LYNCHBURG, Va. (WDBJ7) Governor McAuliffe announced Friday that Pacific Life Insurance will open a business center in Lynchburg, creating 300 new jobs.
Pacific Life Insurance will invest nearly $4 million to open a business center in Lynchburg.
Additionally, Pacific Life Insurance has purchased Genworth's building at 700 Main Street in downtown Lynchburg. Genworth will lease space in the Main Street building and keep some employees there. Genworth will retain its customer service center on Albert Lankford Drive in Lynchburg and will still employ around 1,000 people in the city.
Genworth will focus on long-term care insurance. Pacific Life has purchased Genworth's term life insurance new business platform. Existing policies for term life insurance will still be serviced by Genworth.
Genrowth spokesperson Julie Westermann said the company may eventually consolidate its Lynchburg operation and move everyone to the Albert Lankford Drive campus, but for now the workforce will remain split at the two different locations.
Here is the news release from Gov. McAuliffe’s office:
Governor McAuliffe today announced that Pacific Life Insurance Company will invest nearly $4 million to open a business center in the City of Lynchburg, expanding the company’s suite of innovative products and service capabilities. With this investment, the company completed an acquisition of the term life new business platform from Genworth Financial. The project will create 300 new jobs.
“I am pleased to congratulate Pacific Life for their significant expansion to the City of Lynchburg and applaud their choice to invest in one of the best business regions on the East Coast,” said Governor McAuliffe. “Pacific Life’s creation of 300 new jobs in Virginia reflects the Commonwealth’s rapid economic growth, pro-business climate, and world-class workforce. I am confident that Pacific Life will thrive in this new location and will bring the Commonwealth one step closer in our efforts to diversify and build a new Virginia economy.”
“This is exciting news for the City of Lynchburg and the Commonwealth,” said Secretary of Commerce and Trade Maurice Jones. “Congratulations to Pacific Life and Lynchburg whose outstanding workforce, competitive business environment and high quality of life will contribute to the company’s continued growth and prosperity.”
“Pacific Life is looking forward to launching our new term life insurance operation in the city of Lynchburg,” said Jim Morris, Chairman, President and CEO of Pacific Life. “The diverse and educated workforce of Virginia will allow us to continue providing superior customer service to our policy owners as we expand into new markets. And Lynchburg’s vibrant downtown is the ideal place for our employees to work. We appreciate the partnership with the city of Lynchburg and Governor McAuliffe as we open this new office."
The Virginia Economic Development Partnership worked with the City of Lynchburg and the Lynchburg Regional Business Alliance to secure the project for Virginia. Governor McAuliffe approved a $500,000 grant from the Commonwealth’s Opportunity Fund to assist Lynchburg with the project. The company is eligible to receive state benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development. Funding and services to support the company’s employee training activities will be provided through the Virginia Jobs Investment Program, administered by the Virginia Economic Development Partnership.
"The selection of Lynchburg for Pacific Life's east coast operation is a testament to the City's skilled workforce and strong business community," said Michael Gillette, Mayor of Lynchburg. "Pacific Life's decision demonstrates that Lynchburg is not only a great place to live, work and play but also an excellent place to do business.
"This project represents a significant investment in the Lynchburg community and state of Virginia on the part of a financially stable, well regarded company," said Mike Lucado, chair of the Lynchburg Economic Development Authority. "In addition to property acquisition and improvements, Pacific Life's considerable job creation with competitive salaries will serve as an employment anchor in our rapidly revitalizing downtown district and have a tremendous impact on the City of Lynchburg for years to come."
"The Lynchburg region is a great place to locate, build, and grow a business, and I know Pacific Life will thrive here," said Delegate Kathy J. Byron. "Our region has positioned itself as an ideal - and affordable - place for business. I am thrilled to have this investment and these jobs here. The state and local officials who worked on this deserve our congratulations and our thanks.”
About Pacific Life
Offering insurance since 1868, Pacific Life provides a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Pacific Life counts more than half of the 100 largest U.S. companies as its clients. For additional company information, including current financial strength ratings, visit www.PacificLife.com.