Talcott Resolution Life Inc., a subsidiary of international life insurer Talcott Financial Group, plans to lay off more than 100 employees this spring as it closes certain units at its downtown Hartford offices.
According to a notice sent to state and city officials on Tuesday, Talcott Resolution plans to lay off 101 workers as of April 24 as it permanently closes “certain functions within its operations and information technology departments” at its facility at One American Row, also known as the Boat Building.
The notice, filed under the Federal Worker Adjustment and Retraining Notification Act, or WARN Act, states that all affected employees have been notified of their separation dates. None of the employees are union members, so there are no bumping rights, the company added.
Talcott did not disclose whether any severance package is being offered to affected employees.
Talcott Financial Group, which relocated from Windsor, had held a ribbon cutting ceremony for its new downtown Hartford headquarters less than three years ago, in September 2023.
At the time, it announced that it would receive $1.1 million in tax rebates through the state Department of Economic and Community Development’s JobsCT program, contingent upon it retaining 389 jobs and creating 51 new full-time jobs over the next seven years.
A DECD spokesman said the company has not yet earned any of the tax rebates.
“The first tax rebate can be earned for the 24-month period ending Dec. 31, 2026,” the spokesman said. “To be eligible for the rebate in the first year, they will have to retain 389 jobs and create 25 new jobs.”
In the Boat Building, Talcott occupies about 52,000 square feet across four floors. The light-filled, modern offices include collaboration and huddle spaces, kitchen cafés on every floor and a 30-seat boardroom
Talcott focuses on insuring the annuity and life insurance marketplace and has $127 billion in assets under management. The company has other offices in New York and Bermuda, and is an affiliate of global investment firm Sixth Street.
A spokesperson for Talcott provided a statement from the company via email.
“The organizational changes we are implementing are intended to drive long-term operational efficiency and position us to focus on key growth areas within our business,” the company said. “We communicated these changes to all impacted employees last year in July to ensure advanced notice, and we remain committed to treating affected team members fairly and respectfully throughout this transition.”
Note: This article was updated to include a statement from Talcott.
