Governor Rowland Announces Insurity Inc. To Locate Headquarters At Colt Complex State to Release $4.5 million to support clean-up and development of entire Colt Factory Site -------------------------------------------------------------------------------- Hartford, Conn. - November 6, 2003 - Governor John G. Rowland today announced Insurity Inc., a ChoicePoint® company (NYSE: CPS) that develops and supports advanced property/casualty insurance technology, has agreed to consolidate its Connecticut operations and headquarters at the historic Colt Gateway community in the city's south meadows. Insurity will be the development's first for-profit tenant. The company has signed a long-term lease in Colt's "Sawtooth" building, so named for the skylights that jut out from its rooftop like the serrated edge of a saw.
Speaking today at a gathering of city and state officials and Hartford business leaders, Governor Rowland also announced that the state Department of Economic and Community Development (DECD) will release $4.5 million in bond funds to Homes for America Holdings and its subsidiary Colt Gateway LLC, the Colt complex developer, for environmental remediation and development of the entire Colt site. Formal approval of the funding will take place at the next State Bond Commission meeting in December.
"I am pleased to see so much progress here at this site that is not only a historic treasure for the people of Connecticut, but for people across the nation," said Governor Rowland. "This is exactly the kind of positive momentum the state hoped to achieve for Connecticut when we made a commitment five years ago to invest in key projects in our capital city."
Hartford officials worked closely with Insurity to retain this important company in the city. "Insurity is a growing company that considered alternatives in the suburbs when planning for its future. Instead, after working with our economic development team, the company is moving nearly 300 jobs to the city and playing a key role in our bright future. It's a win for everyone," said Hartford Mayor Eddie Perez. "The City of Hartford has made significant public investment in the success of the entire Colts property. We are happy that our public investment has leveraged the creation of considerable private economic activity."
Insurity currently employs more than 350 people nationwide, with approximately 300 of them in East Hartford and Hartford, and is expected to grow even further in ensuing years. As a high technology enterprise, company leaders were attracted to the unique office space at Colt.
"We're grateful the Hartford Economic Development Commission was able to find this space and bring the people together to make it happen for us," said Jeffrey Glazer, Vice President at Insurity. "Insurity is a rapidly growing member of the ChoicePoint family of companies, and we remain committed to pursuing our goal of becoming the best place to work in the insurance technology field. Our company designs and implements advanced technology software that automates business processes from policy application-input to customized reporting, and from claims management to reinsurance. We employ hundreds of skilled software professionals who will greatly benefit from the ergonomics of the floor plan. The wonderful skylights and vast open space in the Sawtooth building offer productivity-enhancing natural light, which coupled with the site's historic appeal and excellent amenities make this the perfect solution for us."
The Sawtooth building is a vast open space - as long as a football field - originally designed as an assembly shop. Insurity plans to create two distinct work areas: office space for its headquarters to include sales and marketing, as well as a technology and insurance service center.
"We're pleased to work with this creative and growing company and are confident Insurity will be a good neighbor to our residential tenants, to the school and to the other businesses that choose to locate here," said Robert MacFarlane, president and chief executive officer of Homes for America Holdings.
Insurity is the second Hartford-based entity to commit to Colt's exciting future. Earlier today, a ribbon cutting marked the grand opening of the Capitol Region Education Council's school and office space in the first completely renovated building at Colt. CREC leased a 50,000-square-foot, L-shaped building on the site to be used as a school for autistic children and office space for CREC and a variety of Charter Oak neighborhood organizations.
Residential loft apartments in Colt's south armory are scheduled to begin construction later this year with current tenants to be offered the first completed units at a discounted rate.
The progress is indicative of the developers commitment to achieving its vision at this 17-acre site. Homes for America Holdings (HFAH) purchased the historic Colt complex in January and unveiled its master plan for redeveloping the site and connecting it to the city's downtown, the riverfront and the surrounding neighborhoods. The plans capitalize on the ingenuity behind the original design, provide a strong mix of residential and commercial space and present an opportunity for Hartford to develop an historic destination with national appeal.
The design's highlights include:
Apartments Commercial office space Caf‚ restaurant and parking garage Colt museums in the foundry and finishing houses - the oldest structures on the property Art exhibition space Green park space
The Colt site is historically significant to Hartford and to New England. It was here in the 1800s that Samuel and Elizabeth Colt created the firearms factory that was a catalyst for a technological revolution with Hartford at its center. It was a critical cog in America's development and showcased innovation at its best and most profitable. And while the factory itself and the precision equipment within it was well ahead of its time, Colt also was touted as a captain of industry who recognized the value of treating his employees better than his competitors did theirs.
Last month, President George Bush approved funding for a study that would determine Colt's feasibility as a national park site. Connecticut's Congressional delegation, including Senators Christopher Dodd and Joseph Lieberman and Congressman John Larson, have pushed to achieve this recognition for this important site, and the developer is undertaking all construction in accordance with historic standards.
About Insurity Insurity is a business information and data management firm, serving the needs of insurance carriers, MGAs, brokers, TPAs, self-insureds and other financial services institutions, including more than half of the nation's top 20 P&C carriers. Insurity has offices in Connecticut, Georgia, Minnesota, New York, and Texas. More information about Insurity can be obtained by visiting the company's Web site at www.insurity.com.
About ChoicePoint ChoicePoint (NYSE:CPS) is the leading provider of identification and credential verification services for making smarter decisions in today's fast-paced world, serving the information needs of business, government and individuals. ChoicePoint is committed to protecting personal privacy and promoting the responsible use of information to help create a safer world. For more information about ChoicePoint, visit the Company's Web site at www.ChoicePoint.net.
ChoicePoint and Commercial Intellisys are registered trademarks and Premium Technology. Premium People. is a service mark of ChoicePoint Asset Company.
About Homes for America Holdings Homes for America Holdings, founded in 1996 by Robert MacFarlane and Robert Kohn, is a real estate development and rehabilitation company specializing in purchasing and renovating properties. The company prides itself in creating value for shareholders, giving life to neighborhoods and cities, and helping people live better lives. Homes for America Holdings established Colt Gateway LLC to act as its Connecticut-based site manager for the Colt complex http://www.coltgateway.com/colt.html
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