Hartford Business Journal

6 Hartford Business Journal • August 21, 2017 www.HartfordBusiness.com TOP STORY Trinity Health alters name to resolve trademark dispute Trinity Health — New England has renamed itself "Trinity Health Of New England" to resolve a trademark dispute with a Springfield, Mass.-based health insurer. Specific terms of the renaming and trademark agreement between Trin- ity and Health New England are confidential, but both sides endorsed the change last week. Joe Connolly, vice president for marketing and communications at Trinity Health Of New England, said the new name "accurately represents both our ties to Trinity Health at a national level and the local communities we serve." Ashley Allen, vice president of sales and marketing at Health New Eng- land, also welcomed the resolution. Health New England is a nonprofit health plan serving members in Massachusetts and Connecticut. Trinity Health Of New England is a nonprofit healthcare organization formed in 2015 and a member of Trinity Health located in Livonia, Mich., a Catholic healthcare provider serving 22 states. Trinity Health includes St. Francis Hos- pital and Medical Center and Mount Sinai Rehabilitation Hospital in Hartford, as well as health systems in Waterbury, and Springfield and Holyoke, Mass. ECONOMY & LABOR Hartford region jobless rate continues decline in June Hartford area unemployment declined in the Capital City and region in June, according to an economic summary from the U.S. Bureau of Labor Statistics. During the month, the region's unemployment rate declined to 5.2 percent from 5.6 percent in the year-ago period. The drop in Hartford, however, was 1.2 percentage points, declining to 8.9 percent from 10.1 percent in the year-ago period, BLS statistics show. Suburbs had varying rates of decline: East Hartford posted a 6 percent unemploy- ment rate compared to 7.1 percent in the year-ago period; New Britain registered 6.8 percent unemployment down from 7.5 percent a year earlier; and West Hartford slid to 4 percent unemployment from 4.3 percent a year ago, the BLS reported. The region added 6,200 jobs in June. The mining, logging and construction sector added 1,000 jobs, registering the largest percentage gain of 4.6 percent, while the information sector lost 400 jobs, a 3.4 percent decline. CT 17th in U.S. for growth of middle market firms Connecticut is ranked 17th in the nation for middle market company growth, according to the latest Middle Market Power Index. The Nutmeg State has an estimated 2,505 middle market companies, or just under 1 percent of all firms in the state, the report states. Middle market com- panies typically earn between $10 million and $1 billion in annual revenues, ac- cording to American Express and Dun & Bradstreet, which produced the index. INSURANCE UnitedHealth's Hemsley to leave CEO post One of the nation's largest health insurers, UnitedHealth Group, which has a major presence in downtown Hartford, announced that its top executive Ste- phen J. Hemsley is leaving his CEO post. Hemsley will be replaced by David S. Wichmann, who is president of United- Health Group, and has been groomed for the top job for years, the company said. The leadership change at the Minnetonka, Minn.-based health insurer takes effect Sept. 1, when Hemsley will assume the newly created role of executive chairman of the board of directors. Current board chairman Richard Burke will become lead independent director. Wichmann, 54, joined the company in 1998. He served as chief financial of- ficer from 2011 until mid-2016, and has been president of UnitedHealth Group and overseen UnitedHealthcare, the company's benefits business, since 2014. Hemsley, 65, joined the company in 1997 and has been CEO since late 2006. HOSPITALITY & TOURISM Foxwoods unveils new thrill rides to broaden its appeal Foxwoods Resort Casino last week announced its latest push into "ecotour- ism," by unveiling two new thrill rides on its resort-campus in Mashantucket. The rides — Sky Drop and Sky Launch — will open as part of a new Thrill Tower at Foxwoods. On the Sky Drop, four riders at a time are lifted to the top of Thrill Tower before free-falling 120 feet to the bottom. Sky Launch propels two riders sitting back-to- back from the ground to the top of Thrill Tower and back again at a high speed. Earlier this year, Foxwoods also announced the opening of its 33-story high HighFlyer