CT's Captive Insurance Program Ranks #2 in US

The Connecticut Insurance Department’s Captive Insurance Program has been ranked the #2 program in the nation by an industry trade publication in only its third year of operations.   A captive insurer is an insurance company that is organized and owned by a parent firm or association to manage the owners’ risk and control costs. Captive insurance has become an increasingly important tool used by companies to manage their business risk and promote strategic initiatives.  Captives are best described as a form of self-insurance, but with all the advantages of traditional insurance. Once an alternative to the commercial insurance market, captives have evolved into strategic financial vehicles used for many different enterprises, such as manufacturing and health care, officials explain.

Earlier this fall, the Connecticut Captive Insurance Association, along with the state Insurance Department and prominent industry sponsors, held the 2014 Symposium on Captive Insurance in Stamford.  The conference, “Captives Done Right:  Revolutionary Strategies for Optimizing Capital,” included sessions on risk mitigation strategies, corporate governance, risk retention and healthcare captives.  Participants included the chief financial officer of Frontier Communications, director of finance of the Archdiocese of Hartford, Chief Scientist Emeritus at Pitney Bowes, Senior Legal Counsel at Swiss Re America Holdings, and president & CEO of JANUS Associates.

According to the symposium’s website, the advantages of captive insurance include the opportunity to earn an underwriting profit, improved risk management and loss control, coverage for unusual or hard to place risks, direct access to reinsurance, and potential tax savings.

One of 37 states and U.S. territories that allow captives, Connecticut was ranked the second leading domicile by Captive Review, behind Vermont, in the magazine’s U.S. Captive Service Awards announced this week.  The annual awards recognize captive industry professionals who have demonstrated the highest levels of excellence over the past year.With 5,660 companies registered in captive domiciles across the world, according to the publication, the captive insurance sector remains a vital alternative risk transfer (ART) option and a significant part of the insurance sector.  Delaware was top-ranked a year ago.

Connecticut currently has four licensed captive insurers and several more applications pending.

“Connecticut is taking a unique approach to the captive market,” said Connecticut Insurance Department Captive Unit Manager John Thomson. “We are working beyond a pure regulatory regime and are focusing on helping captive owners create sustainable risk financing vehicles. It is not about the number of licensed captives but about an informed professional regulatory response.”

CT’s 40 Fastest Growing Tech Companies Achieve Statewide Recognition

Connecticut’s fasted growing technology companies will be the center of attention Thursday evening as the Connecticut Technology Council (CTC) and Marcum LLP spotlight the 2014 Marcum Tech Top 40. Now in its 7^th year, the annual list features privately and publicly held companies, including some newcomers to the top 40. The 2014 winners are predominantly privately held companies, but 12 public companies also made the list, including Rogers Corporation, Gartner Inc. and Alexion Pharmaceuticals. That’s a slight drop from a year ago, when 14 public companies made the list.

Geographically, Fairfield County is home to 16 winning companies this year, followed by Hartford County and New Haven County, both with ten companies. For Fairfield and New Haven counties, the count increased by two businesses from a year ago; for Hartford County, the number was unchanged from last year. 

The selected companies have at least $3 million in annual revenue and a demonstrated record of growth in each of the preceding four years.  Four of the businesses have over $1 billion in revenue.

The Marcum Tech Top 40 recognizes technology leaders in six industry sectors, including Advanced Manufacturing, Energy/Environmental, Life Sciences, New Media/Internet/Telecom, IT Services, and Software. This year’s winners range from newcomer VRSim, Inc., a creator of virtual reality training tools for industrial and manufacturing applications, to Priceline.com, a leader in mobile travel.

Bruce Carlson, CTC’s President and CEO added, “Connecticut is proud of its remarkable heritage of innovation and invention. Job growth in Connecticut is going to come from the technology sector and these Tech Top 40 companies are a great example of the range of technology companies that are growing substantially in Connecticut.”

Among the names on this year’s list:  Frontier Communications, based in Stamford, providing communications services to residential and business customers across the country (in the news this year for the proposed purchase of AT&T’s business in Connecticut); and Bolt Technology Corporation, based in Norwalk, the leading worldwide developer and manufacturer of seismic energy sources, synchronizers and underwater connectors used in offshore seismic exploration for oil and gas; and Fitlinxx, based in Shelton,  an industry leading provider of wellness applications, wireless activity monitors, and health tracking devices that motivate people to live active and healthy lifestyles.

