Farmers of Salem, a 169-year-old New Jersey insurance company, is moving to Wilmington, Delaware, Central Business District
WILMINGTON, Del., Jan. 29, 2020 /PRNewswire/ -- Farmers of Salem, a regional mutual insurance company founded in Salem County, N.J., in 1851, is relocating to Wilmington in 2021 and bringing 52 jobs to the city's Central Business District. An additional five jobs will be added by the company, which prides itself on providing superior service with personal attention, over the following three years.
Farmers of Salem plans to invest close to $5.6 million in the purchase and renovation of an existing office building in Wilmington. The company already has identified and is in negotiations for a property and has been approved for $399,252 in relocation support grants from the Delaware Strategic Fund.
"Farmers of Salem's investment shows Delaware's strength as a premier location for the financial services industry," said Governor John Carney. "This investment will support good-paying jobs for Delawareans and their families, and the continued growth of our state's economy. Businesses looking to grow and thrive choose Delaware because we have a lot to offer – from a strong and talented workforce, to a central location and excellent quality of life."
Farmers of Salem holds a rating of A- EXCELLENT from A.M. Best Co., an independent service that rates overall financial condition and operating performance of firms within the insurance industry. According to James R. Doherty, president and chief operating officer, the company was attracted to Delaware because of the state's labor market and favorable cost of doing business.
"Farmers of Salem has evolved from its origins as Farmers Mutual Fire Insurance Company of Salem County across three centuries," said Doherty. "Our move to Wilmington will add a 21st-century sensibility to our nearly 17 decades of service to our policyholders and our ongoing commitment to remaining innovative, competitive and stable within the insurance marketplace."
Working with the Delaware Prosperity Partnership team, Doherty and William A. Dine, senior vice president, corporate operations, presented Farmers' relocation plan to the Council on Development Finance (CDF) on Jan. 27. The CDF approved Farmers for a $287,252 Performance Grant and a $112,000 Capital Expenditure Grant, both from the Delaware Strategic Fund.
Wilmington Mayor Mike Purzycki joined the governor in celebrating the news of Farmers' relocation.
"It is my pleasure to welcome Farmers of Salem to their new home in Wilmington," Purzycki said. "We look forward to a long and productive relationship as the company settles into a welcoming city that appreciates its corporate neighbors. Wilmington's regional location, access to a varied transportation system and a workforce that can help grow a business are just some of the reasons why businesses choose Wilmington. In addition, our city has other outstanding amenities, including a rich arts and cultural community, some of the finest music, stage and entertainment venues in the region and an ever-expanding array of great places to enjoy excellent food, drink and great company.
"You are going to like it here, Farmers, and we are thrilled that you are now part of Wilmington's bright future."
About Farmers of Salem
Providing real insurance solutions for real people for more than 160 years, Farmers of Salem provides insurance for home and business owners. Farmers is owned by its policyholders, not stockholders, which allows the company to focus on servicing customer needs while reinvesting profits back into the business. Insurance products are distributed through independent agents that serve as local experts and trusted advisors to their insureds. For more information, visit farmersofsalem.com.
About Delaware Prosperity Partnership
Created in 2017, Delaware Prosperity Partnership (DPP) is a nonprofit that leads the state of Delaware's economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support private employers in identifying, recruiting and developing talent in the state of Delaware. For more information, visit choosedelaware.com.
SOURCE Delaware Prosperity Partnership
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