Issue link: https://nebusinessmedia.uberflip.com/i/1542468
2 HARTFORDBUSINESS.COM | JANUARY 12, 2026 Biz Briefs Tel: (860) 236-9998 | Fax: (860) 570-2493 Copyright 2020. All rights reserved. Postmaster: Please send address changes to: Hartford Business Journal P.O Box 330 Congers, NY 10920-9894 Subscriptions Annual subscriptions are $150.00. To subscribe, visit HartfordBusiness.com, email circulation@ hartfordbusiness.com, or call (845) 267-3008. Advertising For advertising information, please call (860) 236-9998. Please address all correspondence to: Hartford Business Journal, 100 Allyn Street, Suite 3, Hartford, CT 06103 Stay Connected For breaking and daily Greater Hartford business news go to: www.HartfordBusiness.com HBJ on Twitter: @HartfordBiz HBJ on Facebook: www.facebook.com/HartfordBiz HBJ on Linkedln:www.linkedin.com/company/the-Hart- ford-Business-Journal Daily e-newsletters: HBJ Today, CT Morning Blend: www.hartfordbusiness.com/enewsletters Hartford Business Journal (ISSN 1083-5245) is published bi-weekly, 27x per year — including two special issues in November and December — by New England Business Media, LLC, 100 Allyn Street, Suite 3, Hartford, CT 06103. Periodicals postage paid at Hartford, CT and at additional entry points. Tom Curtin | CEO, ext. 124, tcurtin@hartfordbusiness.com Editorial Greg Bordonaro | Editor, ext. 139 gbordonaro@hartfordbusiness.com Drew Larson | Web Editor, ext. 121 alarson@hartfordbusiness.com Beat: Energy Michael Puffer | Staff Writer, ext. 145 mpuffer@hartfordbusiness.com Beats: Real Estate, Economic Development, Banking & Finance David Krechevsky | Staff Writer, ext. 702 davidk@hartfordbusiness.com Beats: Health Care, Bioscience, State Government Harriet Jones | Staff Writer, ext. 145 hjones@hartfordbusiness.com Beats: Manufacturing, Cannabis, Professional Services Michael Juliano | Staff Writer mjuliano@hartfordbusiness.com Beat: Fairfield County Stephanie R. Meagher | Research Director Heide Martin | Research Assistant Steve Laschever | Photographer Business Tom Curtin | Publisher, ext. 124, tcurtin@hartfordbusiness.com Jessica M. Quinn | Associate Publisher, ext. 137 jquinn@hartfordbusiness.com Emily Paskind | Senior Accounts Manager, ext. 133, epaskind@hartfordbusiness.com Sadie Bride | Senior Accounts Manager, ext. 141, sbride@hartfordbusiness.com Destiny Cyr | Operations & Administrative Specialist, ext. 138 dcyr@hartfordbusiness.com Tracy Rodwill | Human Resources Manager trodwill@nebusinessmedia.com Production Bartosz Zinowko | Production Director, ext. 147 bzinowko@hartfordbusiness.com Events Kathryn Pelletier | Events Manager, ext. 136 kpelletier@hartfordbusiness.com Major Hartford insurance CEO to retire in early 2026 Hartford-based Hartford Steam Boiler will see a leadership transition next year, as longtime CEO and Presi- dent Greg Barats plans to retire in the first quarter of 2026, parent company Munich Re Specialty said. Barats, who has led HSB since 2011, will remain through early 2026 to support the transition. He will be succeeded March 2 by Jeffrey C. O'Shaughnessy, a veteran HSB executive who currently leads HSB Portfolio Risk Solu- tions. During Barats' tenure, HSB expanded into engineering services, sensor technology and data-driven risk prevention. Developer Krohn sells newly completed 107-unit New Britain apartment building Developer Avner Krohn has sold The Brit, a 107-unit mixed-use apart- ment building he completed in down- town New Britain in 2024, for $31.1 million. Krohn said the property was acquired by a joint venture between INV360 and Reliant Partners, both based in Lakewood, New Jersey. The six-story building at 267 Main St. cost about $25 million to develop and is roughly 75% occupied, with ground-floor restaurant space still available. Krohn said the sale will provide capital to advance other apartment projects in New Britain, East Hartford and Bloomfield. Hartford HealthCare completes acquisition of Manchester, Rockville hospitals Hartford HealthCare has officially acquired Manchester Memorial and Rockville General hospitals, taking ownership Jan. 1 after state approval of an $86.1 million purchase from bankrupt Prospect Medical Holdings. The Office of Health Strategy also cleared nearly $227 million in capital investments over three years. Hartford HealthCare CEO Jeff Flaks called the deal a "generational moment" for the region, citing plans to restore local care, invest in infra- structure and integrate the hospitals into the system. The hospitals have faced years of financial losses and service reductions. Stanley Black & Decker to sell aerospace unit for $1.8B New Britain-based Stanley Black & Decker said it plans to sell its Consolidated Aerospace Manufac- turing business to Howmet Aero- space for $1.8 billion in cash. The unit, based in California, supplies fasteners and engineered components to the aerospace and defense industries. Stanley Black & Decker said proceeds will be used primarily to reduce debt. Hartford HealthCare CEO Jeff Flaks. Contributed Photo Developer Avner Krohn. HBJ Photo | Michael Puffer Hartford Steam Boiler President and CEO Greg Barats. HBJ Photo | Steve Laschever The rehabilitation proceedings of PHL Variable Insurance Co. have generated thousands of pages of court documents. Amid legal threats, failed Hartford insurer pivots toward liquidation The court-appointed rehabilitator of Hartford-based PHL Variable Insurance Co. has concluded the failed insurer cannot be saved through a traditional rehabilita- tion plan and will require liquidation and funding from state guaranty associations. Interim Insurance Commissioner Josh Hershman said all of PHL's business lines are materially impaired, leaving insufficient assets to transfer policies without harming some policyholders. The rehabilitator is also weighing potential legal claims against former owner Nassau Financial Group and parent Golden Gate Capital, which Nassau disputes. PHL has been under state control since May 2024.