North Carolina officials announced American International Group will invest more than $5.5 million to establish a technology center in Charlotte, N.C.
With the new technology center, AIG plans to bring 230 new jobs to the region by the end of 2017. Salaries will vary by job function, but the total annual payroll for the new jobs will be more than $23.1 million, according to the Dec. 10 announcement.
The new center is expected to be launched in 2014 and fully staffed by 2017. Activities at the center are expected to include the design, development, testing and deployment of software supporting various insurance functions such as underwriting, sales and marketing, digital channels, risk selection, risk rating, claims adjudication and claims payment.
AIG already has a significant presence in the area. United Guaranty Corporation (UGC), AIG’s mortgage insurance division, is headquartered in Greensboro, N.C., and AIG Property Casualty has existing operations in Charlotte.
North Carolina officials said this latest project was made possible in part by an award offered to AIG from North Carolina’s Job Development Investment Grant program, as voted by the state’s economic investment committee.
Receipt of the award is based on proof of job creation and other performance requirements. The Job Development Investment Grant programs are awarded only to new and expanding businesses and industrial projects whose benefits exceed the costs to the state, and which would not be undertaken in North Carolina without the grant.
Under the terms of the award, AIG is eligible to receive up to 10 annual grants equal to 58 percent of the state personal income tax withholdings from the eligible new jobs created since the date of the initial award. Over 10 years, the award could yield aggregate benefits to AIG of up to $4.9 million upon creation of 230 new jobs.
“We’re proud of the financial and professional services cluster that has formed in the Charlotte region, and AIG will be a welcome addition to the community,” said Gov. Pat McCrory. “Global industry leaders know that Mecklenburg County and North Carolina offer them a large pool of highly-skilled talent, a strong business climate and outstanding infrastructure, which entities like AIG need to succeed,” he said.
North Carolina’s Commerce Secretary Sharon Decker said attracting high-tech jobs like those with AIG is a great fit for the Charlotte region. “We’re excited to welcome the company to the North Carolina family and know they’ll find success here like UGC did,” she said.
“We are looking forward to growing our capabilities in Charlotte,” said Robert Dickie, AIG’s chief operations and systems officer. “The combination of a highly-skilled workforce and a focus on economic growth in North Carolina supports our goals of developing world-class IT products and services to support our business and our customers.”
Source: Office of North Carolina Governor