Hartford Business Journal

HARTFORDBUSINESS.COM | JULY 22, 2024 13 remote — since the pandemic, and will continue to do so after the move, he added. But perhaps most importantly for the Alliance, Griggs said, is that City Place I provides a more modern loca- tion to conduct business, particularly with those from outside the region, and the nation, who are investing in Hartford. InsurTech Corridor That includes investors from across the pond. MetroHartford Alliance is a stake- holder in the InsurTech Corridor, a collaboration between the state of Connecticut and United Kingdom that is intended to help insurance tech- nology companies gain a foothold in both locations. As part of the collaboration, 10 U.K. insurtech companies have committed to opening offices in Hart- ford, Griggs said, including five last year and five more so far in 2024. "They're going to be small, let's say five to 15 people," he said. "But those are numbers that don't upset the marketplace." Griggs said the goal right now for Hartford is to bring in a number of smaller companies. "It's no longer 'can we get a company to hire 500,' but 'can we find 50 companies to hire 10,'" he said. U.K. companies coming to Hartford may fill as many as half of their U.S. jobs with people from overseas to start, Griggs said, adding that "no one knows which company will be the next unicorn, that's going to just take off as soon as they hit the U.S. market." He noted it's unlikely that Hartford's large legacy insurance companies — Travelers, The Hartford, Aetna — are going to hire hundreds of new employees. "The next company that hires 500 isn't likely to be one of those," he said. "So, we have to bring in companies if we want to see that growth and that high volume. And that's what this is all about." More opportunities Along with the InsurTech Corridor project, MetroHartford Alliance continues to work with site selectors and consultants to find opportunities for companies to expand and/or locate in the region. Griggs cited the recent announce- ment that Massachusetts-based Home Market Foods has acquired the former Carla's Pasta production facility in South Windsor as an example. Home Market said it plans to invest more than $70 million in the building at 50 Talbot Lane over the next 18 months, and add 210 new jobs. The renovated building is expected to reopen in June 2025. "The site selector reached out to us maybe in January or last December," Griggs said about the move and deal. "It was from our initial conversation with them that we were able to build and activate the Connecticut team that ended up putting together a proposal for them." Other major initiatives for the Alli- ance, Griggs said, include the Hart- ford Chamber's continuing support for the Hart Lift retail and restau- rant incentive grant program, which the city has funded with between $10 million and $11 million. The program provides matching grants of up to $150,000 to prop- erty owners to offset the costs of preparing first-floor retail spaces for new shops and restaurants. Griggs said the program is bringing 75 new restaurants to the city, which has a broader effect than some might think. "Let's use the Travelers as an example," he said. "Those 70 new restaurants equal an ROI (return on investment) for them, because their workforce will have more options. They'll love being in Hartford more, and it might make it easier to attract future talent, but it's hard to put a number on that." The Alliance is also working with the Connecticut Airport Authority to bring to Bradley International Airport a direct flight to London. "We're shooting for Heathrow, but it could be Gatwick," Griggs said. "At the end of the day, we just need it. Having that connection between the two markets will only serve to accelerate the investment between the two." CORRIDOR COMPANIES These 10 U.K. insurtech companies have announced plans to establish a presence in Hartford as part of the InsurTech Corridor collaboration between the United Kingdom and Connecticut: • Wrisk • MatrixIQ • Previsico • Slipcase • Gaia Family • Sonr • ValueSpace • McKenzie Intelligence • Insuranants • Programmable.ai Source: MetroHartford Alliance PRESENTED BY Join us as we recognize and honor outstanding young professionals who are excelling in their respective industries and making significant impacts. SEPTEMBER 19 AQUA TURF CLUB FOR EVENT TICKETS GO TO: HartfordBusiness.com/HBJ-Events or scan the QR CODE MAJOR SPONSOR SUPPORTING SPONSORS

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