Issue link: https://nebusinessmedia.uberflip.com/i/587979
6 Hartford Business Journal • October 19, 2015 www.HartfordBusiness.com TOP STORY Q Poll: Malloy ratings sink on taxes, economy Gov. Dannel P. Malloy's approval rating with state residents is its lowest ever, amid concerns about his handling of taxes, the state budget and the economy, according to the latest Quinnipiac University Poll. Connecticut voters disapprove 58-32 percent of the job Malloy is doing, his lowest approval rating ever and the lowest score for any governor in the nine states the independent Q Poll has tracked this year. "Gov. Dannel Malloy's job approval rating has plummeted to 32 percent, close to the historic 24 percent low hit by disgraced former Gov. John Row- land in January 2004, and Gov. Malloy is not in the middle of a corruption scandal," said Quinnipiac University Poll Director Douglas Schwartz. "Malloy is getting hammered on the critical pocketbook issues, taxes, the budget and the economy and jobs,'' Schwartz said. Last week's results were down from a negative 43-47 percent approval rating in a March 11 Quinnipiac University survey. Malloy gets a lackluster 58-33 percent approval from Democrats, while disapproval is 86-8 percent among Republicans and 61-29 percent among independent voters. Men disapprove 62-31 percent and women disapprove 55-33 percent. GOVERNMENT, POLITICS & LAW Towns, unions, business groups planning joint summit Saying they have deep concerns about the economic future of Connecticut, three disparate groups have joined together to organize a first-ever summit. It will bring together business, government, labor, education and social service leaders to brainstorm ways to boost Connecticut's economy. The Connecticut Conference of Municipalities, the Connecticut Business & In- dustry Association, and the Connecticut AFL-CIO will host the two-day summit Nov. 12-13 in Westbrook. The Project B.E.S.T. (Bringing Every Stakeholder To- gether) Summit will be facilitated by Kenya Rutland, a principal of KJR Consulting. She will work with an expected group of 100-plus Connecticut leaders who will focus on the state's economic future with an eye toward revenue and gov- ernance; education and workforce development; transportation and infrastruc- ture; regional solutions; and quality of life matters. All have been addressed before. What makes this summit unique, in most respects, is the organizers who in normal times might not be considered sharing common goals. "Bringing together CCM, CBIA and the CT AFLCIO, Connecticut's largest labor organization, is unprecedented and will ensure the best policy leaders come to the table for this critical, first-time event," said Lori Pelletier, executive secretary-treasurer of the Connecticut AFL-CIO. BANKING & FINANCE CT thrift's owners OK Liberty merger Naugatuck Valley Financial Corp. will merge with Middletown's Liberty Bank in next year's first quarter, following an approval vote for the $78 million sale from the Naugatuck thrift's stockholders. Investors in the parent of Naugatuck Valley Savings and Loan recently voted to merge with Liberty. The boards of both institutions previously sanctioned the merger. Announced back in June, the deal calls for stockholders in Naugatuck Valley Financial to collect $11 a share cash from Liberty. The deal was to have closed in the fourth quarter of this year. A mutual bank owned by its depositors, Liberty has more than $4 billion in assets. Naugatuck Valley had assets of $508.8 million as of March 31. GAMING Healthy Sept. for CT slots For the second time this year, both Foxwoods and Mohegan Sun reported in- creases in their respective monthly slot-machine wins. Of the two casinos, Foxwoods reported the largest increase for September. Foxwoods' slot win for the month was $37.2 million, up 3.2 percent from $36 million in Sept. 2014. Meanwhile, Mohegan reported a 2.6 percent increase, to $47.7 million. The September gains came three months after both casinos reported increases for the first time since 2011. Bettors at both casinos wagered more on slots in September than they did a year ago. Foxwoods' slots "handle" rose 3.6 percent, to $461.9 million, while Mohegan's handle climbed 1.6 percent, to $578.5 million. The casinos will pay $21.5 million in taxes to the state for the month, up from $20.9 million a year ago. HEALTH CARE