The city with the largest number of companies on the Top 40 list this year is Stamford, with six, followed by Norwalk with four, Shelton with three, and Wallingford, South Windsor, Simsbury and New Haven, each with two businesses on the list.  Other towns with a top 40 high tech business are Torrington, Danbury, West Hartford, Cheshire, Guilford, Greenwich, Plainville, Middlebury, New London, Killingly, Middletown, Fairfield, Madison, Branford, Farmington, Glastonbury, Windsor, Orange and East Hartford.

“Technology companies have a set of shared challenges that range from capital-raising and complex revenue reporting to intellectual property management and international expansion.  Whether they are private enterprises or Fortune 500 companies, this year’s Marcum Tech Top 40 winners all demonstrate management excellence and market foresight,” said Alex Discepolo, a Tax Partner in Marcum’s New Haven office and Practice Leader of the Firm’s High Technology Services Group.

The October 2 awards program, being held at the Oakdale Theater in Wallingford, will include an exhibition featuring the Marcum Tech Top 40 companies. Six category winners will be announced, and one company will be named overall winner for demonstrating the greatest percentage growth in revenue across all the technology verticals.

The Connecticut Technology Council is a statewide association of technology oriented companies and institutions, providing leadership in areas of policy advocacy, community building and assistance for growing companies. Speaking for 2,500 companies that employ some 200,000 residents, the Connecticut Technology Council seeks to provide a strong and urgent voice in support of the creation of a culture of innovation.

 The Tech Top 40:

Advanced Manufacturing

• APS Technology Inc – Wallingford
• Bolt Technology Corporation – Norwalk
• Dymax Corporation – Torrington
• Revolution Lighting Technologies Inc. – Stamford
• Rogers Corporation – Rogers 

Energy/Environmental/Green Technology

• FuelCell Energy, Inc – Danbury
• Proton OnSite – Wallingford

 IT Services

• Cervalis LLC – Shelton
• Datto Inc. – Norwalk
• Gartner Inc. – Stamford
• Information Services Group Inc. – Stamford
• IT direct, LLC. – West Hartford
• VLink Inc. – South Windsor

Life Sciences

• Alexion Pharmaceuticals, Inc. – Cheshire
• Bio-Med Devices, Inc. – Guilford
• Metrum Research Group LLC. – Tariffville

 New Media/Internet/Telecom

• Chief Executive Group – Greenwich
• EasySeat, LLC – Plainville
• Frontier Communications – Stamford
• HealthPlanOne LLC – Shelton
• iSend, LLC – Middlebury
• Job Target, LLC – New London
• M2 Media Group – Stamford
• Priceline.com, Inc. – Norwalk
• Reality Interactive, LLC. – Middletown
• TVEyes Inc. – Fairfield

Software

• Clarity Software Solutions, Inc. – Madison
• Core Informatics, LLC – Branford
• Evariant, Inc. – Farmington
• Evolution1, Inc. – Simsbury
• Fitlinxx, Inc. – Shelton
• Higher One, Inc. – New Haven
• KenCast, Inc. – Norwalk
• Link Systems Inc. – Stamford
• Shoptech Corporation – Glastonbury
• Square 9 Softworks Inc. – New Haven
• SS&C Technologies Holdings Inc. – Windsor
• Tangoe Inc. – Orange
• TicketNetwork - South Windsor
• VRSim, Inc. – East Hartford

CT’s Unemployment Rate Drop During Past Year Ranks #17 in U.S.

Between August 2013 and August 2014, Connecticut’s unemployment rate dropped 1.2 percent, ranking the state #17 in the U.S. in the percentage reduction in unemployment during the year-long period.  The data, compiled by the U.S. Bureau of Labor Statistics (BLS), indicated that Connecticut’s unemployment rate, seasonally adjusted, dropped from 7.8 percent to 6.6 percent. Connecticut’s top 20 finish among the states outpaced the New England states of Maine, New Hampshire and Vermont, but was slightly behind Rhode Island and Massachusetts, as well as New York and New Jersey.

