In 1997, Mr. Leonardi's firm was involved in setting up $107 million in capital funds for insurers looking to move into Connecticut. The move was part of a strategy to stop an exodus of insurance-related jobs from the state due to layoffs and downsizing,

Mr. Leonardi said the decline in insurance jobs is still a reality in Connecticut. The number of people working in the insurance industry in the state is down nearly 25 percent over the last 20 years, he said.

"We need to reverse this decline and bring new insurance jobs to Connecticut," Mr. Leonardi said.

"It is important to have someone in this position who can strike the appropriate balance between consumer protection and business development," said Gov. Malloy. "We all know that the rising cost of health care is linked to our state's ability to attract and keep jobs, and I'm confident that Tom's membership on several boards, providing management and financial guidance, coupled with his commitment to giving back to his community through time spent working to secure coverage for the employees of a number of small, not-for-profit organizations will be a benefit to our state."

Gov. Malloy, a democrat, replaces Republican Gov. M. Jodi Rell, who did not seek reelection.