Insurer bringing 365 jobs to Raleigh

A Bermuda-based financial services firm that provides mortgage insurance and other specialty lines of insurance plans to open an operations hub in Raleigh, creating 365 jobs over the next four years, officials said Tuesday.

Posted 3:59 p.m. Jul 24, 2018 — Updated 3:59 p.m. Jul 24, 2018

Matthew Burns

, WRAL.com senior producer/politics editor

RALEIGH, N.C. — A Bermuda-based financial services firm that provides mortgage insurance and other specialty lines of insurance plans to open an operations hub in Raleigh, creating 365 jobs over the next four years, officials said Tuesday.

Arch Capital Group Ltd. plans to invest $12.9 million in North Carolina by the end of 2019. The company already employs about 575 people in the state.

"The overall attractiveness of the area, combined with our existing operations in North Carolina and the incentives offered by the state, were all factors in our decision to create an operational hub in Raleigh," Marc Grandisson, president and chief executive of Arch, said in a statement. "This region offers a talented and educated labor force, a collaborative business environment and an appealing quality of life for our employees."

Arch has qualified for a Job Development Investment Grant that will rebate up to $5.1 million in employee withholding taxes to the company over 12 years if annual job and investment targets are met.

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