The largest reductions in unemployment during the 12-month period came in Illinois (2.5 percent decrease), Nevada (2.2 percent), Rhode Island (1.9 percent), Ohio (18 percent) Colorado and Indiana (1.7 percent), Michigan and Pennsylvania (1.6 percent).  Also faring slightly better than Connecticut in reducing their state unemployment rate over the year were California, Idaho, New Hersey, Arkansas, Massachusetts, Washington, Kentucky and New York.  North Carolina was tied with Connecticut.

In 45 states and the District of Columbia, the unemployment rate dropped between August 2013 and August 2014.  In three states, the unemployment rate climbed during the year – Alabama, West Virginia and Alaska - and in two states, the rate remained unchanged – Virginia and Wyoming.

Connecticut was also one of 27 states deemed to have "statistically significant" changes in their unemployment rate, according to the federal agency.  The BLS data was updated as of September 19, 2014 for the 12-month period, and subsequently made available on the agency's website.

Among Connecticut's neighboring states in the region, according to the data, the unemployment rate as of August 2014 is higher in Rhode Island (7.7 percent), the same as Connecticut in New Jersey (6.6 percent), and lower in New York (6.4 percent),  Massachusetts (5.8 percent), Maine (5.6 percent), New Hampshire (4.4 percent) and Vermont (4.1 percent).

The Bureau of Labor Statistics of the U.S. Department of Labor is the principal Federal agency responsible for measuring labor market activity, working conditions, and price changes in the economy. Its mission is to collect, analyze, and disseminate essential economic information to support public and private decision-making. As an independent statistical agency, BLS serves its diverse user communities by providing products and services that are objective, timely, accurate, and relevant, the agency's website explains.

As CT Workforce Ages, Employers Look to Attract Young Workers, Seek State Policy Support

The good news:  three times as many Connecticut businesses say they are growing rather than contracting, innovation and investment in technology is strong and three-quarters of manufacturers surveyed say they are exporting. Those are among the lead findings in a survey of Connecticut businesses conducted by BlumShapiro and the Connecticut Business and Industry Association. While the 2014 Survey of Connecticut Businesses shows optimism that Connecticut’s business landscape continues to improve, there remain concerns about the economy and the ability to create jobs in Connecticut, as well as signs that the state’s workforce continues to get older. In fact, one in four respondents are facing a wave of retirements over the next decade, with at least 40% of their workforce aged 55 or older.

“Connecticut’s workforce is aging, with 53% of our respondents reporting that 20% or more of their workforce is 55 or above. There is much to be optimistic about in this survey, but the aging workforce is certainly a challenge we continue to face,” pointed out Joseph Kask, Office Managing Partner of BlumShapiro’s West Hartford office.

While 38% of companies offer flexible work hours, only 8% offer telecommuting. One in four respondents also has specific practices or policies designed to attract and retain younger workers, including internships, tuition reimbursement, high entry-level wages, apprenticeships, and school/college recruitment programs.  Many companies employ apprentices (34%), interns (57%), and temps (58%), and eight in ten companies (79%) plan to hire these workers for permanent positions.

The survey shows slightly greater anticipated demand for mid-level employees than entry level or line workers. Among businesses of all types, workforce demand through 2015 is concentrated on mid-level employees (33% of companies say this is their area of greatest demand) followed by entry-level employees (29%), line workers (28%), managers (8%), and executive leadership (2%).Other highlights of this year’s survey include:

• 35% of businesses surveyed indicate they are growing; 11% indicate they are contracting.
• 46% of businesses surveyed introduced new products or services in the past 12 months; 47% of them plan on introducing new products or services in the next 12 months.
• Three-quarters of manufacturers surveyed are exporting.
• 52% of businesses surveyed say the most important step policymakers can take to enhance business in Connecticut is lowering taxes; 24% say it is reducing regulations, and 11% say it is cutting government regulations.
• 27% of businesses surveyed say technology is the greatest single investment, 23% say it is employee training, and 23% say it is property and facilities.

 When asked how Connecticut should address the shortage of skilled workers, 32% of businesses surveyed say the state should reduce the cost of living, 28% say the state should support trade schools, 20% say the state should support education overall, and 20% say there should be incentive for training programs.

The industries included in the survey include manufacturing, professional services, construction, retail, hospitality/tourism, wholesale, insurance, finance, real estate and software/technology.  Nearly one-third of the respondents were in the manufacturing sector.

