CLEVELAND – A combination of state and local incentives has helped lure AmTrust Financial Services, Inc to downtown Cleveland, and with it plans to create hundreds of jobs over the next three years.
AmTrust, a multinational property and casualty insurer with no affiliation to the former AmTrust Bank or Ohio Savings Bank, has operations in 22 states and overseas.
The plans are contingent upon various governmental approvals in the coming months.
AmTrust’s expanded operations would be located at 800 Superior Avenue, the office building at the southwest corner of East 9th Street and Superior Avenue. An affiliate of AmTrust – 800 Superior, LLC – bought the largely vacant office tower earlier this year and has committed to spending at least $20 million, mostly for upgrades to the building. The 23-story office building was built in 1969.
Under the current plans, AmTrust would occupy between 250,000 and 300,000 square feet in the building, leaving a portion of the total 450,000 square feet still available to attract more new jobs downtown.
“We’re eager to build upon our existing investments in Northeast Ohio and excited to be part of the urban renaissance in Downtown Cleveland, which is in the midst of a sweeping and exciting transformation,” said Barry Zyskind, Chief Executive Officer of AmTrust in a news release.
The State of Ohio, Cuyahoga County and the City of Cleveland are collectively offering approximately $23 million in incentives to AmTrust to make the company’s office expansion here competitive and possible.
“This is a significant undertaking by AmTrust, and one that would not be possible without the support and creative resources offered by Gov. John Kasich, Cuyahoga County Executive Ed FitzGerald and Cleveland Mayor Frank Jackson,” Zyskind added.
“We’ve been very impressed with the cooperation and encouragement we continue to receive from our public partners.”
Ohio Governor John R. Kasich said he looked forward to AmTrust‘s continued growth.
“When an industry leader like AmTrust adds hundreds of jobs here, it’s another indication that Ohio is doing what it takes to get back on track,” Kasich said in a news release.
“I’m thrilled about their decision and look forward to working with them, Mayor Jackson, and County Executive FitzGerald to help AmTrust succeed and grow in Ohio. Creating a jobs-friendly climate is Ohio’s number one priority, and job creators across the country are beginning to take notice of the progress we’re making.”