Pacific Life Insurance Co. will invest nearly $4 million to open a business center in Lynchburg, creating 300 new jobs, Gov. Terry McAuliffe’s office announced Friday.
The move marks the completed acquisition of business assets from Genworth Financial and will expand Pacific Life’s products and services , a news release said.
“Pacific Life is looking forward to launching our new term life insurance operation in the city of Lynchburg,” Pacific Life President and CEO Jim Morris said in a news release from the governor’s office. “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 on the project.
McAuliffe approved a $500,000 grant from the Commonwealth’s Opportunity Fund to assist Lynchburg with the project, the release said.
The company is eligible to receive state benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development.
Additionally, 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, according to the release.
“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,” McAuliffe said in the release.
In April, Genworth Financial Inc. agreed to sell its Main Street building in Lynchburg as part of a non-binding deal with Pacific Life Insurance Co.
That agreement followed Genworth’s decision in February to suspend sales of term life insurance and fixed-annuity products to focus on long-term care coverage after it posted losses for 2015.