Chubb plotting major ‘pipeline of new talent’ for its largest office in North America
Property/casualty insurance carrier Chubb plans to build its “largest” office in North America, which will house nearly 3,200 employees, creating some 1,250 new roles spanning areas such as digital technology, finance, underwriting and claims, when it opens in early 2026.
The company has struck a deal with Parkway Corporation to develop a 18-floor, 438,000 rentable square foot structure, with the “highest standards for sustainability”, in Philadelphia, Pennsylvania. Construction is expected to commence in February 2023.
With this move, the insurer aims to add some 1,250 new employees in the “state-of-the-art” building, creating and retaining a total of 3,200 jobs in Pennsylvania within five years following the opening. During the construction phase, the project plans to also support hundreds of jobs from local unions.
Chubb’s expanded workforce in Philadelphia will include new roles in digital technology, finance, underwriting and claim. It believes the proximity of the new location to the city’s leading colleges and universities will provide an important pipeline of new talent.
The insurer noted that 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.
John Keogh, president and chief operating officer of Chubb, said: “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, said: "As the No.1 commercial insurer in the US, 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. 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."
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