Citing continued economic progress, Hartford’s largest insurers for the second consecutive year say they are donating a collective $10 million to the city of Hartford.
In 2017, leaders of Aetna, The Hartford and Travelers Cos. together penned an opinion piece in the Hartford Courant pledging a combined $50 million to the Capital City, which faced a financial crisis, over five years if the city improved its fiscal status.
They each gifted about $3.3 million in an initial installment last July.
The insurers this week confirmed they are again donating a total of approximately $10 million for the 2019-2020 fiscal year. They plan to continue reviewing the city’s finances annually before making additional donations, they said.
The second installment of gifts come two months after the Hartford city council adopted Mayor Luke Bronin’s recommended $573.2 million budget for this fiscal year. The budget increases spending by $3.2 million, or 0.6 percent, but does not rely on new taxes or borrowed money due in part to the state’s long-term debt assistance and flat education spending.
“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 for community institutions including 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, in a statement said his company, headquartered in New York, 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,” Schnitzer said.
Aetna, a CVS Health business, did not provide a comment on how it views of the city’s financial health but said it’s currently processing the donation.
In a statement Friday, Bronin said the city’s partnership with the trio of insurers plays a critical role in its “broader effort to put the city on a path to long-term fiscal sustainability, and their financial contribution supports critical public services like our library and health and wellness services that have a huge impact in our community.”
This story has been updated to include comment from Mayor Luke Bronin
