Reliance Standard Life Insurance Company, an insurance carrier specializing in group employee benefits and fixed annuities, recently announced plans to relocate to a larger headquarters in Philadelphia and create 127 jobs over the next three years.
The Pennsylvania Department of Community and Economic Development sent Reliance a $250,000 funding proposal for a Pennsylvania First grant and $381,000 in Job Creation Tax Credits. The company has committed to investing at least $9 million in its expansion project, which in addition to creating new full-time jobs also will retain 592 jobs across the commonwealth.
“Reliance Standard has flourished since locating our headquarters to Philadelphia in 1982,” Chris Fazzini, president and CEO of group benefits at the company, said. “We’ve grown from a niche carrier to a top ranked U.S. insurance provider in the group disability and life space, and the fixed- and indexed-annuities segment of the retirement services market.”
“I couldn’t be happier to continue our legacy as a Philadelphia success story and build our future here,” Fazzini added.
The project was coordinated by the office of Gov. Tom Wolf. The governor’s team of economic development professionals work with businesses that are considering expanding in or relocating to Pennsylvania, in collaboration with the City of Philadelphia and the Philadelphia Industrial Development Corporation.
“Reliance Standard Life Insurance Company has been an important contributor to Philadelphia’s business community for some time, and we are thrilled that they will be growing their presence here,” said Philadelphia Mayor Jim Kenney. “The addition of more than 100 jobs and a significant capital investment in their new facility shows a commitment to the city of Philadelphia that we welcome with open arms.”