Officials Discuss Impact of Changes at The Hartford

State and local officials plan to work closely with the company to monitor changes, jobs picture remains unclear

Local and state officials met with representatives from The Hartford on Tuesday to discuss the company's plans for restructuring and the potential impact it will have on Simsbury.

First Selectman Mary Glassman, State Representative Linda Schofield, Board of Finance Chair Paul Henault and other local and state officials attended the meeting, according to a statement from Simsbury Town Hall.

Hartford Financial Services Group recently announced significant changes in its business model that includes discontinuing the sale of variable and fixed annuities and the possible sale or other alternatives for Individual Life, Woodbury Financial Services and Retirement Plans.

The company also plans to move its mutual fund business to Radnor, Penn.

 “The Hartford’s business plans are of concern to us,” said Glassman.  “The company is an important part of this community – it employs many of our residents and provides a significant source of revenue to the Town.  We need to understand how this change in the direction of the business will affect the people of Simsbury. “

The company currently employs 1,900 workers at its Simsbury campus and occupies a large property in the south end of town. The company's plan to restructure the business will take 12-18 months and officials won't know how many jobs will be affected until the process is complete.

"During this period, the Town and The Hartford have agreed to stay in close touch regarding any developments," the statement said.

"The Town and Ronald Angelo, Deputy Commissioner for the state Department of Economic and Community Development communicated their willingness to work closely with The Hartford to provide resources and support so that potential buyers are fully aware of the benefits of retaining these operations in Simsbury and in the State of Connecticut," the statement said.

“We plan to continue to be proactive in working with The Hartford going forward,” Glassman said.  “As this reorganization unfolds, we’re committed to doing everything we can to keep jobs and businesses here in Simsbury.”


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