Newfoundland and Labrador Premier Paul Davis announced Monday it would be providing up to $6.5 million to insurance company RSA Canada to help create 300 new jobs.
RSA Canada is planning to create the new positions, as well as a centre of excellence, in St. John’s to serve the company’s national operations.
RSA, also known as Royal & Sun Alliance Insurance Co., has committed to roughly $70 million for new salaries over the next five years, and the Newfoundland and Labrador government will provide funds from the investment attraction fund in the form of a forgivable loan.
According to a statement, the loan will be forgivable as RSA Canada meets its job-creation commitment.
“Canada’s insurance industry has been growing steadily over the last five years and we are pleased to see this desirable employer, which is already established in our province, choose Newfoundland and Labrador as the location for its centre of excellence,” Davis said in a statement.
The investment attraction fund is designed to attract large-scale businesses to the province by providing financial assistance toward start-up or business expansion.