CBIA is Connecticut’s leading business organization, with 10,000 member companies.  BlumShapiro is the largest regional accounting, tax and business consulting firm based in New England, with Connecticut offices in West Hartford and Shelton.

Connecticut Volunteers Pursue National Service; AmeriCorps to Celebrate 20th Anniversary

More than 3,700 people of all ages and backgrounds are helping to meet local needs, strengthen communities, and increase civic engagement through national service in Connecticut, according to data compiled by the Corporation for National & Community Service. Serving at more than 600 locations throughout the state, these citizens tutor and mentor children, support veterans and military families, provide health services, restore the environment, respond to disasters, increase economic opportunity, and recruit and manage volunteers.

During this past fiscal year, the Corporation for National and Community Service (CNCS) committed more than $9,390,000 to support Connecticut communities through national service initiatives. Through a unique public-private partnership, this federal investment leveraged an additional $2,720,000 in other resources to strengthen community impact, build local support, and increase return on taxpayer dollars.

Most AmeriCorps grant funding goes to the Connecticut Commission on Community Service within the state Office of Higher Education, which in turn awards grants to nonprofit groups to respond to local needs. AmeriCorps expected to provide more than 900 individuals the opportunity to provide intensive, results-driven service to meet education, environmental, health, economic, and other pressing needs in communities across Connecticut.

Nationally, AmeriCorps celebrates its 20^th anniversary this month.  President Obama is scheduled to participate in a ceremony with AmeriCorps members at the White House on September 12 as part of a nationwide event marking the 20th anniversary of the AmeriCorps national service program.

The Connecticut Commission on Community Service administers programs under the National and Community Service Trust Act of 1993. The Commission is dedicated to supporting service and civic engagement to strengthen communities throughout Connecticut. In partnership with the Office of Higher Education, the Commission funds and supports programs that encourage all Connecticut residents to volunteer.  The Commission’s next meeting is scheduled for October 7.

Other individuals – in Connecticut and nationwide - serve their fellow citizens through AmeriCorps VISTA, whose members help bring individuals and communities out of poverty by serving full-time to fight illiteracy, improve health services, create businesses, and increase housing opportunities, and AmeriCorps NCCC (National Civilian Community Corps), a 10-month, full time residential program for men and women between the ages of 18 and 24. In exchange for their service, AmeriCorps members earn an education award that can be used to pay for college or to pay back qualified student loans.

In addition to the AmeriCorps participants, more than 2,800 seniors in Connecticut contribute their time and talents in one of three Senior Corps programs.

• Foster Grandparents serve one-on-one as tutors and mentors to more than 1,000 young people who have special needs.
• Senior Companions help more than 270 homebound seniors and other adults maintain independence in their own homes.
• RSVP volunteers conduct safety patrols, renovate homes, protect the environment, tutor and mentor youth, respond to natural disasters, and provide other services through more than 230 groups across Connecticut.

The Corporation for National and Community Service is a federal agency that improves lives, strengthens communities, and fosters civic engagement through service and volunteering. Members of the Connecticut Commission on Community Service are appointed by the Governor and serve three-year terms. Commission members represent various areas of expertise as required by the National and Community Service Trust Act.

AmeriCorps video

Hartford Region Ranks #4 in USA in Digital Coupon Clicking, Survey Says

Coupons are fast-becoming money savers that are clicked, not clipped, and in few regions is that more the trend than in Greater Hartford.  Newly released data indicates that the Hartford-West Hartford-East Hartford market ranks #4 in the nation in the level of click activity, just behind New York, Boston and Philadelphia. According to results of a survey conducted by RetailMeNot, a leading digital offers destination, in conjunction with The Omnibus Company, the number of Americans who rely mostly on mobile coupons has been steadily increasing, as traditional scissor-clipped declines.

The study found that over the past four years, the use of printable coupons has dropped to 58 percent in 2014 from 73 percent in 2010. However, digital coupon usage has increased substantially as the world has gone more digital with online (27% in 2014 vs. 16% in 2010) and mobile (15% in 2014 vs. 4% in 2010) coupon usage.

