Reinsurance Group of America (NYSE: RGA), one of the world’s largest life reinsurance companies, broke ground for its $140 million global headquarters in Chesterfield, Missouri.
The company has committed to adding 300 new jobs over the next five years as moving into the new 405,000-square-foot facility facilitates RGA’s growth.
The plan to build a global headquarters and add 300 jobs was first announced in November last year. In order to secure RGA’s relocation and expansion project, St. Louis County offered the company a 50 percent property tax and personal property tax abatement.
In addition to the local incentives, the company is eligible for state tax incentives worth $10.5 million, based on its commitment to create 300 new jobs and invest $140 million.
The incentives offered will not only create new jobs, but also save the 800 existing RGA jobs in the St. Louis region, most of which are located at the existing leased offices in Chesterfield.
The new 17-acre site for the global headquarters across from Chesterfield City Hall is just a couple of miles away, and construction of the two five-story office buildings, connecting two-story atrium lobby, parking garage and other infrastructure is expected to be completed by the end of next year.
Although the current design calls for development of 405,000 square feet, the site can accommodate future expansions to add more space up to a total of 650,000 square feet.
Missouri Governor Jay Nixon said it was always exciting to see companies that have already been located in the state for a long time make more investments. He added that RGA’s expansion was more evidence that efforts to foster a stable and pro-business environment were paying off.
RGA reinsures life insurance policies sold by insurers, and is a Fortune 500 company with 1,655 employees located across 25 countries. As of the end of last year, the company had assets worth $40.4 billion and had life reinsurance worth $2.9 trillion in force. RGA generated revenues worth $9.8 billion last year.