August 19, 2009

Geico to expand Amherst, N.Y., office

U.S. auto insurance giant Geico Corp. said Wednesday it would add 300 jobs to its business center in western New York and possibly 1,000 more in the future.

The company won concessions from the Empire State Development Corp., the Amherst Industrial Development Agency and the New York Power Authority which will provide Geico with 1.6 million megawatts of low-cost hydro-power, Buffalo Business First reported.

The deal will save the company $1.75 million on its electric bill through 2013, when the incentive ends, the newspaper said.

Jobs are everything, New York Power Authority President and Chief Executive Officer Richard Kessel said.

The rewards will exceed any investment we can make, Gov. David Paterson said.

The expansion of the Amherst, N.Y., insurance office comes on the heels of a Yahoo! Inc., announcement that it would build a new facility in Lockport, N.Y.