Governor Wolf Announces Reliance Standard Life Insurance Company to Expand Headquarters in Philadelphia, Creating More Than 100 New Jobs
September 07, 2018
Harrisburg, PA – Today, Governor Tom Wolf announced that Reliance Standard Life Insurance Company (RSL), an insurance carrier specializing in group employee benefits and fixed annuities, will expand its Philadelphia headquarters and relocate it into a larger facility in the city. The expansion will create 127 well-paying jobs in the next three years.
“The decision of a staple Philadelphia employer like RSL to expand in the city shows that when companies are located here in Pennsylvania, they want to stay here,” Governor Wolf said. “This project will be a significant contributor to Philadelphia’s thriving business environment, providing more than 100 new, family-sustaining jobs to Philadelphia-area workers.”
RSL requires additional space for continued growth, and will relocate its existing Philadelphia headquarters into a new, larger location on Market Street. The company has committed to investing at least $9 million in the project, which will create 127 new full-time jobs in the next three years and retain a further 592 jobs across the commonwealth.
“Reliance Standard has flourished since locating our headquarters to Philadelphia in 1982,” said Chris Fazzini, president and CEO, Group Benefits. “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. This is a city of champions – and by this I mean our employees. We greatly appreciate the support from the city and Governor Wolf’s administration. I couldn’t be happier to continue our legacy as a Philadelphia success story and build our future here.”
RSL received a funding proposal from the Department of Community and Economic Development for a $250,000 Pennsylvania First grant and $381,000 in Job Creation Tax Credits to be distributed upon creation of the new jobs. The project was coordinated by the Governor’s Action Team, an experienced group of economic development professionals who report directly to the governor and work with businesses that are considering locating or expanding in 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.”
RSL, founded in 1907 as Central Standard Life Insurance Company, has been headquartered in Philadelphia since 1982. RSL has 27 regional sales offices and four regional claims offices located throughout the U.S. The company provides group life, disability, and accident insurance policies that are incorporated into employee benefits packages. The company also underwrites dental, vision, and limited medical plans, and offers annuities targeting individuals planning for retirement.