi-million dollar renovation on two upper floors of the Gold Building. That’s enough space to accommodate up to 400, but on any one day there are likely to be less because of Sun Life’s commitment to hybrid and work-at-home options for employees following the pandemic.
The Global Atlantic lease is a boost for the wider downtown Hartford area where several large employers plan dramatic downsizings in a shift in the wake of the pandemic.
“The expansion of our presence in Hartford, one of the premiere insurance markets in the United States, is a testament to Global Atlantic’s growth and position within the insurance industry,” Dan O’Shea, the company’s chief administrative officer, said.
O’Shea pointed to a “diverse talent pool and vibrant community” as key factors in the company’s expansion in Hartford.Global Atlantic focuses on annuities, life insurance and reinsurance.
Gov. Ned Lamont, who announced the expansion Monday, said Global Atlantic’s business has seen significant growth since 2018. With offices throughout the country, the company chose Hartford for a major expansion, Lamont said, in a release.
In a joint statement, Alexandra Daum, nominated by Lamont to serve as the state’s economic development commissioner and Peter Denious, chief executive of AdvanceCT, said the expansion highlights the strengths of Connecticut insurance industry: workforce talent, high-profile companies and leading insurance cluster.
Hartford Mayor Luke Bronin echoed those sentiments Monday.
“This commitment is a powerful indicator that, as we emerge from the pandemic, companies are seeing the opportunity and growth potential here in downtown Hartford,” Bronin said, in a statement. “We look forward to welcoming the new Global Atlantic employees to downtown, and we look forward to Global Atlantic’s growth as an important part of Hartford’s insurance ecosystem.
”Global Atlantic is leasing another 11,500 square feet in the Gold Building, for a total of 46,000 square feet. The space — the entire 10th and 24th floors — is enough for more than 300 employees.
Global Atlantic was founded within financial services giant Goldman Sachs in 2004 and became an independent company in 2013. In 2014, Global Atlantic acquired Forethought Financial Group, which had purchased the annuity division of The Hartford Financial Services Group in 2013.In 2021, a majority stake in Global Atlantic was acquired by investment giant KKR in a $4.7 billion transaction.