by Michael Mata
An unidentified global insurance and financial services company wants public incentives to create 80 jobs in its new office in Plantation, Broward County, Florida. The application for “Project Anchor” was considered by the city council on August 10, but kept the identity of the company confidential. Despite the secrecy, the applicant has numerous characteristics in common with
Zurich Insurance Group, Ltd.
The application describes Project Anchor as a major financial services provider and multi-line insurer with more than 50,000 employees around the world and services in more than 170 countries. In the United States and Canada, the company is a “leading commercial property-casualty insurance provider serving small business, and mid-sized and large companies.” Other striking credentials include an A+/outlook negative rating from A.M. Best and an AA-/outlook rating granted in December 2015 from Standard & Poor’s.
"While we can’t comment on specifics due to the confidentiality of the project, the application speaks to the strength of the financial sector in [Broward County] and the possibility of 80 new high-wage jobs at above the county average potentially being created in the city of Plantation," said David Coddington, vice president of business development at the Greater Fort Lauderdale Alliance, which brought the application to Broward County.
If successfully launched, Project Anchor would create 80 jobs with an average wage of $52,938 by the end of 2018, and invest $600,000 in capital on renovations and office equipment. Additionally, the company would lease approximately 20,000 square feet in Plantation’s Midtown district.
Should the company meet these goals, it would receive about $400,000 over six years from the Qualified Target Industry Tax Refund program (QTI), which encourages quality job growth in targeted growth industries. About $80,000 would come from the city and the rest from the state.
