Arch Capital Group Ltd. (ACGL), the Bermuda based insurance and reinsurance firm, has revealed plans to invest $12.9 million in the launch of a new operational hub in Raleigh, North Carolina.
Arch currently employs approximately 575 people in the state, and the new hub is set to create an additional 365 jobs over four years, according to North Carolina Governor Roy Cooper.
“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 Chief Executive Officer (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.”
Governor Cooper also commented: “Global finance and technology leaders like Arch choose North Carolina because they know our world-class universities and community colleges prepare talented students to succeed in those industries. I look forward to the new opportunities Arch will bring to Wake County.”
The North Carolina Department of Commerce estimated that the hub will have an annual payment impact of $39.8 million in the state, and will grow the state’s economy by an estimated $760.7 million over the 12-year term of its newly approved Job Development Investment Grant (JDIG).
The Grant agreement authorises a potential state reimbursement to ACGL of up to $5.1 million over 12 years, in addition to generating as much as $1.7 million in new tax revenue that will be moved into the state’s Industrial Development Fund – Utility Account to help rural communities finance infrastructure upgrades.
“Our state’s talent, top-notch universities and research institutions make us a tech and finance powerhouse,” said North Carolina Commerce Secretary Anthony Copeland. “Companies like Arch select North Carolina for its strong business climate and workforce. We welcome the company’s investment in Wake County and the 365 well-paying jobs this project will bring.”
“I am proud to welcome Arch’s new facility and its investment in the Raleigh area,” added N.C. Senate Democratic Leader Dan Blue. “There is no better place to live and work than North Carolina. This project will support 365 well-paying jobs, and I am confident that talented North Carolinians are prepared to fill future positions.”
“Wake County is a hub for the financial services industry because of the region’s exceptional talent and world-class universities,” stated N.C. Representative Grier Martin. “This project strengthens our state and community’ reputation as an industry leader.”
