Sammons To Build $60M Building, Add 200 Employees

Sammons Financial Group is finalizing plans to build a new $60 million headquarters in Des Moines, Iowa, and will add 200 employees, according to a report.

According to sources, the company is waiting to make an official announcement until the details are finalized. Company officials declined comment.

According to the Des Moines Register newspaper, Sammons is getting "about $3.8 million in expected sales tax rebates and tax credits" from the Iowa Economic Development Authority. West Des Moines will provide a property tax rebate worth about $13.2 million and $2.4 million in infrastructure improvements for the site.

Sammons will initially build 200,000-square feet of new office space with plans for additions in the future, the Register reported. The company has pledged to add 200 new jobs to its existing base of 510 employees.

Last week, Sammons laid off a "small group" of employees across four Midwest company sites.

The layoffs will happen during the first quarter of 2019, said John Myers, associate vice president of corporate communications for Sammons. The affected offices are reportedly in Illinois, Iowa, South Dakota and North Dakota.

Headquartered in Chicago, Sammons is the parent company for Midland National Life in Sioux Falls, S.D.; North American Company for Life and Health Insurance in West Des Moines, Iowa, and Sammons Institutional Group, which sells retirement products.

Sammons Financial reports $82.1 billion in total assets, nearly 1.1 million life insurance policies worth $276.6 billion, and 611,013 annuity contracts.

InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at john.hilton@innfeedback.com.

© Entire contents copyright 2018 by InsuranceNewsNet.com Inc. All rights reserved. No part of this article may be reprinted without the expressed written consent from InsuranceNewsNet.com.

InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at john.hilton@innfeedback.com. Follow him on Twitter @INNJohnH.