The leader in property and casualty insurance will add 1,250 new employees in a state-of-the-art building, designed with the highest standards for sustainability.
Chubb commits to creating and retaining a total of 3,200 jobs in Pennsylvania within the next five years.
PHILADELPHIA, Dec. 16, 2022 /PRNewswire/ -- Chubb, the world's largest publicly traded property and casualty insurance company, today announced its plan for a new Philadelphia office that will occupy a state-of-the-art building to be constructed at 2000 Arch Street, reaffirming a commitment to the City of Philadelphia and the Commonwealth of Pennsylvania that can be traced to 1792. Designed with the highest standards for sustainability, the new 18-floor, 438,000 rentable square foot structure is being developed in partnership with Parkway Corporation. Construction will commence in February 2023. Artist renderings of the building as well as a video of the site and a fact sheet are available here.
Chubb, already a significant employer in the city and elsewhere in the Commonwealth with approximately 1,950 jobs, will create at least 1,250 new positions in Philadelphia following the building's opening in early 2026, making it the company's largest office in North America. Chubb has committed to creating and retaining a total of 3,200 jobs in Pennsylvania within five years following the opening. During the construction phase, the project will also support hundreds of jobs from local unions.
Chubb's expanded workforce in Philadelphia will include new roles in digital technology, finance, underwriting and claims and the proximity of the new location to the city's leading colleges and universities will provide an important pipeline of new talent. There will also be hires into Chubb's newly launched apprentice program, which will offer roles for individuals without a four-year college degree in areas such as claims, underwriting and technology.
The Redevelopment Assistance Capital Program (RACP), provided by the Commonwealth and facilitated by the Philadelphia Industrial Development Corporation, is providing $10 million to fund development and construction costs of the project. Chubb will be the anchor tenant.
Chubb is the largest commercial property and casualty insurer in the U.S., serving businesses of all sizes, from small family-owned businesses and mid-sized companies to the largest national and multinational corporations. The company is also America's largest crop insurer and the leader in providing insurance to successful individuals and families. Chubb's oldest subsidiary, INA, was the nation's first stock insurance company, founded in 1792 at Independence Hall.
John Keogh, President and Chief Operating Officer, Chubb: "Chubb is a dynamic and growing company that is proud to put a new stake in the ground in Philadelphia, a city that has been part of our history and success since 1792. We believe in this city, its people and the opportunity it provides. Our expanded presence will bring economic benefits to the City and Commonwealth, including new jobs and stimulating broader economic activity. The strong support Chubb is receiving from Governor Wolf, Mayor Kenney, City Council President Clarke, and our development partner is a testament to the sense of community that continues to make Philadelphia a great place to do business."
John Lupica, Vice Chairman, Chubb Group and President, North America Insurance: "As the #1 commercial insurer in the U.S., Chubb is part of the economic life of the communities where we operate, providing insurance protection for business of all sizes, including 97% of the Fortune 1000. Across North America, our network of branches spans 48 cities. Our new Philadelphia building will be a great place for our employees to work and deliver the best of Chubb for our clients and partners. We also believe in the value of people working together in an office, and our new building will have a collaborative, flexible working environment that provides our employees access to all this city offers."
Jim Kenney, Mayor of Philadelphia: "We are very proud that the world's largest publicly traded property and casualty company, Chubb, has chosen Philadelphia for its new largest North America office. This affirms that our city is a dynamic, competitive destination ready to attract and retain companies of all sizes, and further showcases that Philadelphia is a great place for businesses to grow and thrive. I want to thank the Department of Commerce's Business Development team for leading this effort on behalf of the City, solidifying Philadelphia as a great place to work, live and play. Chubb's decision to invest in Philadelphia demonstrates that our unique combination of affordability, cultural amenities, and talented and diverse workforce make us a top choice for innovative and collaborative companies. We thank them for their investment in and commitment to our great city."
Tom Wolf, Governor of Pennsylvania: "I'm proud to have invested $13.3 million to support Chubb as they build their largest office in North America in Philadelphia. This investment supports the creation of more than 1,250 jobs, and that's a really big deal. This project is a fitting culmination of all that my Governor's Action Team has done over the past eight years to help businesses expand and relocate in Pennsylvania."
Darrell L. Clarke, Philadelphia Council President (5th District): "This is a tremendous day for Philadelphia. We thank the Parkway Corporation and Joe and Rob Zuritsky for their leadership in bringing this development to Philadelphia. We thank Chubb for its strong, clear commitment to the economy of Philadelphia and to bringing hundreds and hundreds of jobs here. We appreciate the Governor and every city official who's worked to make this day a reality. Philadelphia is a great place to work and live, and Chubb's faith in our city demonstrates that."
Robert Zuritsky, President and CEO of Parkway Corporation: "It has been a fantastic experience collaborating on this project with Chubb, which, like Parkway, has strong roots here in Philadelphia. For nearly a century, Parkway has spearheaded some of the most significant and transformative developments in Philadelphia's history. We're thrilled to bring this development with its positive economic impact and job opportunities to this vibrant neighborhood and we look forward to working with our partners to build the future of this world-class city."
Chubb in Philadelphia and Pennsylvania
Chubb currently occupies two locations in Philadelphia at 436 and 510 Walnut Street, steps from Independence Hall where its predecessor company was founded. In Pennsylvania, the company insures $500 billion of property for large companies, including $70 billion in Philadelphia, in industries ranging from healthcare, manufacturing and financial services to construction, retail and media. Chubb is also a leader in providing insurance for mid-sized and small businesses. Through its philanthropy, the company has long supported Pennsylvania nonprofits, schools and other institutions. In the past 20 years, the company made more than $45 million in contributions to over 100 unique local nonprofits in the Commonwealth, including $4.5 million in 2021.
Pennsylvania nonprofits have also received support from the Chubb Rule of Law Fund, a unique corporate initiative that promotes the preservation and the advancement of the rule of law through projects in the U.S. and around the world. The Fund has provided support for the Juvenile Law Center in Philadelphia, which advocates for rights, dignity, equity and opportunity for youth in the child welfare and justice systems, and for the Pennsylvania Innocence Project, which has a mission to exonerate those convicted of crimes they did not commit, to prevent innocent people from being prosecuted and convicted, and to help those wrongfully convicted transition to freedom.
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 34,000 people worldwide. Additional information can be found at: www.chubb.com
Cautionary Statement Regarding Forward-Looking Statements
Forward-looking statements made in this press release, such as statements regarding Chubb's office plans and workforce, and Chubb's expectations and intentions and other statements that are not historical facts, reflect the company's current views with respect to future events and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements. Additional information regarding factors that could cause differences from these forward-looking statements appears in Chubb's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made.