Jewelers Mutual plans to add the employees by 2029, state economic development officials said Tuesday. Commerce officials approved an incentives package worth roughly $3.2 million.

A Wisconsin jewelry insurance company plans to add 200 high-paying jobs in Raleigh as part of a new innovation hub, state Department of Commerce officials said Tuesday.


Jewelers Mutual Group plans to add the employees by 2029, officials said during a regular meeting of the department's Economic Investment Committee.


The company is is expected to take space in One North Hills Tower, a new office building in the North Hills development just north of Interstate 440, Raleigh Mayor Mary Ann Baldwin told WRAL.


The Neenah, Wisconsin-based company focuses on personal and commercial jewelry insurance. It offers policies to jewelry companies — manufacturers, retailers, wholesalers and appraisers — covering everything from appraisal errors, crime, fire, personal injury and even data breaches, among others. For individuals, its policies cover loss, theft, damage and damage or disappearance from natural disasters.


The Raleigh hub would focus in part on data analysis to help the company develop a more personalized online customer experience, officials said. The company expects to invest about $5.9 million in the project by the end of 2025.


The jobs — primarily engineering and technical positions — are expected to pay an average annual salary of about $169,600. That's more than twice the Wake County average of about $75,000.


A spokesperson for the company didn't immediately respond to a request for comment.


Commerce officials approved an incentives package worth up to about $3.2 million. It includes a jobs grant worth up to $2.4 million, which would be paid out over 12 years if the company hits hiring targets. Other incentives include community college training and support from the state Division of Workforce Solutions.

County and municipal incentives are also being considered, commerce officials said.


State officials said the hub could expand the state's gross domestic product by about $691 million.


The company considered 15 locations for the expansion before narrowing its options to Dallas and Raleigh, officials said. The company already has offices in Dallas.


“Jewelers Mutual chose our city for their expansion, drawn by our most valuable asset — talent," Baldwin said in a statement. "We look forward to supporting the company as they establish their new office and grow within our community."

The company also considered Raleigh's quality of life and relatively low cost of real estate in its decision, officials said. It also factored in the business and tax environment, as well as incentives.


Kyle Touchstone, the director of Raleigh Economic Development, said the effort to lure the company has been in the works for more than a year. He added that other companies are eyeing the city for office expansions.


"It's just an example of another world-class project targeting our world-class talent and great quality of life," Touchstone said in an interview. "Those were drivers in this project, and we look forward to welcoming more companies like this to Raleigh."


It's also the latest tenant to land at One North Hills Tower. In May, international cigarette manufacturer JT International U.S.A. Inc. said it would relocate its U.S. headquarters to the building, bringing more than 100 jobs to the city.


Transportation consultant HNTB Corp., financial services firm Raymond James & Associates Inc. have also leased or occupied space in the tower, according to Kane Realty, which developed and manages the building. The Starboard Holding Cos., which owns several businesses in various sectors, has also committed to space at the building.