Specialty insurer Arch Capital gets tax breaks to move jobs
RALEIGH, N.C. (AP) — An insurance company that covers the risks of lenders and other insurers is moving hundreds of high-paying jobs from the New York City area to the tech hub near North Carolina’s capital city.
A North Carolina committee on Tuesday approved a tax break package that could be worth up to $6 million dollars to Bermuda-based Arch Capital incentives. The company plans about 365 executive, IT and insurance jobs paying an average of almost $110,000 Wake County. That’s almost twice the county’s average annual wage.
About 500 employees of Arch Capital’s mortgage insurance operation already work in the state.
North Carolina officials say Arch Capital plans to consolidate operations from New York and New Jersey to the Raleigh area and also considered Atlanta for its new location.