Birmingham headquartered Infinity Property and Casualty Corporation announced the latest phase of its growth plan, which promises to benefit the region’s economy and create new jobs. Assisted by incentive packages from the city of Birmingham, Jefferson County and the state of Alabama, the national personal auto insurance provider will consolidate several operating units from around the country and locate them in Birmingham.
“Infinity’s consolidation into the Birmingham area is a further indicator of Alabama’s growing economic strength,” said Neal Wade, director of the Alabama Development Office. “This is a major economic development win for the whole state.”
The company’s new national operations center will include a 250 person call center to be located within an 112,000-square-foot Liberty Park office building. This operations center is projected to house a total of 600 employees by the summer of 2007, bringing the total number of Birmingham-based jobs to 1,100, out of Infinity’s 2,100 nationwide workforce. There are a potential 500 new job opportunities which will be created in the Birmingham location with the consolidation.
“We have a vested interest in supporting Alabama because this is our home,” said Jim Gober, Chief Executive Officer of Infinity Insurance. “Not so long ago, we maintained major centers of operations in no less than four cities across the country. But in today’s challenging and competitive business environment, prudent expense management and optimizing human and capital resources must be considered key to any successful strategy, especially given our earnings and growth goals. The timing was right to ‘bring under one roof’ several of our service and support units. This move simply makes sense for Infinity and will be a great opportunity for our city.”
“This expansion in the City by Infinity Insurance is another endorsement of our business climate and the cooperative spirit shared by the Mayor and Council joining together to attract jobs and investment,” said Mayor Bernard Kincaid. “We look forward to working with Infinity to make this expansion a reality, and appreciate the confidence this fine company continues to show in Birmingham.”
“We want to thank the state of Alabama, Jefferson County and the City of Birmingham for providing Infinity with an incentive package that enables us to consolidate several important functions in Birmingham. We look forward to the county and the city formally approving our package and allowing us to begin our consolidation as soon as possible. Additionally, we would like to thank the Metropolitan Development Board for their swift and steadfast action in making this a reality,” continued Mr. Gober.
This past summer, Infinity began planning for the consolidation of its central operations into one location. The company’s call centers today handle nearly three million calls annually in an ongoing effort to provide quality service to its more than 15,000 agents and 700,000 policyholders. Infinity executives were impressed by the Liberty Park facility, which is located within five miles of the company’s corporate headquarters at 3700 Colonnade Parkway.
“I am pleased that Infinity’s experience with Jefferson County has been positive and they have chosen to share the benefits of their growth with us,” stated Jefferson County Commissioner Jim Carns. “The additional 500 new jobs created by their operations center will provide a tremendous economic impact throughout Jefferson County.” Commissioner Carns added, “Due to cooperation with the city, county and state we were able to expedite an agreement to ensure this Operation Center was located in Jefferson County.”
Infinity Insurance originated in Anniston, Alabama in 1955 as a small property and casualty insurance company. Today, Infinity has grown into a public company (NASDAQ:IPCC) with gross written premiums of nearly $990 million and market capitalization of approximately $980 million. Since going public in February 2003, at $16.00 per share, Infinity’s stock price has tripled and now trades at prices in excess of $48.00 per share. Infinity also ranks as the third largest writer of non-standard automobile insurance through independent insurance agents. For more information on Infinity Insurance, visit www.infinityauto.com.
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