FINANCIAL SERVICES COMPANY TO EXPAND DURHAM HEADQUARTERS WITH 1,000 NEW JOBS

The following information was released by the North Carolina Department of Commerce:

Aspida Financial Services, a life insurance and annuity group, will begin a phased expansion of their global headquarters, adding 1,000 new jobs in Durham County over the next several years. The company will invest more than $28 million in the City of Durham.

"Aspida's decision to scale its headquarters in Durham reflects the strength of our state's talent pipeline and the collaborative spirit of our economic development partners," said North Carolina Commerce Secretary Lee Lilley. "We look forward to supporting the growth of other home-grown North Carolina companies."

A member of Aspida Holdings Ltd, Aspida Financial Services was founded in 2020 and is based in Durham. The fast-growing financial services company has more than $25 billion in assets. Aspida provides a suite of annuity products that helps people achieve and protect their financial futures as well as reinsurance solutions for other insurance companies. By combining easy-to-use digital tools with exceptional customer service, they make traditionally complex processes much simpler for advisors, clients, and institutional partners. The new facility will support the continued growth of their technology, service, and operations teams and will serve as the central hub for business as they expand.

"Aspida's expansion in our home city of Durham reinforces our commitment to the local community, and to our continued growth in North Carolina," said Lou Hensley, CEO and President of Aspida. "The Triangle's support of business advancement, expanding infrastructure, and heavy focus on technology create the right environment for our quickly growing organization to thrive. We are excited to continue to support the community in which we work and live."

While salaries for the new positions will vary, the average annual salary is expected to be $137,288, which exceeds the Durham County average of $97,531. These new jobs could create a potential annual payroll impact of more than $137.2 million for the region.

Aspida's expansion in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) awarded to Aspida Financial Services, LLC, approved by the state's Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state's economy by $5.5 billion. Using a formula that takes into account the new tax revenues generated by the new jobs and capital investment, the JDIG agreement authorizes the potential reimbursement to the company of up to $21,831,000, spread over 12 years. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets.

The project's projected return on investment of public dollars is 206 percent, meaning for every dollar of potential cost to the state, the state receives $3.06 in state revenue. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant's reimbursement payments to a given company.

Because Aspida is expanding in Durham County, classified by the state's economic tier system as Tier 3, the company's JDIG agreement also calls for moving $7,277,000 into the state's Industrial Development Fund Utility Account. The Utility Account helps rural communities across the state finance necessary infrastructure upgrades to attract future business.

"Durham is a hub for inclusive innovation, and Aspida's expansion brings high quality jobs and long-term investment to our community," said N.C. Senator Natalie S. Murdock. "This is a win for Durham and a testament to what's possible when we invest in people and place."

"Aspida's rapid growth is a powerful affirmation of Durham's role as a center for financial and technological excellence.," said N.C. Representative Zack Hawkins. "These new jobs will uplift families, energize our local economy, and expand access to careers in a thriving industry."

In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in this project include the North Carolina General Assembly, the North Carolina Community College System, Durham Technical Community College, Duke Energy, Durham County, and the Greater Durham Chamber of Commerce.