NC insurance company selects Durham for 1,000-job office expansion

A growing Durham financial services company has committed to create 1,000 jobs in the Triangle by next decade.

Through a new state job development investment grant, the life insurance and annuities provider Aspida committed to hire these workers in Durham between 2028 and 2032, the N.C. Economic Investment Committee said during a meeting Wednesday. The jobs are expected to pay an average salary of at least $137,288.

Aspida was founded in 2019 as a subsidiary of the Los Angeles-based global investment firm Ares Management. The company has around 200 local employees at its main office in south Durham, and two other offices in Bermuda and the Cayman Islands.

State commerce officials said Aspida has more than $25 billion in assets and aims to grow technology and service staff at its headquarters. The company currently occupies an office building on Englert Drive near Research Triangle Park. Under its new state grant, Aspida pledged to invest close to $29 million in its future Triangle office.

The company did not respond to questions Wednesday about this new office could be located.

North Carolina offers job development investment grants, or JDIGs, as its main incentive tool for companies deciding where to expand. If Aspida achieves its hiring and investment goals, the company will receive nearly $22 million in payroll tax rebates over a 12-year period. Durham County has also awarded the project $750,000 in local incentives, the Economic Investment Committee said.

Most JDIG recipients have not met their original hiring targets since North Carolina began the incentive program in 2003. According to the state, Aspida also considered Richmond, Virginia, for its expanded office but cited the Triangle’s workforce, business climate, and state economic incentives for why it chose Durham.

“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,” company CEO Lou Hensley said in a statement Wednesday.

Though less finance-focused than Charlotte, the Triangle has several large financial services offices. Fidelity Investments is today the biggest employer in Research Triangle Park. At 1,000 jobs, Aspida has made one of the top recent job creation commitments in Durham County.

This is a developing story.

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