It’s been two years since Connecticut signed an agreement with London for a CT-UK InsurTech Corridor, but Tuesday was the first time Lord Mayor of London Michael Mainelli visited the state.
Mainelli’s post, elected annually, is as international ambassador for the UK’s financial and professional services sector.
The first American to hold the position, Mainelli said it was nice to be back in Hartford where his parents lived many years ago.
He said they want to connect with other cities and create mutual prosperity for the various industries they represent. He said there have already been five United Kingdom insurtech companies moving to the Hartford area.
The InsurTech Corridor aims to create stronger business ties between Connecticut and the UK. The agreement aims to remove jurisdictional barriers to cooperation, and encourage knowledge and resource sharing that would enable insurers in both Connecticut and the UK to explore and expand into each other’s markets.
“It’s through these connections that we will prosper,” Mainelli said.
He said it’s competition and cooperation together.
“What we found over centuries is that all trade is two ways,” Mainelli said. “We want to create as many two-party transactions as we can and I’m afraid that looks very cooperative, it’s also equally quite selfish and I think we’ve learned over many centuries that genuinely works for us.”
Gov. Ned Lamont said the cross-fertilization is bigger than the political alliance they have together.
“We have so much to learn from each other, it’s a two-way street,” Lamont said. “…It helps us stay the Insurance Capital of America and it helps London stay the Insurance Capital of the world.”
David Griggs, CEO of the MetroHartford Alliance, said they are looking to attract smaller, scrappy start-ups in the space to operate in the shadows of the insurance giants like Travelers, Aetna, Cigna and The Hartford.
He said it won’t be thousands of jobs, but it will create an ecosystem of innovation.
In order to foster the relationship they are also looking to recruit a direct flight from Heathrow Airport in London to Bradley International Airport in Windsor Locks.
Connecticut’s only other existing direct flight to Europe is offered by Aer Lingus, which recently relaunched service from Bradley to Dublin, Ireland.
To do this it’s likely the state of Connecticut would have to guarantee revenue to an airline like it did for Aer Lingus.
