Protective Life Corporation, a wholly owned U.S. subsidiary of Dai-ichi Life Holdings, Inc., is relocating its core site, leasing and retrofitting 67,000 square feet at RiverCenter in Covington, Kentucky.
The company will invest $17.1 million with plans to create roughly 100 jobs. As it grows over the next decade, Protective Life expects to more than double that employee count, according to company officials.
“Protective Life has had a presence in the greater Cincinnati region for nearly 30 years, and as we look to the future with a focus on growth and scale, this relocation enables us to expand our workforce in the area and advance our ability to attract top talent, while exceeding both customer and employee expectations,” said Aaron Seurkamp, President of the Retirement Division at Protective Life and the company’s most senior executive in the greater Cincinnati region. “Both Kentucky and the City of Covington offer a strong business environment for Protective Life, along with long-term growth opportunities and appealing amenities for our employees. We look forward to continued growth, community impact and partnership in this area.”
The relocation project follows the company’s October announcement that it would focus on the greater Cincinnati region as one of its three core sites, alongside Birmingham and St. Louis, which also are supported by a strong virtual workforce representing 40% of the company’s overall employee population.
“As we build a better Kentucky, corporate headquarters and regional offices like Protective Life’s core site play a key role. They provide well-paying jobs, reinforce the vitality and attractiveness of our cities and leverage Kentucky’s geographic advantage at the intersection of the Midwest and South,” Kentucky Governor Andy Beshear said. “Further, this new location, its amenities and the community surrounding it provide Protective Life a path for long-term expansion and success. Congratulations to Protective Life, Corporex, which developed and owns the RiverCenter Towers, the City of Covington and Northern Kentucky on working together to locate this outstanding project in the commonwealth.”
To encourage investments and job growth in the community, the Kentucky Economic Development Finance Authority today preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $2.1 million in tax incentives based on the company’s investment of $17.14 million.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments. In addition, Protective Life can receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training, and job training incentives.
“We’re told again and again that a critical differentiator for companies choosing The Cov is the cool vibe of our urban environment. Protective’s decision to locate in Covington is yet more evidence that we have succeeded in attracting the diverse, talented, and energetic workforce those companies are seeking,” continued City of Covington Economic Development Director Tom West.
Founded in 1907 in Birmingham, Protective Life is one of the largest insurance and financial service companies in the U.S., protecting over 11 million customers and employing over 3,000 people across the country.