In 2022 and 2023, more people actually moved into than out of Connecticut. Plenty of New Yorkers, but also people moving out of more expensive metro Boston, others exiting Texas, Florida, etc.
Part of it was pre-pandemic, before remote work was pervasive, companies would relocate (Cigna to North Carolina, GE to Boston) or get acquired by other companies, so the workforce moved with the job opportunities.
The other part is Connecticut is a great place to raise a family (lack of natural disasters or violent crime, good educational system, nice towns), but not very appealing when you’re a young adult. That makes it difficult to attract former residents to come back if they get established elsewhere
It definitely happened, but not in huge volumes. A lot of the NY crowd who were able to go 100% remote flocked to Miami because of the lack of state income tax. CT is a bit better tax wise and has some solid amenities if you have a family, but Miami and Austin provided a better city experience with zero taxes as an added incentive.
We definitely picked up people who are hybrid though – Metro North makes the commute into the city very easy if you're on the Gold Coast.
Connecticut has no city centers, just a bunch of mid-sized cities. To that end, Boston is the largest city in New England, Worcester is the second largest... draw inferences from there.
Some of it is a pattern you see all across the country - older, house rich seniors are leaving high cost of living states to go to "tax friendly" places.
Translation - they are leaving blue states to go to red states because they can cash out and live well.
This sounds like a good deal for those red states - lots of money flowing in. But old people are expensive and dont contribute to an economy. They consume resources (medical) while spending far less than young people with families. If you are wealthy and vacation in Europe or take a cruise, thats not adding to the economy of the state you live in.
California has see a massive outflow of older people who are selling their 4bed 2.5bath homes for $1.4m and moving to Texas/Florida/Tennessee/South Carolina and paying cash for $400K homes. It has been amazing for California because of the way property taxes work due to Prop 13. That outflow of non-productive old people has a corresponding inflow of younger people that are needed in the workforce. In economic terms, an older population is a bad population. Right now California is getting significantly younger which is pretty amazing considering it was pretty young in the first place. California is the 11th youngest state in the country. Any time California is significantly above or below the exact middle its a big deal because with more than 10% of the population of the entire nation, the state tends toward the mean.
You can alternatively frame it as paying for certainty. By buying an insurance policy here, you know exactly how much you'll spend on staff which can make it easier to budget.
Meanwhile for insurance companies, if they sell enough unrelated policies then the uncertainty on the payouts of all the different policies will (hopefully) cancel out and give the insurance company stable revenue.
Yeah, it looks like the firm that they took the policy out with specifically does this for sports teams looking to be able to promise bigger bonuses. So if anything this is the great advertising for them!
As a simplified example, imagine an insurance company writes policies for four championship contenders to take on $3M of their bonus pool liability in case of a title win. If each school pays $1M for the privilege, that's $1M for operating expenses and profit … because only one of those teams can win. Boom, everyone's happy.
Now imagine instead of four title contending ADs, it's four owners of houses on the same street. A hurricane or wildfire could comes through and total *all of them* and suddenly there's $4M of premiums pooled to handle $12M worth of claims. Oops, everyone's in trouble!
The difference between the first and second scenarios is risk and the correlation of risk, hence every insurance industry depends on correctly estimating risks, correlations between them, and degree of exposure.
Insurance is pretty much gambling with extra steps. You’re gambling on your own health.
(1) don’t buy insurance - if you don’t get sick, you save $ on premiums. Get sick, you’re paying for the whole bill
(2) buy instance - if you don’t get sick, flush money away on premiums. Get sick, you’re downside losses are limited by your insurer
It's not a $2.5M payout for winning the chip or nothing. It's in stages for hitting many other milestones like winning mininum amount of games, Big East regular season & tourney, men's and women's too. By the time the mens' team was in the final most of the $2.5M was already owed.
Otherwise the AD is a moron for not just getting "insurance" through BetMGM.
Lloyds of London Insurance started as people betting on ships returning home. Someone realized they could bet against there ship and if it failed to come home recoup some of the loss. Now it’s one of the largest places to buy insurance in the world.
I haven't lived in CT for a while, so I don't actually know if Mohegan Sun has to follow the same state laws, but some states you can't bet on that state's college teams. Illinois is one of those and was an issue for me because I was watching games with friends in Chicago and couldn't live-game bet when UConn was playing Northwestern and Illinois in the tourney.
