PROVIDENCE, R.I. (WPRI) — A major financial services company has decided to move its Boston regional office to Providence.
Mutual of America Life Insurance Co. plans to move about 20 employees including its regional office head from their current space in Westborough, Massachusetts, to the Blue Cross building downtown, a company spokesperson told WPRI 12. The new office is expected to open by late September.
The New York-based company, which offers insurance and retirement products, emphasized that it will continue to have other local locations in Boston, Connecticut and New Hampshire, but decided Providence was the best choice for the regional office as its business grows.
“We are excited about opening an office in Providence as we continue to expand our 401(k) and 403(b) retirement plan business in the New England area,” Brian Severin, Mutual’s executive vice president of sales and marketing, said in a statement. “This will enable us to further enhance the personal service we provide to our customers.”
Mutual managed over $20 billion in assets as of Dec. 31, according to its website.
The business development team at Commerce RI has been working to convince Mutual to move to Rhode Island for over a year, spokesperson Matt Sheaff said. The company will not be receiving any tax incentives for the move, he said.
Mutual’s leaders first connected with Gov. Gina Raimondo and Mayor Jorge Elorza at a luncheon last year after the company’s foundation gave a community award to the Go-Team Police Partnership in Providence.
“We truly appreciate the welcome given to us by the city and state and look forward to becoming a vital member of the growing and diverse business community,” Severin said. The company has begun publicizing its decision on social media.
Raimondo called the relocation decision “exciting.”
“When I first spoke with Mutual of America about moving here, they told me the same thing I hear from every company: their top consideration is a talented workforce,” the governor said in a statement. “The significant investments we have made over the past few years in education and job training have helped us recruit dozens of companies to our state, and we need to keep our foot on the gas.”
The Blue Cross building, located at 500 Exchange St., was built in 2009 and is still owned by the nonprofit health insurer. The property has a 20-year tax break from the city that expires after 2023.
Ted Nesi (firstname.lastname@example.org) is WPRI 12’s politics and business editor and a Target 12 investigative reporter. He is a weekly panelist on Newsmakers and hosts Executive Suite. Follow him on Twitter and Facebook