The latest edition of the company’s Shoppers Trend Report revealed that nearly all Americans (96 percent) are coupon users, and retailers and brands are steadily moving their marketing promotions to more mobile and digital formats. A separate survey of retail executives in May 2014, also conducted by The Omnibus Company, found that 75 percent of retailers believe that digital advertising delivers a higher ROI than offline advertising, including circulars and direct mail.

September has been designated as National Coupon Month, and based on the level of coupon click activity in ratio with each city’s population, the Northeast is leading the way.  Rounding out the top ten after New York, Boston, Philadelphia and Hartford are Providence, Baltimore, Pittsburgh, Washington, Tampa and Buffalo.

Western communities appear to lag in their savings activity, with the Las Vegas, Phoenix and Denver areas representing the bottom of the active-coupon-user list. In fact, the New York, Boston and Philadelphia areas appear to be four times more active than the Denver area at couponing, according to survey analysts.

In the top 10 active couponing cities, clothing and food categories ranked consistently at the top for click activity, followed by electronics and home and garden.

“Our survey findings show how a consumer’s mobile phone is becoming a key device within their savings tool kit as millions of shoppers increasingly take advantage of digital offers, promotions and sales opportunities.” says Trae Bodge, senior lifestyle editor for The Real Deal by RetailMeNot.

They survey also found that printable coupon usage for 18- to 34-year-olds dropped significantly in the past four years (40% in 2014 vs. 57% in 2010), and online coupon usage nearly tripled for those ages 50+ over the past four years (18% in 2014 vs. 7% in 2010).

According to the survey deep discounts aren’t the only deals that shoppers appreciate, as more than 2 in 5 (43%) coupon users consider discounts up to 25 percent to be a good deal. Respondents said they are most interested in deals that offer a specific dollar amount off of their purchase (30%).  The survey also shows that interest in different types of deals varies by region.

• Coupon users living in the Northeast are more likely than those living in other regions to be most interested in receiving a specific percentage off a purchase (28% vs. 18% of the rest of the country).
• Those living in the South are more likely than those living elsewhere (26% vs. 15% of the rest of the country) to be most interested in “buy one, get one free” deals.

In an August 2014 commissioned study conducted by Forrester Consulting on behalf of RetailMeNot, an overwhelming 59 percent of respondents stated that out of all the different types of promotions a retailer can employ, digital coupons still sway them the most when it comes to influencing a purchasing decision. The study also found that:

• 63 percent of respondents agreed that digital coupons “close the deal” for them when undecided on a purchase,
• More than 90 percent of smartphone and tablet users redeem their digital coupons within several days,
• Nearly 7 in 10 consumers (68%) said they strongly believe that digital coupons have a positive impact on a retailer’s brand
• 68 percent state that coupons generate loyalty

RetailMeNot, Inc. operates what the company describes as the world’s largest marketplace for digital offers, and for the 12 months ended June 30, 2014, the company had more than 625 million visits to its websites.  See the complete list of the top 50 cities.

Top Cities (and Surrounding Metro Areas) Based on Click Activity

1. New York-Newark-Jersey City
2. Boston-Cambridge-Newton
3. Philadelphia-Camden-Wilmington
4. Hartford-West Hartford-East Hartford
5. Providence-Warwick
6.  Baltimore-Columbia-Towson
7.  Pittsburgh
8. Washington-Arlington-Alexandria
9. Tampa-St. Petersburg-Clearwater
10. Buffalo-Cheektowaga-Niagara Falls

Danbury-Based Ethan Allen In Retail Industry’s Hot 100; Only CT Company Named

The lone Connecticut-based retailer to make the list of the Hot 100 Retailers produced by the National Retail Federation is Danbury-based Ethan Allen Interiors, sliding in at #97.  Data from the national advocacy organization indicates 5 percent growth and 208 locations nationwide for the chain. Ethan Allen Interiors Inc. (NYSE:ETH) is a leading interior design company and manufacturer and retailer of quality home furnishings. The company offers free interior design service to its clients and sells a full range of furniture products and decorative accessories through ethanallen.com and a network of approximately 300 Design Centers in the United States and abroad.

Ethan Allen owns and operates eight manufacturing facilities including five manufacturing plants and one sawmill in the United States plus one plant in each of Mexico and Honduras. Approximately seventy percent of its products are made in its North American plants. Chairman, President and CEO is M. Farooq Kathwari.He has been president since 1985 and Chairman and Chief Executive Officer since 1987.

