Department of Community and Economic Development (DCED) Secretary Rick Siger helped worldwide insurance leader Chubb open its new office tower in Philadelphia. The facility marks one of the largest private investments in Center City in recent years.
The 18-floor, 438,000-square-foot building represents a $380 million investment by Chubb and will serve as a workplace for nearly 3,000 employees. This new facility underscores Chubb’s long ties to Philadelphia ― its oldest subsidiary, the Insurance Company of North America, was founded in 1792 near Independence Hall as the nation’s first stock insurance company.
The new building’s construction phase, which began in February 2023, also supported hundreds of jobs from local trade unions.
“Today’s celebration is an exciting milestone for Chubb, the City of Philadelphia, and the entire Commonwealth,” said Secretary Siger. “Chubb’s major investment in Philadelphia further strengthens the City’s dynamic economy. It also underscores Pennsylvania’s exceptional workforce, competitive business environment, and everything we have to offer to growing companies here in the Commonwealth.”
Chubb is a world leader in insurance. 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. 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 employs approximately 45,000 people worldwide.
“2000 Arch Street stands as a clear statement of Chubb’s belief in Philadelphia and the Commonwealth, our commitment to this city, and our intention to remain rooted here for the long term,” said Juan Luis Ortega, Executive Vice President, Chubb Group, and President, North America Insurance. “We are grateful to Governor Shapiro, Secretary Siger, and our partners across the Commonwealth for helping us open this next chapter.”
