CT putting up $9M to keep Gen Re in Stamford

Connecticut is loaning $9 million to General Re Corp. to keep the reinsurer owned by billionaire investor Warren Buffett and more than 800 jobs in Stamford.

Gov. M. Jodi Rell said today the state bond commission is expected to approve the funds when its meets Oct. 30.

Gen Re, which was in a larger space than needed, negotiated a new lease for almost 300,000 square feet at its new location on Long Ridge Road. While the new facility is also larger than Gen Re's present need, future expansion is possible.

"Gen Re had to make a decision - stay in Stamford or relocate to Westchester County, New York - and we were not going to lose those dependable jobs and their (insurance and financial services) expertise without a fight," Rell said in a statement. "This funding, which goes toward fixtures and equipment in the new facility, ensures that a company based in our state since 1974 is not lost to a neighboring state.''

Gen Re is a unit of Buffett's Berkshire-Hathaway Corp.