DURHAM – Online insurance broker Policygenius is bringing 377 jobs to Durham over the next five years, according to terms of a grant agreement approved by the state of North Carolina on Thursday morning.
The firm acknowledged as a leader in “insuretech” is opening a technical and operations center in Durham, Gov. Roy Cooper announced.
“Being an up-and-coming tech hub, North Carolina was a logical choice for us,” said Jennifer Fitzgerald, CEO and co-founder of Policygenius, in the announcement. “We’re proud to bring our second headquarters here. The strong support of the state is critical for the success of businesses like ours and we’re excited for what’s to come.”
In exchange for state tax incentives of some $5.5 million and local Durham County incentives of $188,50o, Policygenius has agreed to invest nearly $6 million in the Durham operations by the end of 2022.
“Policygenius joins a growing number of high-tech firms choosing the Research Triangle because of North Carolina’s ability to meet their talent needs. Our high-tech workforce continues to be a big reason for our state’s growth,” Cooper said in a statement.
Average wages of $72,000 will be offered compared to the current Durham average of $68,000.
A minimum of 339 new jobs is required to receive the incentives, according to the agreement.
Incentives were approved by the state’s Economic Investment Committee.
Policygenius launched in 2014 and has raised more than $51 million in investment capital, according to Crunchbase, which tracks startup financing. It is based in New York.
(This story will be updated.)