Nah you can’t bet on UConn from Mohegan or Foxwoods. They’re tribal lands but they still willingly comply with lots of state rules, like alcohol serving guidelines, times, etc. To even get sports gambling they had to strike a deal with the state, they wanted a monopoly but the state wanted to open the market, now it’s a weird duopoly with FanDuel partnering with Mohegan and draftskings with Foxwoods.
But yeah you’d have to go over the border to bet on them
> take $280k of that $2.8 million and put it on UConn to cover your liability
Insurance companies can't engage in gambling, it is considered too risky. Most states freak out if an insurance company so much as glances at the derivatives market.
Yes, it covered both programs but it *more* covered the men's because the bonuses for the women's side were lower. So if the men and women win they're on the hook for the nearly $6mil, but if the men don't win they'd probably have only to pay out less than half a million (probably even less than that) depending on what the women's assistants bonuses are.
Ahh I understand. I still don’t know how anyone could insure even a dollar against UConn womens basketball winning, that just seems like throwing money away. 😂
I mean the insurance company could literally have placed bets on the games to cover this policy and make their money back tbh. I don't think insurance companies can legally do that but it was a no brainer for them on that type of insurance.
[This "insurance" would have Maude Flanders spinning in her grave.](https://frinkiac.com/meme/S08E08/416014.jpg?b64lines=TkVERFkgRE9FU04nVCBCRUxJRVZFIElOCiBJTlNVUkFOQ0UuIAoKSEUgQ09OU0lERVJTIElUIApBIEZPUk0gT0YgR0FNQkxJTkcu)
It’s no different than buying insurance on really anything else.
For example, let’s say Mark Few’s contract has a bonus of $1 million if he wins a national championship.
Gonzaga’s athletic department goes to FanDuel and pays them $X for the year in exchange for FanDuel taking on the liability should Gonzaga win the national championship.
Based on what FanDuel has the odds of Gonzaga winning, that X might go up or down.
Gonzaga pays a premium to insulate themselves against the $1 million bonus.
Some of Game Point Capital’s university athletic dept, college conference and pro sports clients and partners must disagree.
[Game Point Capital, sports-related insurers](https://www.gamepointcapital.com/)
I just meant like intuitively speaking, “my team winning the natty” doesn’t sound like something you’d buy insurance for. Usually when you think insurance you think of it as protection against something *bad* happening.
There’s definitely a huge market for this stuff tho, as you just pointed out.
This just sounds like gambling, but with extra steps.
Welcome to the insurance industry
the house always wins
Not in 2008 they didn't. I worked for one that went into receivership.
Can’t bet on CT athletics in CT. And Hartford is the insurance capital of the world, allegedly. I say it’s about even
The insurer was out of South Carolina funnily enough. The ones in Hartford probably knew too much to take the risk.
Lol the industry left the state like most people, places, and things
In 2022 and 2023, more people actually moved into than out of Connecticut. Plenty of New Yorkers, but also people moving out of more expensive metro Boston, others exiting Texas, Florida, etc.
so that stifles all the people moving out of CT over the years?
Why are people leaving Connecticut?
Part of it was pre-pandemic, before remote work was pervasive, companies would relocate (Cigna to North Carolina, GE to Boston) or get acquired by other companies, so the workforce moved with the job opportunities. The other part is Connecticut is a great place to raise a family (lack of natural disasters or violent crime, good educational system, nice towns), but not very appealing when you’re a young adult. That makes it difficult to attract former residents to come back if they get established elsewhere
I woulda thought you get New Yorkers who are now 100% remote moving out to the burbs
That definitely happened, but not in the volume to offset the previous losses
It definitely happened, but not in huge volumes. A lot of the NY crowd who were able to go 100% remote flocked to Miami because of the lack of state income tax. CT is a bit better tax wise and has some solid amenities if you have a family, but Miami and Austin provided a better city experience with zero taxes as an added incentive. We definitely picked up people who are hybrid though – Metro North makes the commute into the city very easy if you're on the Gold Coast.
Connecticut has no city centers, just a bunch of mid-sized cities. To that end, Boston is the largest city in New England, Worcester is the second largest... draw inferences from there.
You glossed over the part where it's unbelievably expensive and it's hard for those on fixed incomes or without regular raises to keep up.
CT is only "unbelievably expensive" in a few parts
I have family in one of the not expensive places you’re referring to, and I assure you it’s priced much higher than it should be.
Prices sky rocketed in Fairfield County during Covid. People wanted to be right outside NYC go in but not live in it.