The company website indicates that “Ethan Allen is full-service. We conceptualize, design, source, manufacture, market, advertise, style, sell, distribute, and install. That means at headquarters our horizons are ever broadening. But our job is surprisingly straightforward: that is, to raise the bar — in all aspects of the company every day.”

Overall in Connecticut, the Federation highlighted the importance of the retail industry on the state’s economy:

• Retail directly and indirectly supports 1 in 5 Connecticut jobs.
• Retail is directly and indirectly responsible for 16% of Connecticut's GDP.
• Retail directly and indirectly generates 15% of labor income in Connecticut.
• Retail supports 476,568 jobs in Connecticut. (see breakdown below)

Among Connecticut’s neighboring New England states, Boston-based Wayfair was the #2 retailer nationwide on the Hot 100; Jordan’s Furniture, based in Taunton, MA was ranked #24; C & J Clark, headquartered in Newton, MA was #29; and Framingham-based Cumberland Farms was ranked #62.  In addition, LL Bean (Freeport, Maine) was #94 and BJ’s Wholesale Club (Westborough, MA) rounded out the list at #100.

Breaking down Connecticut employment by retail sector, the Federation reported:

1. Retail trade (including food services and drinking places) 17.2%
2. Health care and social assistance 14.8%
3. Finance and insurance 9.8%
4. Manufacturing 9.4%
5. Professional, scientific, and technical services 8.2%
6. Other services, except public administration 5.8%
7. Construction 5.8%
8. Administrative and waste services 5.7%
9. Real estate and rental and licensing 5.6%
10. Education services 3.9%

Nationally, the top 10 leading the Hot 100 in sales growth were Albertsons (Boise, Idaho), Wayfair, Ascena Retail Group (Suffern, NY), Conn’s (The Woodlands, Texas), SpartanNash (GrandRapids, MI), Michael Kors Holdings (New York), Under Armour (Baltimore), Cardinal Health (Dublin, Ohio), Five Below (Philadelphia), and Amazon.com (Seattle).  Each of the top 10 companies had sales growth exceeding 25 percent from 2012 to 2013.

The data for the Hot 100 report was provided by Kantar Retail for the National Retail Federation.

Hurricane Sandy: 3rd Costliest Insured Loss Catastrophe Worldwide Since 1970

Hurricane Sandy, which hit Connecticut and the Northeast in October 2012, produced the 3^rd costliest insured loss in the past 43 years, according to data compiled by Swiss Re and reported by Bloomberg. Half of the 15 costliest catastrophes since 1970 have occurred in the past 10 years.  The analysis methodology, going back to 1970,  reviewed loss including property and business interruption, excluding liability and life insurance losses.  It was released this week by Bloomberg Businessweek.

Hurricane Sandy was reported to have an insured loss of $36.9 billion.   The Federal Emergency Management Agency has reported that although New England was spared the brunt of the storm, residents and businesses along the shores of Connecticut, Rhode Island, Massachusetts and New Hampshire suffered severe damages from wind and water, many losing homes and livelihoods.  New York and New Jersey were also hard-hit by the record-setting storm, which disrupted livelihoods, transportation and electricity grids and countless industries.

The top ranked insured lost was Hurricane Katrina, which catastrophically hit the Gulf Coast in August 2005, which losses estimated at $80.3 billion.  Next costliest was the earthquake which triggered a tsunami in Japan in March 2011, with an insured loss of $37.6 billion.  All loss amounts were indexed to 2013, for purposes of comparison.

Rounding out the top five costliest insured losses of nearly the past half-century were Hurricane Andrew, which hit Florida, neighboring states and the Bahamas in August 1992, with an insured loss of $27.6 billion and the terrorist attack on the World Trade Center and the Pentagon on September 11, 2001, with insured losses of $25.6 billion.

Also ranked in the top 10 were the Northridge, California earthquake in 1994, Hurricane Ike in 2008, Hurricane Ivan in 2004, flooding in Thailand in 2011, and a New Zealand earthquake in 2011.

