A large insurer says it will be shifting its corporate headquarters away from Birmingham, Ala.
Torchmark Corp., Birmingham, says it will be moving its headquarters to a $27 million, 150,000-square-foot facility in McKinney, Texas, a suburb near Dallas.
Torchmark executives today joined with Texas officials to announce the move.
Texas and local agencies have agreed to provide more than $5 million in financial support and tax abatements, Torchmark says.
Torchmark has had a major subsidiary, United American Insurance Company, in McKinney since 1996. The company already has more than 600 full-time positions in McKinney, and expects to move about 500 jobs there by 2010.
Torchmark is building a centralized computer processing and customer service center in McKinney, the company says.
But Torchmark says it plans to keep its major subsidiaries in Birmingham; Oklahoma City, Okla.; and Waco, Texas.
Torchmark selected McKinney for its new corporate headquarters because of the community’s business-friendly environment, easy transportation access and family-oriented community, according to Torchmark Chairman Mark McAndrew.