TRENTON, N.J. – Applauding New Jersey’s ongoing success in economic development through business attraction, Lauren Moore, Executive Director of the New Jersey Business Action Center, today announced the relocation of Insight Catastrophe Group’s (ICG) headquarters from Manhattan to Jersey City, which will add approximately 30 new jobs.
“Growing companies like ICG understand the importance of location and the value of a positive business climate,” said Mr. Moore. “This is another example of the State’s collaborative efforts to attract growing businesses and create a nurturing environment where companies can expand and create jobs. We are excited to announce that ICG has decided to call New Jersey home.”
ICG reached full capacity at its Manhattan facility, and executives began exploring expansion options. The Partnership for Action, including the New Jersey Economic Development Authority (EDA) and the Business Action Center (BAC) which reports directly to Lt. Governor Guadagno, worked in collaboration to attract ICG to the Garden State. The company’s decision to relocate to New Jersey was supported by a Grow NJ incentive award worth $2.48 million over 10 years tied to the creation of 31 new jobs.
“As Insight continues to enjoy steady growth, it makes perfect sense for us to put down roots in a community advancing as rapidly as we are,” said Andrew DiLoreto, Executive Chairman of ICG. “New Jersey’s pro-growth initiatives have made it possible -- and attractive -- for businesses like ours to call the state home. We appreciate the support we have received from the Governor’s office, Lt. Governor Guadagno and the team of professionals at the BAC as well as the EDA, and we look forward to giving back to the state of New Jersey through our ongoing growth and success.”
Formed in 2005, ICG is an insurance portfolio and risk adviser that specializes in providing innovative risk management and technology solutions to improve the efficiency of property and casualty insurance companies. ICG has three subsidiary companies with locations in Mount Laurel, New Jersey, and Tallahassee, Florida.
The New Jersey Partnership for Action supports the vital role business plays in advancing the state's economy and creating jobs. Led by Lt. Governor Guadagno, the PFA is a public-private approach to economic development and the starting point for all initiatives, policies, and efforts to grow New Jersey's economy and create quality, sustainable jobs in our communities. The four elements of the PFA include the Business Action Center, providing the business community with a single point of contact, applying a proactive, customer-service approach to businesses' interactions with State government; the Secretary of Higher Education, which works with New Jersey's institutions of higher learning to prepare an educated workforce for a growing and thriving economy; the New Jersey Economic Development Authority, serving as the state's financing arm, and Choose New Jersey, an independently funded 501(c)(3) business attraction and lead generation organization that markets the state as an ideal location.
Businesses considering a move or in need of assistance are encouraged to call New Jersey's Business Action Center at (866) 534-7789 or visit the State's Business Portal at www.newjerseybusiness.gov.