Insurance company Arch Capital plans 365 jobs for Wake County
Global insurance company Arch Capital Services plans to bring 365 jobs to Wake County, after receiving an incentive package worth more than $5.4 million from state and local governments.
Raleigh was competing with Atlanta for the jobs, which were characterized as a consolidation of Arch Capital’s offices in New Jersey and New York.
The average annual wage for the jobs is $109,191 and the jobs are expected to be added over a four-year time period.
Arch Capital Services is based in White Plains, New York. Its parent, Arch Capital Group, is headquartered in Bermuda. The company has offices across the world which sell insurance, reinsurance and mortgage insurance.
The North Carolina jobs will be part of a new operations hub in Raleigh, according to Gov. Roy Cooper’s office.
The Job Development Investment Grant (JDIG) approved the the Economic Investment Committee on Tuesday was worth up to $5.1 million.
Because Wake County is considered a tier-3 county, the company’s JDIG agreement also includes a contribution of up to $1.7 million to the state’s Industrial Development Fund’s Utility Account. The Utility Account helps rural counties fund infrastructure projects.
In addition, Wake County was required to include a local incentive worth $138,836.25 and Raleigh was required to pitch in $186,500. The incentives will be paid only if the company meets its hiring and investments goals.
Arch Capital currently employs approximately 575 people in North Carolina, but operates primarily in Jersey City and Morristown, New Jersey, and White Plains, New York. The Commerce Department said “consolidating locations is one prong of Arch’s broader focus on operations efficiency.”
“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,” Arch Capital President and CEO Marc Grandisson said in a statement. “This region offers a talented and educated labor force, a collaborative business environment, and an appealing quality of life for our employees.”
Many of its already existing North Carolina jobs are in Greensboro, where its U.S. mortgage insurance operations are located, said Greg Hare, senior vice president of branding and employee communications services at Arch Capital.
Along with bringing 365 jobs to Raleigh, Arch Capital’s incentive is contingent on $12.9 million of capital investment. The company is currently in negotiations on a lease, though it wasn’t ready to disclose the location of its future Raleigh office, Hare said.
This story was originally published July 24, 2018 at 11:13 AM.