A Lansing-based insurance company is planning a $100 million expansion that could lead to the addition of more than 1,000 jobs.
Jackson National Life Insurance Co. made the announcement Tuesday at its headquarters and was joined by Gov. Rick Snyder and Lansing Mayor Virg Bernero.
The company's President and CEO Michael Wells says the insurer is running out of space at its current building that opened in 2000. Jackson employs 2,100 people in Lansing and more than 4,300 nationwide.
The expansion would more than double the size of its headquarters site. The current timeline for the project is three years, but still needs approval from various governmental bodies before they can start.
The Detroit Free Press reports the company plans to add a 260,000-square-foot office building and an 80,000-square-foot data imaging center to accommodate expected growth.
The company enjoyed a record profit of nearly $1 billion last year.
Tax and other incentives are being finalized and were not disclosed. Jackson's headquarters is in Alaiedon Township east of Lansing. But under a tax-sharing agreement, Lansing is its corporate home. The company also has regional offices in Denver and Nashville.