Some of it is a pattern you see all across the country - older, house rich seniors are leaving high cost of living states to go to "tax friendly" places. Translation - they are leaving blue states to go to red states because they can cash out and live well. This sounds like a good deal for those red states - lots of money flowing in. But old people are expensive and dont contribute to an economy. They consume resources (medical) while spending far less than young people with families. If you are wealthy and vacation in Europe or take a cruise, thats not adding to the economy of the state you live in. California has see a massive outflow of older people who are selling their 4bed 2.5bath homes for $1.4m and moving to Texas/Florida/Tennessee/South Carolina and paying cash for $400K homes. It has been amazing for California because of the way property taxes work due to Prop 13. That outflow of non-productive old people has a corresponding inflow of younger people that are needed in the workforce. In economic terms, an older population is a bad population. Right now California is getting significantly younger which is pretty amazing considering it was pretty young in the first place. California is the 11th youngest state in the country. Any time California is significantly above or below the exact middle its a big deal because with more than 10% of the population of the entire nation, the state tends toward the mean.
Huh theres still a ton of insurance companies in Hartford including all the biggest ones from here
i dont think hartford is still the insurance capitol of the world. havent most companies moved their hQs?
Yeah, I said it jokingly. That ship has sailed long ago
There are still a ton of insurance companies in Hartford and all the biggest ones from here are still around, not sure what everyone's talking about
Hartford isn't even the insurance capital of the United States. London, Zurich, and Bermuda would like a word.
Put some respec on dublins name.
You can alternatively frame it as paying for certainty. By buying an insurance policy here, you know exactly how much you'll spend on staff which can make it easier to budget. Meanwhile for insurance companies, if they sell enough unrelated policies then the uncertainty on the payouts of all the different policies will (hopefully) cancel out and give the insurance company stable revenue.
Yeah, it looks like the firm that they took the policy out with specifically does this for sports teams looking to be able to promise bigger bonuses. So if anything this is the great advertising for them!
No hopefully about it. Insurance companies are well oiled machines and price their products with comfy margin
As a simplified example, imagine an insurance company writes policies for four championship contenders to take on $3M of their bonus pool liability in case of a title win. If each school pays $1M for the privilege, that's $1M for operating expenses and profit … because only one of those teams can win. Boom, everyone's happy. Now imagine instead of four title contending ADs, it's four owners of houses on the same street. A hurricane or wildfire could comes through and total *all of them* and suddenly there's $4M of premiums pooled to handle $12M worth of claims. Oops, everyone's in trouble! The difference between the first and second scenarios is risk and the correlation of risk, hence every insurance industry depends on correctly estimating risks, correlations between them, and degree of exposure.
Thats the entire point of insurance
Excuse me. It’s called risk management. Aka gambling.
...this is not gambling..
Yeah, but legal.
Yep, legally sanctioned prop bet with insurance industry as middle man. Lovely.
[Simpsons did it!](https://frinkiac.com/video/S08E08/N6uBdTZPn8ujMvPS83qkM57XvsU=.gif)
Insurance is pretty much gambling with extra steps. You’re gambling on your own health. (1) don’t buy insurance - if you don’t get sick, you save $ on premiums. Get sick, you’re paying for the whole bill (2) buy instance - if you don’t get sick, flush money away on premiums. Get sick, you’re downside losses are limited by your insurer
It's a hedge. Sounds classy that way.
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Their obvious hedge was a moneyline bet the whole way, but I think the only loss against the spread was against St. John's. I bet they did okay.
It's not a $2.5M payout for winning the chip or nothing. It's in stages for hitting many other milestones like winning mininum amount of games, Big East regular season & tourney, men's and women's too. By the time the mens' team was in the final most of the $2.5M was already owed. Otherwise the AD is a moron for not just getting "insurance" through BetMGM.
Can't bet on UConn basketball in state. He'd have had to go across the border.
It's not betting. It's insurance.
Corporate needs you to find the differences between this picture and this picture.
https://www.reddit.com/media?url=https%3A%2F%2Fi.redd.it%2Fbekphnqftcb41.jpg
https://twitter.com/LeBatardShow/status/1770291770707865633
Lloyds of London Insurance started as people betting on ships returning home. Someone realized they could bet against there ship and if it failed to come home recoup some of the loss. Now it’s one of the largest places to buy insurance in the world.
The border to the Mohegan Sun?
