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HARTFORD INSURERS MAKE $10 MILLION PAYMENT AS PART OF CITY'S FISCAL RECOVERY

HARTFORD INSURERS MAKE $10 MILLION PAYMENT AS PART OF CITY'S FISCAL RECOVERY

 

HARTFORD, CONN (July 9, 2018)– Today Mayor Luke Bronin, Alan D.Schnitzer, Chairman and Chief Executive Officer of Travelers, Christopher J. Swift, Chairman and Chief Executive Officer of The Hartford Financial Service Group, and Mark T.Bertolini, Chairman and Chief Executive Officer of Aetna, announced that Hartford's three major insurers have made a combined payment of $10 million toward the City of Hartford’s 2018-2019 Fiscal Year budget.

This funding was built into the budget already adopted by the city. In March of 2017, the three companies pledged $10 million a year for five years to support the Hartford Public Library, city law enforcement, and recreation. The initial $10 million recently provided by the three companies covers the first year of the commitment, with support in subsequentyearscontingent on continued fiscal discipline and progress consistent with the plan for fiscal sustainability.

"Last year, Travelers, The Hartford, and Aetna and made a strong and generous commitment to the future of our Capital City, pledging $10 million per year for five years as part of a comprehensive response to Hartford's fiscal crisis,” said Mayor Bronin. “Along with deep cuts to municipal spending, big contributions by our labor unions, and a new partnership with the State of Connecticut, the commitment of these three companies allows us to project fiscal stability for the next five years.  We nowhave touse that period of stability to focus on growth and true long-term sustainability for our Capital City.  Travelers, The Hartford, and Aetna contribute a great deal to Hartford already, and I am deeply grateful to the leadership of each company for their generosity – and even more importantly, for their belief in Hartford's future."

"Travelers has been proud to call Hartford home for more than 160 years," said AlanSchnitzer, Chairman and Chief Executive Officer of Travelers. "We are committed to doing our part to support the community that does so much to support our company and employees. We applaud the efforts made by Mayor Bronin and state leaders to stabilize Hartford's finances for the time being, and we'll continue to work with them towards a long-term, comprehensive, and sustainable financial solution to the city's economic challenges."

"We are committed to being part of a comprehensive and sustainable plan to address the city's financial challenges and believe that supporting the city and MayorBronin'sstrategy is the right thing for The Hartford to do," said The Hartford's Chairman and Chief Executive Officer Christopher Swift. "The Mayor has achieved very positive progress through a broad and balanced set of actions. We recognize that completing a comprehensive and sustainable plan to ensure the city's fiscal health will take additional time and work. We are confident in the city's ability to find a long-term solution, and we will remain in close contact with the Mayor and will continue to monitor and evaluate progress on the long-term solution."

"Aetna has been committed to the City of Hartford for 165 years," said MarkBertolini, Aetna Chairman and Chief Executive Officer. "We are continuing this commitment and making good on our promise to support the city, providing the first year of the five-year funding commitment. We hope that this support will help make Hartford a more vibrant community forall ofits residents, including our employees. We appreciate the efforts made by Mayor Bronin, in cooperation with the state government, to stabilize Hartford's finances. We will monitor and evaluate the progress being made toward a comprehensive and sustainable financial solution on an annual basis, and will continue to work with the mayor to support these efforts."

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