MO: Reinsurance Group of America Breaks Ground on $140M, 300-Job Complex
22 May, 2013
One of the largest global providers of life reinsurance is building a new headquarters facility in St. Louis County, Gov. Jay Nixon announced. Reinsurance Group of America (RGA), which is marking its 40th anniversary in the St. Louis area in 2013, will be constructing a new 405,000 square-foot facility that will serve as the company's new global headquarters, involving a capital investment of $140 million. The new headquarters will support RGA's continued expansion in the area that is expected to create 300 new jobs over the next several years.
The Governor made the announcement today during the official groundbreaking ceremony for RGA's new facility, which is expected to be completed by the end of 2014.
"It is always exciting when a long-time Missouri company increases its investment into our state, which is what RGA is doing with its plans to build a new global headquarters in St. Louis County," Gov. Nixon said. "RGA's significant expansion will include a capital investment of $140 million and create 300 new jobs, both of which will provide a strong boost to our state's economy. Here in Missouri, we have successfully fostered a stable, predictable, pro-business environment that is encouraging companies of all sizes to invest and create jobs for our outstanding workforce, and to ensure that Missouri remains an attractive place to live and work. RGA's expansion is just the latest evidence that our efforts are paying off."
Last week, the Missouri Department of Economic Development issued its April employment report, which showed that state employers created more than 12,000 new jobs during the month while Missouri's unemployment rate fell to 6.6 percent, the state's lowest since October 2008.
RGA joins a number of prominent Missouri businesses that have announced major expansions in the past month, including Ford Motor Company (900 new jobs created for the new third shift to build the F-150 pick-up truck at the Kansas City Assembly Plant) and Monsanto (675 new jobs created, $400 million capital investment at its headquarters in St. Louis County), among others.
RGA is among the largest global providers of life reinsurance with operations in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Singapore, South Africa, South Korea, Spain, Taiwan, the United Arab Emirates, United Kingdom and United States. Based in the St. Louis area since 1973, the company had approximately $2.9 trillion of life reinsurance in force and assets of $40.4 billion as of Dec. 31, 2012.