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2 Insurance Companies to Put Regional Offices in Diamond Bar

May 04, 1999|STEPHEN GREGORY, Regional business correspondent

Construction is underway in Diamond Bar on two regional headquarters that when completed are expected to bring in as many as 1,100 jobs and generate more than $8 million a year in sales for local stores and services.

Work on a 170,000-square-foot complex for Travelers Property Casualty Corp. and on 125,000 square feet of space for Allstate Corp.'s Allstate Insurance subsidiary is expected to be finished by early next year.

Allstate plans to move 250 employees from its current office in Brea and to add 650 positions it hopes to fill by fall, company spokeswoman April Hattori said. City officials estimate the company's regional customer service and property casualty operations will generate $3.7 million in tax revenue over the next 20 years. In addition, the company's work force and the ancillary jobs it is expected to create in fields such as restaurants and retail are forecast to pump $4.7 million annually into the local economy.

"The employees have to eat and shop for services, so that will have a positive effect on the community," city spokesman Mike Nelson said.

Travelers Property is scheduled to bring in as many as 400 employees, company spokesman Dennis Schain said. City officials predict the operation will drum up roughly $4 million in annual service sector sales and 20-year tax revenue of nearly the same amount.

Diamond Bar has been looking to add to the business base of the mainly residential community of 57,000, Nelson said. Its redevelopment agency anted up a combined $3.7 million for the projects. The city expects to recoup the subsidies from tax revenue within 12 years.

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