PHILADELPHIA, December 16, 2022 — The City of Philadelphia and the Pennsylvania Governor’s Office announced plans for Chubb’s new office in Philadelphia that will bring thousands of family-sustaining jobs to Philadelphia. Chubb is the world’s largest publicly traded property and casualty insurance company. The new Philadelphia office will occupy a state-of-the-art building to be constructed at 2000 Arch Street, reaffirming a commitment to the City of Philadelphia and the Commonwealth of Pennsylvania that can be traced to 1792.
“We are very proud and thankful that the world’s largest publicly traded property and casualty company, Chubb, has chosen Philadelphia for its new largest North America office. This affirms that our City is a dynamic, competitive destination ready to attract and retain companies of all sizes and further showcases that Philadelphia is a great place for businesses to grow and thrive. I want to thank the Department of Commerce’s Business Development team for leading this effort on behalf of the City, solidifying Philadelphia as a great place to work, live and play,” said Mayor Jim Kenney. “Chubb’s decision to invest in Philadelphia demonstrates that our unique combination of affordability, cultural amenities, and talented and diverse workforce makes us a top choice for innovative and collaborative companies. We thank them for their investment in and commitment to our great City.”
Chubb, already a significant employer in the City and elsewhere in the Commonwealth with approximately 1,950 jobs, will create at least 1,250 new positions in Philadelphia following the building’s opening in early 2026, making it the company’s largest office in North America. Chubb has committed to creating and retaining; a total of 3,200 jobs in Pennsylvania within five years following the opening. During the construction phase, the project will also support–hundreds of jobs from local unions.
“I’m proud to have invested $13.3 million to support Chubb as they build their largest office in North America in Philadelphia,” said Governor Tom Wolf. “I’m grateful to Mayor Kenney for his coordination on Chubb’s expanded workforce in Philadelphia will include new roles in digital technology, finance, underwriting, and claims–and the proximity of the new location to the City’s leading colleges and universities will provide an important pipeline of new talent. 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.
“Chubb’s new Philadelphia office will provide family-sustaining jobs for the region and advance inclusive economic opportunities. The Department of Commerce will continue to convene economic development partners to support the talent needs of employers, grow quality jobs and enhance the City’s economy,” said Anne Nadol, Commerce Director. “We look forward to the continued growth of Chubb’s social and economic impacts in Philadelphia.”
“As the #1 commercial insurer in the U.S., Chubb is part of the economic life of the communities where we operate, providing insurance protection for businesses of all sizes, including 97 percent of the Fortune 1000. Across North America, our network of branches spans this project; our combined investments are supporting the creation of more than 1,250 jobs for Pennsylvanians. This is government that works.”
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,” said John Lupica, Vice Chairman Chubb Group and President North America Insurance. “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.”
Chubb is the largest commercial property and casualty insurer in the U.S., serving businesses of all sizes, from small family-owned businesses and mid-sized companies to the largest national and multinational corporations. The company is also America’s largest crop insurer and the leader in providing insurance to successful individuals and families. Chubb’s oldest subsidiary, INA, was the nation’s first stock insurance company, founded in 1792 at Independence Hall.
“This is a tremendous day for Philadelphia,” said Council President Darrell L. Clarke. “We thank the Parkway Corporation and Joe Zuritsky for their leadership in bringing this development to Philadelphia. We thank Chubb for its strong, clear commitment to the economy of Philadelphia and to bringing hundreds and hundreds of jobs here. We appreciate the Governor and every city official who’s worked to make this day a reality. Philadelphia is a great place to work and live, and Chubb’s faith in our City demonstrates that.”
“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 here will bring economic benefits to the City and Commonwealth, including new jobs and stimulating broader economic activity.” said John Keogh, President, and Chief Operating Officer, Chubb. “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.”
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. Designed with the highest standards for sustainability, the new 18-floor, 438,000 rentable square foot structure is being developed in partnership with Parkway Corporation. Construction will commence in February 2023.
“It has been a fantastic experience collaborating on this project with Chubb, which, like Parkway, has strong roots here in Philadelphia. For nearly a century, Parkway has spearheaded some of the most significant and transformative developments in Philadelphia’s history,” said Robert Zuritsky, President & CEO Parkway Corporation. “We’re thrilled to bring this development with its positive economic impact and job opportunities to this vibrant neighborhood, and we look forward to working with our partners to build the future of this world-class city.”
About Chubb: Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance to a diverse group of clients. As an underwriting company, we assess, assume, and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength, and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris, and other locations and employs approximately 34,000 people worldwide. Additional information can be found at: www.chubb.com.
Cautionary Statement Regarding Forward-Looking Statements: Forward-looking statements made in this press release, such as statements regarding Chubb’s office plans and workforce, Chubb’s expectations and intentions, and other statements that are not historical facts, reflect the company’s current views with respect to future events and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements. Additional information regarding factors that could cause differences from these forward-looking statements appears in Chubb’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made.
