Illinois pledges $20.7M to keep brokerage in state

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News,Business,Illinois

CHICAGO (AP) — Illinois is promising more than $20 million in performance-based incentives to an insurance brokerage company that was considering a move out of state.

Arthur J. Gallagher & Co. will keep its headquarters in Illinois, but will move from one Chicago suburb to another.

Crain's Chicago Business reports (http://bit.ly/1dwLpnh ) Gallagher is moving from Itasca to Rolling Meadows where it plans to add 500 jobs over five years.

The Illinois Department of Commerce and Economic Opportunity confirmed the company's plans to Crain's. The firm will get an estimated $20.7 million in tax credits and other state incentives over 10 years, contingent on retaining 825 jobs and adding 500 jobs.

Gallagher's headquarters search had included Indianapolis and Kansas City, Mo. It's the fourth-largest commercial insurance broker in the nation.

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Information from: CRAIN'S CHICAGO BUSINESS.

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