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Fri October 11, 2013
Hybrid Insurance Defaults on State Loan
The insurance company that failed to pay nearly $700,000 in premiums on behalf of the City of Hartford now has another problem.
The state wants its money back, too. According to a letter sent to Hybrid Insurance CEO Earl O'Garro, the state Department of Economic Development said Hybrid has defaulted on a $100,000 loan.
The letter stated, "The full principal amount of the loan, plus all interest, late charges, attorney fees, and other costs of collection are, therefore, due as outlined in the March 5, 2012 agreement between DECD and the Company."
The state said Hybrid hasn't paid back its loan. It also said the company bounced a check.
The loan was to help Hybrid move into a downtown office building owned by the family of Hartford City Treasurer Adam Cloud. An investigation by the Hartford Public Schools into the arrangement has suggested that Cloud had a conflict of interest. It's a claim the treasurer denied.
Nevertheless, the state still wants its money. The total due is $105,784.35.
Hybrid has not responded to requests for comment.
The state insurance department is already investigating Hybrid's relationship with the city. Now, it appears there are three other open complaints against the company. Kevin Rennie has more.
Nepotism or Desperation?
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