Zipline. HEALTH CARE Rebranded Hebrew Senior Care emerges from bankruptcy West Hartford's Hebrew HealthCare has emerged from bankruptcy with a revamped business model, balance sheet and a new name — Hebrew Senior Care Specialized Health & Living Services. The provider of senior assisted living and dementia services, adult day care and geriatric physician services recently announced that a Connecticut bankruptcy judge approved its Chapter 11 plan of reorganization, discharging it from receivership. Last December, then Hebrew Healthcare said it sold its 257-bed skilled nurs- ing facility at 1 Abrams Blvd. in West Hartford to a unit of National Health Care Associates to stabilize its balance sheet. Hebrew Center, a for-profit healthcare provider, and Hebrew Senior Care, a nonprofit senior care provider, will operate as separate organizations within the same building on Abrahms Boulevard. Gary Jones is interim president and CEO. Under the new Hebrew Senior Care organizational umbrella are: The Hos- pital at Hebrew Senior Care; Connecticut Geriatric Specialty Group; Senior Day Center; Dementia Services; Assisted Living Service Agency; and Hoffman Summerwood. GOVERNMENT & POLITICS As budget deficit grips state, 'tax-free' week will cost CT $4.1M As Connecticut promotes "tax-free week" for the 17th year, state officials esti- mate the weeklong freebies will cost the state about $4 million this year — at a time when the state's budget is a month-and-a-half overdue and deep in red ink. Tax free week — a bonus for taxpayers enabled by state statute — allows consumers to forego paying the state's 6.35 percent sales tax on clothing and footwear priced under $100. This year, tax-free week runs from Aug. 20-26. It was originally intended to help shoppers with children heading back to school in the fall. In promoting the tax-free week on the Department of Revenue Services web- site, Commissioner Kevin B. Sullivan identifies about $4.1 million in revenue the state will not collect as a result of the week-long promotion. For retailers, he said, "the economic boost more than makes up for the sales tax holiday." U.S. attorney's office declines to probe crumbling foundation problem Connecticut's U.S. attorney's office has declined to pursue a federal investi- gation into the area's crumbling foundation problem, and advised homeowners to contact the FBI for more assistance. Assistant U.S. Attorney Nancy Gifford explained in an Aug. 11 letter that her office is responsible for enforcing federal criminal laws, as well as representing the United States and its agencies and employees in various civil actions in court. The FBI, however, is the appropriate agency to handle complaints that require additional investigation, she said in the letter to affected homeowners and Con- necticut Coalition Against Crumbling Basements President Timothy Heim. In his formal complaint to Connecticut's U.S. Attorney Deirdre M. Daly, Heim detailed the long history of the issue now plaguing hundreds of homeowners in north-central and eastern Connecticut. But that information wasn't enough. – Eric Bedner | Journal Inquirer BY THE NUMBERS $230M Approximate value of the donations received by the University of Connecticut Foundation over the past three years, which is a new record for the state's flagship university. 5.2% The unemployment rate in Greater Hartford at the end of June, which was down from 5.6 percent a year earlier. $1B The total debt offering recently issued by Hartford health insurer Aetna, which is using the funds to retire existing debt and pay for general corporate purposes. $4.1M The approximate amount of money state government will forego during its "tax-free week," which exempts consumers from having to pay the state's 6.35 percent sales tax on clothing and footwear priced under $100. TOP 5 MOST READ on HartfordBusiness.com ■ Hartford stadium named 'Ballpark of Year' ■ Foxwoods unveils new thrill rides to broaden its appeal ■ Hartford's Swift factory redevelopment wins key funding ■ Trinity Health alters name to resolve trademark dispute ■ UConn bookstore on pace to open downtown 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, CT Health Care Weekly www.HartfordBusiness.com/subscribe WEEK IN REVIEW Trinity Health Of New England recently posted new signage with its revamped name. P H O T O | C O N T R I B U T E D

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