Chubb is coming to Philadelphia and bringing thousands of jobs
Chubb, a property and casualty insurance company, has announced the construction of its newest and largest North American location.
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On Dec. 16, the City of Philadelphia and the Governor’s Office announced that Chubb, the largest publicly traded property and casualty insurance company in the world, will be starting construction on their newest and largest North American location in Philadelphia. The office will be located at 2000 Arch Street, which is currently a parking lot.
"It's a vibrant reminder that the city is a global destination for companies of all sizes. Notably, we're excited [for] what this means for Philadelphia's workforce," said Mayor Jim Kenney.
Chubb already has a presence in Philadelphia and Pennsylvania, and this new location will cement its place in the region.
Chubb's CEO John Keogh explained that the company's history with Philadelphia dates back to 1792 when investors met at Independence Hall to organize what would be Chubb's predecessor company.
Keogh stated, "We're making this move, because we believe in the city, its people and the opportunity that it provides."
Once built, the location will bring 1,250 new jobs immediately to the area, as well as provide paid apprenticeship opportunities for members of the community. It will also add 3,200 additional jobs over five years and the construction will provide hundreds of local union jobs.
The building will have 18 floors and be LEED Platinum certified.
Chubb received a grant for $10 million from Pennsylvania's Redevelopment Assistance Capital Program (RACP), which will partially fund the development and construction costs.
The RACP "is a Commonwealth grant program administered by the Office of the Budget for the acquisition and construction of regional economic, cultural, civic, recreational, and historical improvement projects."
In his speech, Governor Tom Wolf also mentioned that Chubb would be receiving a $3.339 million Pennsylvania First (PA First) grant.
Something that was empathized throughout the press conference was the positive effect that the incoming jobs and paid apprenticeship program will have on residents of Philadelphia.
The apprenticeship in particular will focus on those whose career path didn't include going to a four-year college. It will provide participants with professional development, technical learning, and on-the-job training.
Latrell Johnson, head of Human Resources for Chubb North America, spoke to Chubb's history of developing talent.
"I began my career with Chubb more than 30 years ago as an intern the summer before my freshman year of college. So I can personally say that this is a company that works hard to identify, develop and retain talent," said Johnson.
State Representative Jordan Harris, whose district includes South Philadelphia, talked about questions he had for Chubb before he gave the project his support.
He said, "I'm very direct with anybody that comes to me with projects. How's it going to help people? How's it going to help Philadelphians? How's it going to help black and brown people, how's it going to help folks in our community?"
He explained that since the money is taxpayer money, it should be invested in projects that will benefit people.
"And how do we invest in Pennsylvania? When you look at things that are happening in the city of Philadelphia; you want to fix crime? Get a young person a job, give them a career, give them a way to go out and feed their family. You want to fix poverty? Give people jobs. Give them an opportunity to support their families. That's what we're supposed to be doing with taxpayer dollars," he said.
Construction on the new Chubb location will begin in February 2023. The building is set to be open in early 2026.