A September 2013 report by the U.S. Department of Commerce Economics and Statistics Administration had estimated that the total payout by the insurance industry related to Hurricane Sandy was expected to be reduced because much of the storm damage was caused by the storm surge and subsequent flooding was not covered by standard homeowner or small business commercial policies. Also, reportedly half of all losses of the insurance industry were expected to be covered by reinsurers.  The report indicated that the Insurance Information Institute estimated that insurers would pay $18.75 to $25 billion to over 1.5 million policyholders across 15 states including Connecticut, and the District of Columbia.  More than two-thirds of claims were anticipated from homeowners, with the highest value of claims  from commercial property owners ($9 billion)accounting for almost half of the value of claims paid, the report indicated.

The insurance industry had its third-most expensive year on record in 2012, led by Hurricane Sandy, with global economic losses from natural catastrophes and man-made disasters totaling $186 billion, according to a previous report issued by Swiss Re.

New Haven Leads the Way in Major Transportation Infrastructure Projects Underway

There’s a decidedly New Haven bend to the state’s largest ongoing transportation infrastructure projects.  A listing of the largest Department of Transportation (DOT) projects indicates that of the top 20 projects, eight of them are in New Haven, including four of the top six. The largest project is the construction of the Pearl Harbor Memorial Bridge, better known ats the Q-bridge, which carries I-95 over the Quinnipiac River.  The $417 million project began in 2009 and is slated for completion in 2015.

The second largest project is less than a stone’s throw away.  The reconstruction of the I-95/I-91/Route34 interchange in New Haven began in 2011 and is estimated to be completed in 2016, at a cost of $359.9 million.

Ranked as the third largest DOT infrastructure project now underway is the reconstruction of the Moses Wheeler Bridge, which brings I-95 over the Housatonic River in Stratford.

It’s back to New Haven for the fourth largest ongoing project, the facilities improvements to the New Haven Rail Yard, including construction of a component changeout shop.  The estimated cost is $160.9 million, with the project due to be completed next April.

The Hartford-New Britain area of central Connecticut has the fifth largest project, the construction of the CTfastrack bus corridor.  The I-95 West River Bridge replacement in New Haven is number six, followed by catenary replacement in Bridgeport (number 7) and New Haven (number 8).

There are approximately 200 track miles of overhead catenary lines powering trains in Connecticut.  Officials have described the job of replacement those lines “while still operating the nation’s busiest commuter rail services, as a “monumental task.”  The original lines were put in place at the turn of the century – the 20^th century – more than 100 years ago.

The full list of the top 20 projects currently underway in Connecticut was compiled by Hartford Business Journal with data provided by the state Department of Transportation.

CT Ranks #3 in Millionaires, Behind Maryland and New Jersey

Connecticut had 100,754 millionaire residents last year, up from 99,235 in 2012, comprising 7.32 percent of the state’s 1.4 million households. Connecticut ranked third in the U.S. in millionaires per-capita, according to published reports. Maryland ranked in first place using the per-capita measurement and New Jersey placed second. Connecticut was ranked fourth in 2012, but moved up one slot by overtaking Hawaii.

In the midst of its oil boom, North Dakota was the leader at minting millionaires in 2013, moving to #29 in the Millionaire Ranking, up from #43 in 2012.  Other big gainers in 2013 were Maine (up 11 slots to #25) and Louisiana (up 10 points to #32).

Phoenix Marketing International, a global marketing services firm, develops the  annual ranking of millionaires per capita by state.  The results care culled from their Global Wealth Monitor, a service that tracks affluent and high net worth households.

Nevada lost the most ground in the 2013 Millionaire Ranking, falling 20 positions to #39.  Other big drops were Arizona (losing 13 positions to fall to #34); Florida, Michigan and Idaho each fell 10 positions on the list.

While Maryland continued to lead the list, there were some changes among the other top five states: New Jersey and Connecticut each moved up one spot (to #2 and 3 respectively), while Hawaii fell two places to #4.  Alaska moved into the top 5 for the first time, while Massachusetts moved down to #6.

Rounding out the top 12 were Virginia, New Hampshire, Delaware, District of Columbia, California and New York.  At the other end of the list, in reverse order from the bottom, were Mississippi, Arkansas, Idaho, West Virginia, Kentucky, and Tennessee – the states with the fewest millionaires per capita.

Nationwide, the number of American households with more than a million in assets has hit 9.6 million, according to the Spectrem Group, surpassing the pre-recession high of 9.2 million.