Subsidy Tracker Individual Entry

Company: 
Zurich Reinsurance Centre Holdings Inc.
Parent Company: 
SCOR
Subsidy Source: 
state
Location: 
Connecticut
City: 
Stamford
County: 
Fairfield
Project Description: 

U.S. headquarters relocation

Year: 
1997
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
insurance
Subsidy Value: 
$190,000,000
Program Name: 
Connecticut Insurance Reinvestment Act
Awarding Agency: 
Department of Economic and Community Development
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
400
Source of Data: 

The value of the subsidy package and job data are thane form: Jon Lender, "Deal to bring $12.5 million to Bridgeport," Hartford Courant, May 14, 1997.

Notes: 

Connecticut offered Zurich Reinsurance Centre Holdings Inc., an insurance company, a subsidy package of $190 million, or $475,000 per job, for moving its U.S. headquarters from New York City. After the deal became controversial (the company used a loophole in the program rules), Zurich Reinsurance agreed to contribute $12.5 million to economic development projects in Bridgeport, CT. Overlaps with main Subsidy Tracker data: none.

Source Notes: 
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