December 16, 2022
A planned Center City tower will become Chubb's largest North American office space upon its completion in 2026.
The insurance company has committed to maintaining 3,200 workers in Philadelphia in the five years after it moves into the building, slated for 2000 Arch St., city officials said Friday. To do so, Chubb will create 1,250 new jobs in Philadelphia.
The new 18-story tower, developed in partnership with Parkway Cooperation, will cost $430 million to build. When finished, it will have 438,000 square feet of rentable space. Construction is expected to begin in February. The site is currently a parking lot.
Chubb is the world's largest publicly traded property and casualty insurance company, with 34,000 employees and operations in 54 countries and territories. Headquartered in Zurich, Switzerland, the company currently has another executive office in Philadelphia at 436 Walnut St., which employs 1,950 people.
The company's new positions are expected to be in the areas of digital technology, finance, underwriting and claims. Chubb also will have an apprentice program offering roles for people who have not completed four-year college degrees.
"Chubb's decision to invest in Philadelphia demonstrates that our unique combination of affordability, cultural amenities, and talented and diverse workforce make us a top choice for innovative and collaborative companies," Mayor Jim Kenney said. "We thank them for their investment in and commitment to our great city."
Pennsylvania's Redevelopment Assistance Capital Program is providing $10 million to fund development and construction costs of the new project, in addition to another $3.3 million in state funds. The building's construction will support hundreds of union construction jobs.
"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," said John Keogh, Chubb's president and COO. "We believe in this city, its people and the opportunity it provides. Our expanded presence here will bring economic benefits to the city and commonwealth, including new jobs and stimulating broader economic activity."
Chubb's oldest subsidiary, the Insurance Company of North America, was founded at Independence Hall in 1792 as the nation's first stock insurance company and the first U.S. insurer to cover property for house fires. The company was located along Philadelphia's "Insurer's Row," between Second and Sixth streets on Walnut Street, for much of the 19th century. It later moved to the INA Building at 1600 Arch St. from 1925-1991. ACE acquired the company in 1999 and then acquired Chubb in 2015. ACE opted to operate under the Chubb name.
Chubb insures 97% of the Fortune 1000 and also covers small, family-owned businesses and mid-sized firms domestically and internationally. It provides personal accident and supplemental health insurance in addition to reinsurance and life insurance.