An insurer in the life and annuity business will layoff dozens of employees in Hartford, a third of the workforce it relocated less than three years ago to downtown’s iconic “Boat Building.”
Talcott Financial Group told state and city officials in a letter Tuesday that the layoffs of 101 employees in its Talcott Resolution Life, Inc. subsidiary will be permanent and are expected to take effect April 24.
In the letter to the state Department of Labor and Hartford Mayor Arunan Arulampalam it said, “there will be a closing of certain functions within the operations and IT Departments at the company facility at One American Row in Hartford.”
The notice did not elaborate on the reasons behind the changes in the departments.
In late 2023, Talcott relocated from Windsor to downtown Hartford with the insurer noting that its decision was partly based on the amenities the city had to offer. At the time, Talcott noted the relocation was a significant step in the company’s growth within a major insurance market in the U.S.
Talcott leased 52,000 square feet in the Boat Building.
When it moved into its new downtown offices, Talcott said it had secured a package of incentives from the state Department of Economic and Community Development. Contingent on retaining 389 jobs in Connecticut and creating an additional 51 full-time jobs over the next seven years, Talcott stood to receive up to $1.1 million in tax rebates as part of the state’s job incentive program.
A DECD spokesman said Talcott has not earned any of the JobsCT tax rebates
The first tax rebate can be earned for the 24-month period ending Dec. 31, 2026, according the spokesman. To be eligible for the rebate in the first year, they will have to retain 389 jobs and create 25 new jobs, the spokesman said.
These are the jobs being cut, according to the notice:
Kenneth R. Gosselin can be reached at [email protected].