For the second consecutive year, three insurance companies with roots or offices in Hartford, Connecticut, are giving $10 million to the city, the Hartford Business Journal reports.
The contributions from Aetna, The Hartford, and Travelers Cos. represent the second installment of a $50 million commitment announced in 2017 to help the city address its precarious fiscal situation. The joint pledge of $10 million annually over five years — the first installment of which was paid out in July 2018 — is contingent on the city continuing to improve its fiscal position.
According to HBJ, the gifts were made after the city council adopted Mayor Luke Bronin's budget of $573.2 million, which includes a spending increase of $3.2 million (0.6 percent) but does not include any new taxes or borrowing. The three companies review the city's finances annually before deciding whether to make additional gifts.
"We believe supporting the city is the right thing for The Hartford to do," the property and casualty insurer said in a statement, adding that its $3.3 million will be used to support community-serving institutions such as the Hartford Public Library. "The city has achieved very positive progress through a broad and balanced set of actions. However, we recognize a long-term solution will take additional time and work."
Alan Schnitzer, CEO and chairman of Travelers, which is headquartered in New York City, told HBJ the company appreciates "the progress made through Mayor Bronin's ongoing efforts....We'll continue to work with the mayor and others to ensure we’re on a path to a comprehensive and sustainable financial solution."
(Photo credit: Jimmy Emerson)