Aspida Financial Services is preparing for operational growth at its Durham headquarters, outlining a multi-year expansion that includes a more than $28 million investment and 1,000 new jobs to support its technology, service, and operations teams.
The headquarters build-out is unfolding during a period of rising activity across the broader Aspida platform, which includes US retail annuities and a growing reinsurance business.
Earlier this year, Aspida, via Ares Management, secured over $2.3 billion in equity commitments and an additional $700 million in credit facilities, bringing its total capital raised to more than $3 billion, including over $2.3 billion in equity commitments and $700 million in credit facilities.
According to Ares Management, Aspida’s assets reached more than $19 billion by September 2024, driven by demand for annuity and reinsurance products and supported by a scalable technology platform.
Aspida Financial Services, founded in 2020 and based in Durham, is part of Aspida Holdings Ltd. The company manages more than $25 billion in assets and provides annuity products for individual customers along with reinsurance solutions for insurers. The new facility in Durham will serve as the primary base for business operations as the firm expands product distribution and technology capabilities.
Job creation tied to the project carries an average annual salary of $137,288, above Durham County’s average wage of $97,531. State estimates show the payroll impact could exceed $137.2 million each year.
The state’s economic model places the 12-year economic impact of the project at $5.5 billion. A Job Development Investment Grant approved by the Economic Investment Committee authorizes potential reimbursement of up to $21,831,000, contingent on verification of job creation and capital investment. With a projected 206% return on public dollars, the initiative is expected to generate $3.06 in state revenue for every $1 potentially spent. As the initiative is located in a Tier 3 county, $7,277,000 from the JDIG agreement will be directed to the Industrial Development Fund – Utility Account for rural infrastructure needs.
The Durham expansion aligns with activity within Aspida’s global reinsurance arm. In July, Yahoo! Finance reported that Aspida Life Re Ltd completed its second Japanese reinsurance transaction with a highly rated life insurer, reinsuring a Japanese yen–denominated fixed annuity. That transaction indicated continued growth in Asian markets and added geographic diversification to Aspida’s annuity and reinsurance portfolio.
North Carolina Commerce Secretary Lee Lilley said the company’s plan demonstrates the strength of the state’s talent network. CEO and president Lou Hensley said the project represents Aspida’s commitment to Durham and supports the company’s trajectory in North Carolina.
The initiative involves the North Carolina Department of Commerce, the Economic Development Partnership of North Carolina, the North Carolina General Assembly, the North Carolina Community College System, Durham Technical Community College, Duke Energy, Durham County, and the Greater Durham Chamber of Commerce.
