Insurance Firm Eyes New Site in Vacaville
By Nathan Halverson
FAIRFIELD - A nonprofit insurance company is negotiating for a new office in Vacaville that could bring as many as 1,000 jobs, according to Vacaville city officials.
The California State Compensation Insurance Fund was established by the state in 1914 as a nonprofit chartered to provide employee compensation insurance protection for businesses.
It will be a big economic boost to the city, said Vacaville Vice Mayor Pauline Clancy.
"We've been trying to get a huge office complex out here," Clancy said.
State Fund is looking at a vacant 32-acre site adjacent to the Vacaville Genentech plant, which is located at 1000 New Horizons Way between interstates 80 and 505.
Jim Zelinski, a spokesman for State Fund, said the company plans to build a new office building and is negotiating with a property owner in Vacaville.
"Nothing has been finalized. The negotiations are ongoing," he said.
State Fund also has a processing center in Fairfield. Zelinski said about 760 people were employed there. Zelinski declined to comment on the future of the Fairfield center.
Sean Quinn, director of planning and development for the city of Fairfield, said the processing center has a lease through 2011.
Quinn said the company will likely consider its options, including consolidating to the Vacaville location, when the lease runs out.
State Fund owns its 16-story headquarters, located in downtown San Francisco.
The company operates solely in California and only provides worker compensation insurance. It provides its insurance at cost - it does not tack on a profit margin - and is intended to be a self-supporting public service that does not use tax dollars.
State Fund provides insurance to 240,000 businesses across California.
Ian Thompson contributed to this story. Reach Nathan Halverson at 425-4646 ext. 267 or firstname.lastname@example.org.
Wednesday, January 25, 2006
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