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MegadealsSubsidy 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: If an online information source is not working, check the Tracker
inventory page for an updated link.