OCTOBER 2, 2017 • HARTFORD BUSINESS JOURNAL | 21
Constant evolution
The story of the insurance industry in the state
during the last 25 years is filled with companies
moving in and out, merging, spinning off and
rejoining. Take Hartford-based Connecticut
Mutual Life Insurance Co., which merged with
MassMutual in 1995, forming what was then the
fifth-largest life insurer. MassMutual continues to
maintain a presence in the state, employing 1,800
workers. Also in 1995, Aetna sold off its property
and casualty business to Travelers Insurance,
making Travelers the fourth largest P&C insurer
in the country. Travelers went on to be acquired
by Citigroup and then was sold to The St. Paul
Cos., forming the St. Paul Travelers Cos. It was
later renamed The Travelers Cos. Inc.
While names have changed, so too has the
insurance business, thanks to evolving
technology. In Winkler's view, the insurance
industry — which has long been associated
with paper — has now "evolved into technology
companies that sell insurance."
She also noted that there are technology
companies that have flourished in Connecticut
that serve the IFS sector, most notably Hartford-
based Insurity (founded in 1994) and Windsor-
based SS&C Technologies (founded in 1986).
The "boat building" remains an iconic insurance office tower in downtown Hartford. The building was the long-time home to
the Phoenix Cos., until it was bought by Nassau Reinsurance Group in 2015.
Susan Winkler, Executive Director,
Connecticut Insurance and Financial Services Cluster
Aetna's Farmington Avenue headquarters address in Hartford is moving to New York City.
