RALEIGH (WPTF) — Jewelers Mutual Group, a prominent insurer specializing in the protection of jewelry and jewelry businesses, will soon be opening a new office in Raleigh. The company announced plans to hire 200 new employees and invest $5.8 million in the new facility.

“North Carolina is a hotbed of technology innovation, and I’m pleased to see a well-respected company like Jewelers Mutual recognize our strengths and decide to grow their business in our state,” said Governor Roy Cooper. “Our existing pool of talented workers combined with North Carolina’s specialized worker training systems will help this company take their business to the next level.”

Jewelers Mutual was founded in 1913 and is currently headquartered in Neenah, Wisconsin. The company is dedicated to helping jewelry businesses operate securely and successfully while enhancing customer experiences through innovative insurance and technology solutions.

“It’s great to once again see the power of North Carolina’s leadership in the information technology sector attract another well-respected company like Jewelers Mutual,” said North Carolina Commerce Secretary Machelle Baker Sanders. “Our long-term investments in education and workforce development make all the difference and lead to great days like today.”

The new positions at the Raleigh office will offer an average salary of $169,592, significantly higher than Wake County’s current average wage of $74,866. This new payroll is expected to bring an annual economic impact of over $33 million to the community.

Jewelers Mutual is eligible for up to $2.4 million in state incentives through the Job Development Investment Grant program. This agreement also provides for up to $802,000 in funding for infrastructure upgrades in rural communities.