Explore the opportunity. 5 reasons why New Hampshire is right for your insurance company... and 5 reasons why you ll love it here.

Transcription

1 Explore the opportunity. 5 reasons why New Hampshire is right for your insurance company... and 5 reasons why you ll love it here.

2

3 NEW HAMPSHIRE DIVISION OF ECONOMIC DEVELOPMENT 172 Pembroke Road P.O. Box 1856 Concord, NH Phone NEW HAMPSHIRE INSURANCE DEPARTMENT 21 South Fruit Street, Suite 14 Concord, NH Phone Fax Welcome With the reduction in New Hampshire s insurance premium tax from 2% to 1% on property/casualty and life insurance lines of business over the next four years, there has never been a better time to expand or relocate in New Hampshire. Not only does New Hampshire now have the lowest premium in New England and the Mid-Atlantic states, but also a transparent regulatory environment, access to state government officials and a tremendous quality of life. Robert Solitro, President/COO, North American Specialty Insurance Company, said New Hampshire would clearly be number one on our list as a state we would choose to create new companies in for the future. We re hoping you will feel the same way once you explore the many opportunities for expanding or relocating in New Hampshire. It does make a difference where you domesticate a company. We hope you will consider New Hampshire.

4

5 The overall approach in New Hampshire is business friendly. -Dan Swift, Assistant General Counsel Acadia Insurance Company 1. Why you ll love it here: Easy access to highways and airports. New Hampshire is well connected to the rest of New England by major north-south highways, and air travelers have a number of choices when flying into the state. New Hampshire is also serviced by a number of bus lines and trains, making travel to and within the state convenient and hassle-free we are a prime state in which to conduct business. The lowest premium tax in the eastern United States. Recent legislation will reduce New Hampshire s insurance premium tax from 2% to 1% on property/casualty and life insurance lines of business over the next four years, with the phasing in of the reduction having begun on July 1, 2007 and ending June 20, New Hampshire will now have the lowest premium tax rate in New England and the Mid-Atlantic states. The new rate provides economic incentives for insurers to be domiciled in states like New Hampshire with a low premium tax rate. A company with $20 million in premiums could save $100,000 per year or more if domiciled in NH.

6

7 The New Hampshire Insurance Department has a tremendous reputation among regulators. New Hampshire is recognized as a leader and it makes it easier for us to do business in other states. -Robert Solitro, President/COO North American Specialty Insurance Company Why you ll love it here: Abundant open space and recreation. Recreational opportunities are an important part of the quality of life that companies and workers seek. Whether you enjoy professional sports or concerts or outdoor activities, New Hampshire is an ideal location. Hundreds of miles of pristine natural beauty and open space throughout the state mean that you need only travel a short distance to enjoy all New Hampshire has to offer. 2. A friendly and consistent regulatory environment. The New Hampshire Insurance Department is accessible, reasonable, knowledgeable and professional. Did you know that any insurance executive can simply pick up the phone and reach the Commissioner of Insurance directly? The Insurance Department has the experience to understand and review insurance transactions promptly. Tax credits, reliable and stable utility rates and supply, community development block grants, customized job training programs, low interest loan programs and energy efficiency programs further provide for a business friendly environment.

8

9 92% of NH s population 25 or older hold a high school diploma or higher (4th in the U.S.). Why you ll love it here: Excellent school systems. The hallmark of a New Hampshire education is the state s comprehensive approach to learning. The state has a full complement of public and nonpublic schools, from preschools through graduate schools and has earned a reputation for not only its strong academic programs, but also its educational leadership. Quality practices and programs enable students to achieve high standards of excellence and become members of a well-educated and skilled workforce. 3. Available, educated & skilled workforce. New Hampshire s workforce is exceptionally strong. Companies interested in moving to New Hampshire are pleasantly surprised by the availability of highly skilled workers with a strong work ethic. In fact, New Hampshire ranks 5th highest in the U.S. in adults with a BA degree or higher, and workers throughout the state have access to training and educational facilities. The state features 26 colleges, including the University of New Hampshire and Dartmouth College. New Hampshire also offers a number of programs to assist employers with job training and recruitment.

10

11 Its deep, educated employee base and unrivaled quality of life are just two more reasons we are committed to continuing our heritage here for what we hope will be another 100 years. -Michael Christiansen, President & CEO Peerless Insurance Why you ll love it here: 4. We re wired (and wireless). New Hampshire features one of the best network infrastructures on the East Coast. An open-access, fixed wireless broadband infrastructure throughout much of the state enables companies to more effectively do business. New Hampshire knows that in today s fast-moving world, providing access to the latest technology for improved communication is critical and has put in place the infrastructure needed to help businesses succeed. Low overall tax burden. New Hampshire has one of the lowest overall tax burdens in the United States with no broad base personal income tax, sales tax, use tax, inventory tax or capital gains tax and a low corporate income tax. And with the reduction in the insurance premium tax to 1%, New Hampshire will now have the lowest premium tax rate in the Northeast and Mid-Atlantic states.

12

13 In 2008, New Hampshire was ranked: Most Livable State Safest State 2nd Healthiest State Why you ll love it here: Welcoming communities. Whether it s welcoming visitors or neighbors, businesses or the First in the Nation Primary, the Granite State is known for its hospitality. A warm reception is more than a handshake. It s the special way New Hampshire has of making everyone feel like they re home. No matter where you turn, you ll find a welcoming smile and a helping hand. 5. Excellent quality of life. In 2008, New Hampshire has been ranked Most Livable State in the U.S. for a 5th year in a row, safest state in the nation, and 2nd healthiest state in the U.S. You can also benefit from the 18 miles of coastline and over 1,300 lakes and ponds in the Live Free or Die state, or the thousands of miles of trails. The highest mountains in the Northeast, forests and dozens of state parks are further reasons to consider our state for your business. Excellent schools, high quality health care and low crime make New Hampshire right for you.

14

15 Our mission. Our mission is to promote and protect the public good by ensuring the existence of a safe and competitive insurance marketplace through the development and enforcement of the insurance laws of the State of New Hampshire. We are committed to doing so in an honest, effective and timely manner.

16 For more information: NH DIVISION OF ECONOMIC DEVELOPMENT 172 Pembroke Road P.O. Box 1856 Concord, NH Tel: