(KMOV.com) -- Reinsurance Group of America broke ground on its new headquarters in Chesterfield on Monday, promising to build a $140 million complex and make at least 300 new hires within five years.
”It could be more than 300 and it could be that we have some efficiencies that keep it down to 300, but we’ve committed to 300 and we believe that’s a good number,” said RGA President and CEO Greig Woodring.
RGA, a company that sells insurance to other insurance companies, would hire actuaries, accountants, IT specialists and risk managers, said Woodring.
The company was looking to move out of leased office space in Chesterfield and build a new world headquarters. It settled on a site two and a half miles away. County and state officials said the stakes were high in keeping the company in the region.
”You can’t attract new companies if you can’t attract the ones that are already here. So, this is extremely important to us,” said St. Louis County Executive Charlie Dooley.
The Missouri Department of Economic Development says RGA is approved to receive up to $10,539,325 is tax incentives if the company creates 300 new jobs and builds a $140 million new office complex. St. Louis County is also offering up to $30 million in local tax incentives.
”The return on investment from the taxpayer standpoint in the county is really worth it when you’re talking about $150 million dollars in construction and the 800 jobs, plus, that we are saving. Plus, the at least 300 jobs that are promised over the next couple of years at their salary levels. The economic impact of that is really tremendous,” said Denny Coleman with the St. Louis County Economic Council.
RGA currently employs 750 full time workers, along with 200 contractors at its Chesterfield office. The company also has operations in more than 20 other countries.
The new headquarters along Interstate 64, near the Chesterfield City Hall, is expected to be completed next September.