Industry News
ING Loses $4.7B In Q4
February 18, 2009 | Reprints | Unlock LinkDutch financial services group ING, which has significant operations in Connecticut, posted a fourth-quarter loss of 3.7 billion euros ($4.7 billion) due to writedowns and said on Wednesday it will focus on fewer businesses and markets.
InterContinental Hotels Gloomy On Year Ahead
February 17, 2009 | Reprints | Unlock LinkInterContinental Hotels, the world’s largest hotelier, said a marked fourth-quarter slowdown had continued into 2009 and demand was still easing, as it met forecasts with a 13 percent rise in 2008 profit.
Meriden Insurer Sold To Chicago Co. For $200M
February 17, 2009 | Reprints | Unlock LinkTrinity Universal Insurance Co., a subsidiary of Chicago-based Unitrin Inc., has acquired Direct Response Corp. of Meriden for approximately $200 million, the company said.
Fitch Stands By Strong Travelers Ratings
February 17, 2009 | Reprints | Unlock LinkFitch has affirmed its issuer default (IDR) and insurer financial strength (IFS) ratings on The Travelers Cos. Inc.
DCP Collects $24K In Unregistered Worker Fines
February 17, 2009 | Reprints | Unlock LinkTwo Connecticut contractors and one from New Hampshire have paid $24,000 in fines to the Connecticut Department of Consumer Protection for employing unlicensed and unregistered workers to do work requiring an occupational license in the state.
ING Reaches Finish Line For F1 Sponsorship
February 17, 2009 | Reprints | Unlock LinkDutch bank ING, which has significant operations in Connecticut, will not renew its existing sponsorships in the Formula 1 racing series, the company said, citing tough economic conditions.
EMCOR Co. Completes Work on Microsoft’s Chicago Offices
February 17, 2009 | Reprints | Unlock LinkA subsidiary of Norwalk mechanical and electrical contractor EMCOR has recently completed the renovation of Microsoft Corp.’s Chicago offices.
Hubbell Declares 35-Cent Dividend
February 17, 2009 | Reprints | Unlock LinkOrange-based Hubbell Inc., a manufacturer of electrical and electronic products for use in the construction industry, has declared a quarterly dividend of $.35 per share on the company’s Class A and Class B common stock.
Terryville Housing Complex Gets $2.6M Fannie Loan
February 13, 2009 | Reprints | Unlock LinkArbor Commercial Funding LLC, a wholly-owned subsidiary of Arbor Commercial Mortgage, has closed on a $2.66 million Fannie Mae loan to finance the 66-unit complex known as Quail Hollow Village in Terryville.
Brennan To Chair FASB, GASB Oversight Group
February 13, 2009 | Reprints | Unlock LinkJohn J. Brennan has been elected chairman and a member of the board of trustees of Norwalk’s Financial Accounting Foundation (FAF).
Emcor Wins Heartland Power Contract
February 13, 2009 | Reprints | Unlock LinkA subsidiary of Norwalk mechanical and electrical infrastructure construction firm EMCOR has has been awarded a renewal of contract from the Nebraska Public Power District (NPPD) for facility outage and maintenance support services.
Travelers Aces PGA Sponsorship Extension
February 13, 2009 | Reprints | Unlock LinkThe Travelers Cos. Inc., based in Minnesota with significant operations in Hartford, will extend the company’s title sponsorship of Connecticut’s PGA Tour event, the Travelers Championship, through 2014.
William Pitt Sotheby’s Guilford Office Donates $1,000
February 13, 2009 | Reprints | Unlock LinkThe Guilford office of William Pitt Sotheby’s International Realty recently made a $1,000 donation to The Sarah Foundation in Guilford, a family of agencies that provide programs and services for residents with intellectual disabilities.
No Foolin\’: Feds To Toughen Lending Rules April 1
By Kenneth R. Harney | Washington Post Columnist | February 13, 2009 | Reprints | Unlock LinkIt\’s not what homebuyers, sellers and refinancers want to hear, but they need to know: Both Fannie Mae and Freddie Mac are ratcheting up their mandatory fees and toughening credit score and down-payment rules as of April 1.

As Manhattan Housing Prices Plummet Fairfield County Commuters Wait And See
By Laurie Wiegler
 | Commercial Record Correspondent
 | February 13, 2009 | Reprints | Unlock Link
In the past six months, prices for apartments and co-ops in Manhattan have fallen as much as 10-20 percent, depending on location. In addition, landlords and co-op managers are being forced to throw in freebies – such as one or two months\’ free rent, waiving broker fees and slashing parking costs.

HK Group Founder Not Done Yet
By Daniel D’Ambrosio
 | Commercial Record Correspondent
 | February 13, 2009 | Reprints | Unlock LinkThe news last month from HK Group Commercial Real Estate was a head scratcher.

Insurers Decry Reserve Proposal\’s Death
By Laura Schreier
 | Commercial Record Staff Writer
 | February 13, 2009 | Reprints | Unlock LinkLife insures were feeling confident that a hoped-for proposal would get the OK from regulators last month – but to their surprise, the proposal got shot down. Insurers were unhappy to lose a source of potential help in troubled times, but some insurers have paused to grumble that the proposal\’s death had more to do with political maneuvering than pure policymaking.

The Hartford Loses Access To Federal Debt Facility
February 12, 2009 | Reprints | Unlock LinkInsurance watchdog Business Insurance is reporting that The Hartford Financial Services Group must repay $375 million of short-term debt issued under the Federal Reserve Board’s Commercial Paper Funding Facility as it matures because of rating downgrades.
Sullivan Lets The Hartford Adjust Its Books
By Laura Schreier | Commercial Record Staff Writer 
 | February 12, 2009 | Reprints | Unlock LinkThe Hartford Financial Group announced in a filing today that Connecticut Insurance Commissioner Thomas Sullivan has approved the troubled company’s request to change some aspects of its financial reporting.
Griffin Land Blamed For Parent Co.’s $5M Loss
February 12, 2009 | Reprints | Unlock LinkA lack of significant property sales in 2008 by Bloomfield’s Griffin Land is being blamed for a more than $5 million fourth quarter net loss by its parent company, Griffin Land & Nurseries Inc.
