Hartford Business Journal

8 HARTFORDBUSINESS.COM | FEBRUARY 6, 2022 On The Record | Q&A Dan O'Shea, Global Atlantic's chief administrative officer, stands near renderings outlining the company's planned expansion within the Gold Building in downtown Hartford. The company is revamping the entire 10th floor and parts of the 24th floor. HBJ PHOTO | STEVE LASCHEVER With Goldman Sachs roots, Global Atlantic Financial Group bullish on Hartford expansion By Greg Bordonaro gbordonaro@hartfordbusiness.com S ince the pandemic's start, several Hartford insurance companies have announced plans to cede hundreds of thou- sands of square feet of downtown office space. Global Atlantic Financial Group is countering that trend, even as the retirement and life-insurance company embraces a hybrid work model. Global Atlantic in January announced plans to expand its downtown Hartford presence in the Gold Building at One Financial Plaza, taking on an additional 11,500 square feet to support about 100 new employees. The company will occupy the entire 10th and 24th floors of the iconic 26-story, Class-A office tower, growing its footprint to more than 46,000 square feet, with the ability to support more than 300 employees. Last year the New York-based company added 325 workers across its nine offices, including 75 new hires in Hartford. It currently has about 240 employees who report to the Gold Building, but after the next hiring wave it will have over 300, likely making Hartford the compa- ny's largest office, according to Dan O'Shea, Global Atlantic's chief administrative officer. Connecticut taxpayers are supporting the expansion. The Department of Economic and Community Development (DECD) said it will provide Global Atlantic up to $695,640 in grants if the company creates and retains 100 full-time jobs over seven years. "I do believe the Greater Hartford area is the insurance capital of the United States," said O'Shea, a 49-year-old Glastonbury resident. "And so if you're looking to expand and you're an insurance company, Hartford is a really good option." O'Shea recently sat down with the Hartford Business Journal to discuss Global Atlantic's growth plans and history. He said the company's early days trace back to a whiteboard at Goldman Sachs, where the business was founded in 2004. Current Global Atlantic CEO Allan Levine led the investment bank's reinsurance group at the time. Levine eventually grew that busi- ness to about 200 employees and $15 billion in assets under manage- ment, when Goldman decided to spin it off in 2013 to form Global Atlantic. It's grown since that time through a series of reinsurance deals and acquisitions. Past purchases included Des Moines, Iowa-based Aviva USA's life insurance business and Houston, Texas-based Forethought Financial Group, a provider of life insurance and annuities. Both deals estab- lished and grew Global Atlantic's presence in the individual retail life insurance sector. In 2021, New York private equity giant KKR bought a controlling 60% stake in Global Atlantic — a deal that valued the company at about $4.7 billion. That purchase, O'Shea recalls, was negotiated remotely amid the pandemic. "We were talking through that whole period of time over Zoom," he said. "It was quite surreal." Today, Global Atlantic has $135 billion in assets under management and sells retirement and life insur- ance products to retail customers through brokers and banks, and provides reinsurance to institutional clients, including other life insurers. O'Shea has strong ties to the state's insurance industry. He's been with Global Atlantic for nearly seven years. Prior to that, he served in a variety of human resources roles at The Hartford for about 13 years. Since joining Global Atlantic in 2016 as chief human resources officer, O'Shea has gradually taken on more responsibilities and was named chief administrative officer in 2021. In addition to overseeing HR and talent recruitment and management, he's in charge of business resilience, real estate, corporate services, secu- rity, communication and branding and marketing. DAN O'SHEA Chief Administrative Officer Global Atlantic Financial Group Education: Bachelor's degree in psychology, Boston College; Ph.D. in industrial and organi- zational psychology, University of Connecticut Volunteer: Board of Directors, Hartford Public Library Age: 49

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