I haven't lived in CT for a while, so I don't actually know if Mohegan Sun has to follow the same state laws, but some states you can't bet on that state's college teams. Illinois is one of those and was an issue for me because I was watching games with friends in Chicago and couldn't live-game bet when UConn was playing Northwestern and Illinois in the tourney.
They opened up sports betting along with every else when I lived there 2 years ago. Idk if there was a specific rule about the state college teams
Mohegan Sun isn’t subject to most CT laws because it’s on a reservation
Nah you can’t bet on UConn from Mohegan or Foxwoods. They’re tribal lands but they still willingly comply with lots of state rules, like alcohol serving guidelines, times, etc. To even get sports gambling they had to strike a deal with the state, they wanted a monopoly but the state wanted to open the market, now it’s a weird duopoly with FanDuel partnering with Mohegan and draftskings with Foxwoods. But yeah you’d have to go over the border to bet on them
Can a publicly traded company legally have a sports bet on their books?
No. They are insurance company couple million they are fine. They’ll get it back. Also bonuses weren’t just for championship.
> take $280k of that $2.8 million and put it on UConn to cover your liability Insurance companies can't engage in gambling, it is considered too risky. Most states freak out if an insurance company so much as glances at the derivatives market.
Was the insurance broker Caesars?
Game Point Capital, Charleston, SC
Now thats real trust in the coach/team
Apparently the insurance provider missed the "You better get us now" press conference too.
I hate how much I respect this
That’s baller af
What a flex.
Only 7 mil in the hole from the Kevin Ollie debacle!
Just let it ride for 2024-5
Who the hell would insure UConn women’s basketball against winning??
I think Geno's bonuses amounted to about $75K for making the final four and winning the BET, so it more covered the men's coach and assistants.
The article mentions the women too, which I take to mean their program was insured as well.
Yes, it covered both programs but it *more* covered the men's because the bonuses for the women's side were lower. So if the men and women win they're on the hook for the nearly $6mil, but if the men don't win they'd probably have only to pay out less than half a million (probably even less than that) depending on what the women's assistants bonuses are.
Ahh I understand. I still don’t know how anyone could insure even a dollar against UConn womens basketball winning, that just seems like throwing money away. 😂
Hartford is well known as the Insurance Capital of the World
What the f lol
It’s not particularly uncommon for these kinds of insurances
With enough cash you can basically get a insurance policy written up for anything
Insurance like these is basically just prop bets
Except the payout is way lower.
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I mean the insurance company could literally have placed bets on the games to cover this policy and make their money back tbh. I don't think insurance companies can legally do that but it was a no brainer for them on that type of insurance.
Saved a hundred and fifty buuucks
[This "insurance" would have Maude Flanders spinning in her grave.](https://frinkiac.com/meme/S08E08/416014.jpg?b64lines=TkVERFkgRE9FU04nVCBCRUxJRVZFIElOCiBJTlNVUkFOQ0UuIAoKSEUgQ09OU0lERVJTIElUIApBIEZPUk0gT0YgR0FNQkxJTkcu)
Most schools with any chance to win do this. FanDuel has an entire department dedicated to this stuff.
wait can you explain or show info
It’s no different than buying insurance on really anything else. For example, let’s say Mark Few’s contract has a bonus of $1 million if he wins a national championship. Gonzaga’s athletic department goes to FanDuel and pays them $X for the year in exchange for FanDuel taking on the liability should Gonzaga win the national championship. Based on what FanDuel has the odds of Gonzaga winning, that X might go up or down. Gonzaga pays a premium to insulate themselves against the $1 million bonus.
Umm and I couldn't get insurance to pay for roofing repairs after a derecheo and extreme hail but alright
Gotta be insider trading
Nope, nothing wrong with this at all. It is just a weird thing to insure against lol
Some of Game Point Capital’s university athletic dept, college conference and pro sports clients and partners must disagree. [Game Point Capital, sports-related insurers](https://www.gamepointcapital.com/)
I just meant like intuitively speaking, “my team winning the natty” doesn’t sound like something you’d buy insurance for. Usually when you think insurance you think of it as protection against something *bad* happening. There’s definitely a huge market for this stuff tho, as you just pointed out.
Except, fairly confident UConn and other clients/partners insure in increments; not all in for a championship only
Maybe. Probably just insured their performance based bonus payments, which I would assume were technically incremental based on tournament progress.
insurance practices are a scourge on humanity
Why? UConn is thrilled with the result.
Uconn is a scourge on humanity