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  • Financial industry in Nova Scotia seeing more growth

Financial industry in Nova Scotia seeing more growth

Thursday, June 6, 2013

Nova Scotia is making a name for itself as a growing centre for business and innovation. As such, its financial services sector is also gaining momentum with initiatives aimed at helping companies settle and expand easily. Growth incentives and other valuable resources such as a highly skilled labour force and an established financial services cluster are enticing an ever-expanding range of companies to make their homes in Nova Scotia, as well as encouraging existing corporations to build on their current growth.

Current companies expand
Marsh Captive Solutions Group, a global insurance provider, recently announced it will be joining the trend of business growth. The Daily Business Buzz reported that the firm is increasing its staff by 60 new positions over the next five years, citing strong financial growth internally and within the Nova Scotia region as well. The source reported that Marsh had 10 major accounts back in 2006 when it set up shop in Halifax, but that number has increased 30 times over in less than a decade.

Marsh announced its plans to expand its Captive Solutions Group operations in Halifax, Nova Scotia, to implement and rollout its new global initiatives and training to its offices around the world.

Businesses benefit from better hiring

The Chronicle Herald added that Marsh's injection of new jobs into the regionserves as a benefit to the organization as well as the community. Not only will the organization gain a bevy of new talent and all the insights, motivation and innovation that influx can bring, but it also earns Marsh a significant tax rebate. The source stated that the insurance firm will receive $924,000 if it meets its hiring goals by the end of 2018.

This financial benefit was also a draw for San Francisco-based Conifer Group to Halifax. The Halifax News Network reported that the financial services provider planned to create 120 jobs in Nova Scotia between now and the close of 2020. The company was lured by the region's burgeoning economy and availability of well-trained young professionals, as well as the promise of $1.38 million from Nova Scotia Business Inc. if the hiring projections are fulfilled during that time frame.

Thanks to the combined efforts of the province's academic institutions and the overall economic outlook of the region, the future of Nova Scotia's financial services industry looks strong. As more companies continue to relocate to the area and existing businesses enhance their operations, Halifax and surrounding environs may continue to see positive momentum.