Massachusetts Mutual Life Insurance Company (MassMutual) has revealed plans to invest nearly $300m in Springfield and Boston to expand its footprint in its home state.
Under the multi-year plan, the company intends to increase its workforce in the state by approximately 70% over the next four years.
At its corporate headquarters in Springfield, the insurer is planning to grow its workforce by approximately 50% to approximately 4,500 by 2021.
To accommodate this growth, MassMutual will invest $50m in facilities improvements at its State Street campus.
In Boston, MassMutual intends to construct a new campus with an investment of $240m in the Seaport district on Fan Pier by 2021.
This multi-story structure – which will be in excess of 300,000 square feet – will accommodate approximately 1,000 employees.
MassMutual chairman, president and CEO Roger Crandall said: “Following a thorough strategic assessment of our operations and footprint, we concluded that our home state of Massachusetts is the best place for us to grow and thrive over the long term.
“We have deep roots and a supportive community in our hometown of Springfield, and we will continue to invest and grow our workforce in the city. At the same time, as we evolve, a stronger Boston presence immerses us in a booming financial and digital economy and provides us with an enhanced opportunity to recruit innovators from the area’s deep and diverse talent pool.”