Three major insurance companies that have called Hartford home for more than a century are helping bail it out of financial trouble. Aetna, Travelers and the Hartford Financial Services group have paid the city $10 million this fiscal year, the first of five installments the companies have pledged to pay over the next five years.
The city of Hartford is hundreds of millions of dollars in debt. And the insurance company money will go towards the city’s public library, law enforcement and recreation.
Mayor Luke Bronin says the insurers’ pledge will help provide much needed financial stability to the city.
“I think their decision to make good on this commitment and collectively make the first payment of $10 million toward a five-year commitment reflects, you know, a real vote of confidence in the efforts that have been made here in the city and the efforts that have been made in partnership with our unions, with the state, and with our business community to put the city on a strong foundation for the future.”
The money supplements a state government bailout of the capital, roughly $500 million to be spread out over several decades.
The companies say future payments are contingent on the city showing continued budget discipline.