A Bermuda-based global insurer with a number of subsidiaries that operate in Australia, North America, Europe, and South Africa, is set to relocate its headquarters in Raleigh, in a move that will create more than 300 jobs in exchange for about US$6 million in state and local incentives.
Arch Capital is consolidating its operations into Wake County, pledging to employ 365 people in the Raleigh area, at an average salary of US$109,000, in addition to retaining 72 positions already in the state, and injecting US$12.9 million of capital investments in its new offices.
Once these hiring and investment goals are met, the specialty insurer will be awarded US$5.1 million in a Job Development Investment Grant (JDIG), plus US$300,000 in local incentives from Wake County and Raleigh. The company will also get an estimated US$584,000 in community college support to train its workers, as provided by the JDIG agreement.
The company’s JDIG agreement, approved by the state’s Economic Investment Committee on Tuesday, will also require a contribution of up to $1.7 million to a utility fund, to be used for infrastructure improvements in less prosperous counties.
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