Chubb has awarded Turner Construction Company a $94 million contract for the interior fit-out of its new Philadelphia headquarters, signaling a major expansion for the global insurance giant.
The 18-story, 550,000-square-foot building, which Turner is already managing, is slated to open in the spring or summer of 2026. Once completed, it will become Chubb’s largest North American office.
This new headquarters represents a significant investment in Pennsylvania, where Chubb already employs approximately 1,950 people. As part of this expansion, the company plans to add at least 1,250 jobs. Moreover, Chubb has committed to preserving 3,200 jobs in the state over the next five years, demonstrating a long-term commitment to the region.
The space is being designed to foster collaboration, innovation, and support the long-term growth of the company’s workforce, according to Chubb. The expansion is expected to create opportunities in digital technology, finance, underwriting, and claims.
Chubb also intends to recruit talent from local universities and is growing its apprenticeship program, which offers career pathways in claims, underwriting, and technology for individuals without a four-year college degree. The company initially announced its plans to anchor the 18-story office building at 2000 Arch Street in Center City back in 2022.
Chubb’s most recent office space acquisition was in New York City. In 2021, Chubb secured a lease for 240,000 square feet across 10 floors at the renovated 550 Madison Avenue in Manhattan.
The company’s current global headquarters is located in Zurich, Switzerland.
Chubb 2024 Financial Results
In addition to its location expansions, the insurance company recently reported robust financial results. For the fourth quarter of 2024, Chubb reported a net income of $2.58 billion, or $6.33 per share. Core operating income reached $2.45 billion, or $6.02 per share.
Both net income and core operating income reached record levels before taxes, at $3.05 billion and $3 billion, respectively, for the last quarter of 2024.
