Hartford Business Journal

4 Hartford Business Journal • December 18, 2017 • www.HartfordBusiness.com Briefs State health exchange enrolls 18,000 more new members With a little more than a week left for consumers to enroll, the state's health insurance exchange has signed up 100,000 members, 18,000 of whom are new, officials said. The deadline for enrolling with Access Health CT through ConnectiCare or Anthem is Dec. 22. Of the new members this year, 41 percent never had a plan on the exchange before, while 59 percent didn't have a plan in 2017, said Access Health CT CEO Jim Wadleigh. The figures are as of Dec. 8, he said. Historically, as much as 25 percent of customers leave the exchange or choose not to renew their plans. The reasons range from moving out of state to getting coverage through an employer or qualifying for Medicaid or Medicare, Wadleigh said. Earlier in the month, Wadleigh predicted total enrollment would top out at about 105,000 to 110,000 — about the same amount as last year. Hartford Yard Goats, Colorado Rockies extend affiliation deal through 2020 The Hartford Yard Goats Baseball Club and the Colorado Rockies agreed to extend their affiliation for another two years, keeping them together through the 2020 season. The Rockies' organization employs all the Yard Goats players, coaches and training staff. The so-called "player development contract" extension was announced at the 2017 Baseball Winter Meetings at the Walt Disney World Swan and Dolphin Resort in Orlando, Fla. Terms of the deal were not disclosed. The Yard Goats franchise has been affiliated with the Major League Baseball Colorado Rockies since 2015 and in just three seasons has sent 16 players to the majors. Report: CT high schools failing financial ABCs Connecticut is among 11 states with the worst financial literacy in its public high schools, according to a new report. Vermont-based Champlain College's Center for Financial Literacy produced the 2017 report card, giving Connecticut an "F." The center said it relies on national data to grade all 50 states and the District of Columbia on their efforts to produce financially literate high school graduates. "What the grading shows is that we have a long way to go before we are a financially literate nation," said John Pelletier, the center's director. American high schools have improved incrementally, in part because previous report cards have energized debates and legislation in many states, Pelletier said. But only five states earned an "A": Alabama, Missouri, Tennessee, Virginia and Utah. Fifteen states earned a "D" or "F," but all failing grades are not equal, the center said. In fact, it said Connecticut stands out, along with California, Massachusetts, Pennsylvania and Wisconsin for having created programs that promote financial literacy education. However, these states still fail since their students seldom receive exposure to the subject, the report said. One Connecticut improvement includes a 2015 state law that requires the state Board of Education to offer financial-literacy curricula to local and regional school districts. Survey: Cyber hacking a costly expense for many businesses Twenty-nine percent of U.S. businesses experienced a data breach during the last year, and eight in 10 spent at least $5,000 to respond, according to the latest survey from the Hartford Steam Boiler Inspection and Insurance Co. (HSB). The survey, conducted by Zogby Analytics for HSB, a cybersecurity insurer that is part of Munich Re, also found that almost half of the breaches (47 percent) were caused by a vendor or contractor working for a business. Other causes included employee negligence (21 percent) and lost or stolen mobile devices or storage media (20 percent). The financial impact of a data breach also was considerable: 27 percent of the businesses spent between $5,000 and $50,000 to respond and 30 percent spent between $50,000 and $100,000. Zogby surveyed 403 C-suite and other senior executives across the country. The businesses they represented are valued at anywhere from less than $5 million to more than $200 million. S. Windsor manufacturer sells business unit to Stamford firm Stamford advanced composites technology provider Hexcel Corp. is acquiring the aerospace and defense division of South Windsor-based Oxford Performance Materials for an undisclosed sum. The division produces thermoplastic, carbon fiber reinforced 3D printed parts used in the commercial aerospace, space and defense industries. Included in the deal are equipment, Week in Review TOP STORY Hartford officials agree to seek state oversight T he Hartford City Council authorized its president and Mayor Luke Bronin to apply for assistance through the state's new municipal accountability review board. In exchange for being placed under the supervision of an oversight board, the city would gain access to tens of millions of dollars in additional state aid to help it close a $50 million budget deficit. The state oversight panel has the authority to review budgets and contracts, according to a summary of its provisions, and can also authorize technical and financial assistance for a distressed municipality under its purview. The city is seeking tier III designation, the second most serious of four designations. It stipulates that the city's bond rating is not investment grade and that it has either a negative fund balance percentage or an equalized mill rate of 30 or more, and it receives 30 percent or more of its current fiscal year general fund budget revenues from the state. The city council also approved two labor contracts. The City of Hartford Professional Employees Association deal would save the city $630,000 over the life of the contract, which runs through 2020, the mayor's office said. The police union contract, which runs through 2022, would save the city $2 million this fiscal year and then escalate to up to $4 million in annual savings, the mayor's office said. BY THE NUMBERS 60% The percentage decline in state pesti- cide inspections during the past three years as a result of staffing reductions, according to the Council on Environ- mental Quality. $3.3T The amount of total U.S. health spending in 2016, a 4.3 percent increase from the year prior, which was a slower growth rate, according to a federal study. 5.2% The percentage of Greater Hartford mortgage holders who were delinquent on their loan by at least 30 days in September, which was down from 5.5 percent in the year-ago period, accord- ing to CoreLogic. 29% The percentage of U.S. companies that experienced a data breach in 2017, according to a new poll conducted by Zogby Analytics for the Hartford Steam Boiler Inspection and Insurance Co. TOP 5 MOST READ On HartfordBusiness.com • 1. S. Windsor manufacturer sells business unit to Stamford firm • 2. Former Dunkin' Donuts Park developers to appeal case against Yard Goats • 3. Bronin: Hartford must apply for state oversight • 4. Hartford Yard Goats, Colorado Rockies extend affiliation deal through 2020 • 5. Report: CT high schools failing financial ABCs 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-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 Hartford city hall could soon be getting more oversight from a state accountability review board. PHOTO | HBJ FILE Scott DeFelice, CEO of Oxford Performance Materials. PHOTO | HBJ FILE

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