Arch Capital Group Ltd. (ACGL), a globally diversified financial services group providing insurance, reinsurance and mortgage insurance, will open an operational hub in Raleigh, N.C., and create 365 new jobs over four years, according to a statement from North Carolina Governor Roy Cooper.
The company has plans to invest $12.9 million in North Carolina by the end of 2019.
Arch currently employs approximately 575 people in North Carolina, and this project will bring several operational functions supporting Arch’s long-term growth to Raleigh, the governor’s statement said.
“The overall attractiveness of the area, combined with our existing operations in North Carolina and the incentives offered by the state were all factors in our decision to create an operational hub in Raleigh,” said Marc Grandisson, president and CEO of ACGL. “This region offers a talented and educated labor force, a collaborative business environment, and an appealing quality of life for our employees.”
Salaries for the employees will vary by position and include a wide variety of professional roles from entry level to executive.
North Carolina Insurance Commissioner Mike Causey said he welcomes the new Arch Capital Services division headquarters to the state.
“Arch Capital’s decision to invest in the state and bring 365 jobs to our region lines up with my vision for economic well-being for the insurance industry and consumers in North Carolina,” he said.
Arch Capital, headquartered in Bermuda, has offices across the world. It sells mortgage insurance, reinsurance, and other specialty types of insurance.
The North Carolina Department of Commerce and the Economic Development Partnership of N.C. (EDPNC) led the state’s support for the company’s selection. Arch’s new project in Wake County will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee. Over the course of the 12-year term of this grant, the project will grow the state’s economy by an estimated $760.7 million.
Using a formula that accounts for the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential state reimbursement to the company of up to $5.1 million spread over 12 years. State payments only occur following performance verification by the Departments of Commerce and Revenue that the company has met its incremental job creation and investment targets.
Was this article valuable?
Here are more articles you may enjoy.