Greater Richmond, Virginia

“As far as the (Genworth) opera- tions in Richmond, I would say that I am very impressed by the people here. I think they are very smart and talented and experienced and they work extremely hard.”

Thomas J. McInerney, CEO of Genworth Financial, Inc.

Home to the At 6%, Virginia has A Top 15 city for an Virginia Bankers one of the lowest accounting career Association corporate income by NASBA, Sept. 2015 since 1893 tax rates in the U.S. SECTOR HIGHLIGHTS

Finance Insurance A regional hub for banking, Richmond is home to many of the nation’s Genworth Financial, Markel Corporation, Anthem Blue Cross and Blue most signifcant banks. Wells Fargo, Bank of America, SunTrust, BB&T Shield and Allianz Global Assistance headline an incredibly deep pool and Capital One maintain a strong workforce in Richmond, employing of successful domestic and international insurance companies in the over 20,000 combined. Companies like BB&T Capital Markets, Scott region. From more conventional to specialized insurance companies, and Stringfellow and Davenport & Co. provide brokerage and invest- the Greater Richmond region offers a wide range of insurance exper- ment services to a diverse and emergent client base. tise and talent to meet the needs of prospective employers.

KEY COMPANIES Below is a representative list of fnance and insurance-related businesses that operate in the Greater Richmond region:

Allianz Global Assistance USA Travel insurance and assistance Anthem Blue Cross and Blue Shield Health insurance Bank of America Banking BB&T Banking and brokerage BB&T Scott and Stringfellow Brokerage and investment banking Capital One Financial Corp. Credit cards and banking Davenport & Company Investment services Elephant Auto Insurance Direct-to consumer automobile insurance Ernst and Young, LLC Accounting and financial consulting firm First Tennessee Bank Banking Genworth Financial Long term care insurance, life insurance and retirement solutions Markel Corporation Insurance products and programs Rutherfoord, a Marsh and McLennan Agency Commercial insurance brokerage SunTrust Banking Union First Market Bank Banking Wells Fargo Banking

FIFTH DISTRICT FEDERAL RESERVE BANK The Fifth District of the Federal Reserve Bank has been located in Richmond since the inception of the Federal Reserve in 1914. Just a Did you know that stone’s throw from the James River, the current building was con- 49 percent of the structed in 1975. The Richmond location employs more than 1,800 Federal Reserve’s people and provides fnancial services to Virginia, Maryland, the Caro- total floor area linas, Washington, D.C. and parts of West Virginia. These fnancial is located services include the formulation of national monetary policy, regional underground? data analysis and aggregation, and the supervision and regulation of fnancial institutions headquartered within the region. GROWING BUSINESSES n Elephant Auto Insurance, a wholly owned subsidiary of the United Kingdom’s Admiral Group plc, has been thriving in Henrico County since 2009. The company recently On average, 34 hours per year are relocated its headquarters to a spent in trafc in the Richmond facility large enough to house up Region compared to 82 hours in the to 600 employees, and has imme- District of Columbia, 74 hours in New diate plans to add at least 1,170 York City, 52 hours in Atlanta and additional employees to its current even 43 hours in Charlotte. staff. Elephant has earned numer- ous awards for their outstand- ing work environment, including being recognized as one of the top companies for attracting, retaining, and developing young professionals Kevin Chidwick, CEO of Elephant Auto in the Richmond Region at the 2014 Specialty insurance products thrive Insurance & CFO of Admiral Insurance Impact Awards. in the region. For instance, Markel now ofers insurance for bicyclists, n Allianz Global Assistance with products covering physical USA is the world’s leading assis- damage, theft, liability and even tance company. Based in Germany, roadside assistance. it provides travel insurance and personal services to clients across the globe. Employing nearly 700 Richmond-area residents, Allianz Global Assistance has experienced exponential growth since it moved its U.S. headquarters to Greater Capital One, the region’s largest Richmond in 2009. Allianz Global employer, boasts the sixth-largest Assistance now serves approxi- deposit portfolio in the United States. mately 250 million benefciaries, including 13 million in the U.S. With 11,262 employed in the region, the Richmond area is home to Capital One’s largest corporate campuses.

INDUSTRY INCENTIVES Below is a sampling of available incentives relevant to the fnance and insurance industry. Contact the Greater Richmond Partnership, Inc. for further information about additional incentive opportunities.

The program assists business development and expansion in specially targeted, eco- Enterprise Zone Program nomically distressed areas.

Commonwealth’s Development Designed as a “deal closing” fund to be employed at the Governor’s discretion when Opportunity Fund necessary to secure a company location or expansion in Virginia.

Qualified companies locating or expanding in Virginia receive a $1,000 corporate Major Business Facility Job Tax Credit income tax credit for each new full-time job created over a threshold number of jobs.

Assists and encourages companies to invest and to provide new employment op- Virginia Economic Development portunities by locating significant headquarters, administrative, research and develop- Incentive Grant ment and/or similar service and basic sector operations in Virginia.

Supports the creation of new jobs and investment and helps businesses train new and Virginia Jobs Investment Program existing workers.

Workforce Services Program Provides customized recruiting and training services to companies creating new jobs. WHY GREATER RICHMOND FOR YOUR BUSINESS? Richmond is the capital of Virginia, the center of commerce, government and academic endeavors: n Home to 8 Fortune 500 headquarters n Population of nearly 1.3 million Boston n Diverse local economy n Located at the mid-point of the East Coast, less than 100 miles from Washington, D.C., with more than 50 percent of the nation’s consumers within a 750-mile radius n Excellent transportation network with rail, air, and port service n Nearly 30 colleges and universities with almost 80,000 Richmond students and more than 15,000 degrees conferred annually n Virginia is a right-to-work state with moderate wages, low levels of unionization, and Unemployment and Workers’ Compensation costs among the lowest in the U.S.

Top 10 Best Top 10 Mid-Sized Best States for American Cities Big City Miami Business of the Future Job Markets - Forbes, - fDi Magazine, - ZipRecruiter, 2015 2015 2015

BUSINESS CLUSTERS This Finance & Insurance cluster brochure is part of a library of information. Other cluster and specialty brochures include:

Professional Supply Chain Advanced Corporate & Creative Management Manufacturing Headquarters Services

Finance & Food & Health & Life Data Centers Insurance Beverage Sciences

901 East Byrd Street | Suite 801 | Richmond, VA 23219 USA | 804 643 3227 | grpva.com The Greater Richmond Partnership, Inc., is the regional economic development group representing the City of Richmond and the Counties of Chesterfield, Hanover and Henrico. We ofer site location assistance and other services to domestic and foreign companies planning new or expanded facilities.

11/16