Geico is putting a “down payment” on North Texas with the unveiling of its commercial insurance regional operations hub in Richardson on Thursday.
The company, best known for private car insurance, is looking to grow its new venture covering small businesses, and it is investing in its existing Richardson campus to do so. The expansion will bring 500 new jobs to Richardson, according to Geico head of commercial insurance operations Jason Andrukonis.
At a ribbon-cutting ceremony, Andrukonis said in searching for an expansion location, Geico wanted an area with a diverse, bilingual and highly-educated talent pool, in addition to a business friendly environment and quality of life.
“It’s not surprising that it didn’t take long for Richardson and North Texas overall to rise to the top of that list and truly check all those boxes,” he said. “Our investment here is a down payment on the future success for our commercial business and on the future of Richardson and North Texas.”
Geico, which was founded in Fort Worth and is now a subsidiary of Berkshire Hathaway, has offered commercial insurance through partner Hiscox for several years. Over the past 18 months, though, it said it has seen significant growth in the $300 billion industry through the introduction of new products like long-haul trucking insurance. Many of the 500 new jobs, some of which have already been posted, will be sales and support roles to support this growth.
More than 1,500 Geico employees have worked out of the former Fossil headquarters since 2016, but the building has been remodeled to accommodate the incoming workers.
“We’re very diverse because we want to be diverse, and we want to be highly educated and respect those aspects of the community. So when you say you’re bringing 500 people here, you’re bringing 500 people here that are going to get excited,” Richardson mayor Bob Dubey said. “We want y’all to get involved in our city. We want you to call this city your home. That’s what makes a difference.”
