A major commercial insurer is moving its processing center to Baltimore with the help of state and city economic incentives.
At a meeting Tuesday at The Center Club, Chubb Corp. Chief Financial Officer Tom Motamed said the company has signed a 10-year lease for 45,000 square feet of space at Montgomery Park in southwest Baltimore. The eight-story, 1.3 million-square-foot complex used to be a Montgomery Ward store and warehouse.
Chubb also plans to hire 250 workers.
“Most of the jobs will be in underwriting,” Motamed told The Examiner before the announcement. “Most ofthem will also be local hires.”
Motamed added that the jobs will pay “competitive” salaries.
The Economic Alliance of Greater Baltimore, which has been wooing Chubb since 2004, got help from the state and city in convincing the Warren, N.J.-based insurer to move south.
The Baltimore Development Corp. kicked in a $500,000 low-interest loan as part of an incentive package, and the state sweetened the pot by adding $50,000 to help train Chubb?s new workers and another $2 million in job tax credits payable to Chubb over the next 14 years, said Robert L. Hannon, assistant secretary of the Baltimore region for Maryland?s Department of Business and Economic Development.
Aris Melissaratos, secretary of the department, said Chubb?s decision to come to the region had special significance.
“This town was born from financial services,” he said. “It?s like going back to our former glory.”
Mayor Martin O?Malley said the move was the latest chapter in Baltimore?s economic revival.
“People are banging on our doors to come here,” he told the audience of business leaders.
Motamed said Chubb would begin hiring new workers in May and June for the center, which will open its doors Sept. 1.
He added that Chubb is committed to diversity in the workplace and that a gay and lesbian advocacy organization praised the company for its hiring practices.
Motamed also had high praise for Al Redmer, Maryland?s former insurance commissioner, who helped promote the region to Chubb.
“We?ve never had an insurance commissioner come and pitch us,” Motamed said. “Usually they talk about regulation.”
Sectors of strength
The greater Baltimore region?s most competitive sectors:
» Defense
» Life sciences
» Financial services
» Health care services
Source: The Economic Alliance of Greater Baltimore
