Liberty Mutual Group Inc. plans to spend $14 million on an expansion in Carmel that is expected to create up to 400 high-wage jobs over the next four years, the company announced Tuesday morning.
To accommodate the expansion, the Boston-based insurer said it will lease 56,000 square feet in the Parkwood Crossing office complex, adjacent to a building at 350 E. 96th St. where it has existing operations. Liberty Mutual also has an office at 11611 N. Meridian St., which it opened in 2006.
Renovations on the new space are expected to begin in 2018 and be completed by spring.
Liberty Mutual employs more than 50,000 people in over 800 offices worldwide, including 1,430 in central Indiana.
New positions are expected to offer average salaries higher than the average Hamilton County wage of $56,836 per year.
Pending approval from the Indiana Economic Development Corp. board of directors, the IEDC is expected to offer Liberty Mutual up to $5.2 million in conditional tax credits and up to $300,000 in training grants based on the job-creation plans. The incentives hinge on the company’s ability to meet hiring goals.
“This expansion strengthens our already significant commitment to this city and state of Indiana, where we've long been impressed with its talented workforce and quality of life,” Karen Whiteknact, Liberty Mutual Insurance senior vice president of talent & enterprise services, said in written remarks.
Founded in 1912, Liberty Mutual Insurance is the fourth largest property and casualty insurer in the country based on its 2016 direct written premium data and according to the National Association of Insurance Commissioners.
It ranks 75th on the Fortune 100 list of largest U.S. corporations based on its 2016 revenue of more than $38 billion.