CT insurers spent 90% of premiums on patient care in '14 Insurers nationwide spent an average of 92 percent of individual health plan premiums on patient care or quality improvement in 2014, leaving 8 percent for administrative costs and profits, according to a new report from the Robert Wood Johnson Foundation. Connecticut was roughly in line with that, at 90 per- cent, which represents the average across all insurance carriers in the state. The national figure is a significant change from pre-health reform figures, the report said. The Affordable Care Act (ACA) requires insurers to spend at least 80 percent of individual premium costs on patient care and quality improvement efforts. Insurers that spend less than 80 percent of their premium revenues on patient care and quality improvement must now provide customers with a rebate for the difference between what they spent and the 80 percent requirement — known as the medical loss ratio (MLR). In 10 states — Hawaii, Illinois, Kansas, Massachusetts, Minnesota, Montana, New Mexico, Oklahoma, Oregon and Pennsylvania — the average individual plan MLR was more than 100 percent last year. That means insurers spent more on medical care than they brought in from premiums, the report said. That could signal upcoming increases in the average premium amount, as insurance companies adjust premiums or services to more closely hit the ACA- mandated 80 percent MLR threshold, the report added. People in other states, including 24 states with average MLR rates between 80 and 89 percent, are expected to see less dramatic increases in average premium costs. ADVERTISING, MEDIA & MARKETING CüR Media launches strategic partnership CüR Media has launched a strategic partnership with DigitasLBi, a global mar- keting and technology agency. It's the next step toward the Glastonbury company launching its self-named next-generation music streaming app later this year. "We are excited to team up with the proven leaders at DigitasLBi to attempt to change the face of the music streaming industry," said Tom Brophy, founder and CEO of CÜR Media. "As a Top 10 global agency, DigitasLBi's expertise in brand building and creativity is unparalleled in the industry. We look forward to working together to successfully drive the expected roll out of CÜR this year." In 2014, the pre-revenue CÜR reported a 2014 net loss of $6.2 million as R&D and other spending ramped up. That was up from a $1 million loss in 2013. In April it received $3.2 million from shareholders exercising warrants at a dis- counted price. Cür said at the time the money was for general corporate purposes and to help finish its product, including potential payments to music labels. In July, the company hired Jay Clark as chief content officer. His respon- sibilities include developing professionally curated genre stations for CÜR Music. He is the former executive vice president of programming at Sirius Satellite Radio. BY THE NUMBERS 32% Gov. Dannel P. Malloy's approval rating, which is the lowest rating for any Connecticut governornoor since John Rowland received 24 percent approval in 2004. $183.5M The total pricetag for a new technology park at UConn, which broke ground last week and will eventually feature equipment and shared laboratory space for UConn researchers, industry scientists and businesses. 90% The percentage of individual health plan premiums Connecticut health insurers spent on patient care or quality improvement in 2014, according to a new report from the Robert Wood Johnson Foundation. $99.6M The estimated average net worth of U.S. Sen. Richard Blumenthal, making him the 11th wealthiest U.S. politician, according to InsideGov. TOP 5 MOST READ on HartfordBusiness.com ■ Towns, unions, business groups planning joint summit ■ CT grads with highest average salary aren't from Yale ■ Anglers hoping to catch $100,000 prize this week ■ UConn breaking ground on $183.5M technology park ■ Lululemon leaving W. Hfd. Center for Westfarms 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 LinkedIn: www.linkedin.com/company/ the-Hartford-Business-Journal Daily e-newsletters: HBJ Today, CT Morning Blend www.HartfordBusiness.com/subscribe Weekly e-newsletters: CT Green Guide Weekly www.HartfordBusiness.com/subscribe WEEK IN REVIEW P H O T O | H B J F I L E Gov. Malloy is currently not popular among Connecticut voters.