The Utah Governor’s Office of Economic Opportunity awarded Usurance a post-performance tax reduction for its expansion in Salt Lake County. The corporate incentive is part of the state’s Economic Development Tax Increment Financing (EDTIF) program.
Under the agreement, Usurance projects it will add 607 new, high-paying jobs and invest $50,085,000 in Utah during the next 11 years.
“Usurance chose Utah for its vibrant business ecosystem and strong industry focus, giving us the opportunity to support local businesses and deliver critical insurance solutions to Utah’s workforce,” said Dr. Charles Huang, CEO of Usurance and founder and chairman of Pasaca Capital. “Our vision is to be the leading provider of specialized insurance, setting the benchmark for innovation, security, and business confidence. We’re excited to offer coverage across a wide range of sectors — including aircraft, product liability, logistics, and intellectual property sectors — helping businesses of all sizes in Utah mitigate risks and seize opportunities. We are committed to supporting Utah residents and businesses impacted by wildfires through comprehensive insurance coverage and multiple customized solutions.”
“Usurance’s launch reinforces the state’s strength in financial services and emerging technologies,” said Jefferson Moss, executive director of GOEO. “This investment creates high-paying jobs, strengthens core industries, and positions Utah as a leader in modern insurance innovation.”