A specialized insurance company that protects businesses from costly disruptions is growing in Utah, planning to add 607 high-paying jobs in a $50 million expansion over 11 years in Salt Lake County.
Usurance Holding Inc., backed by Pasaca Capital LLC, specializes in sectors that include aircraft insurance, in which evolving aircraft technology and increasing operational complexities make it a poor fit for traditional one-size-fits-all policies; product liability insurance, as companies safeguard themselves against claims related to defective products; logistics insurance, as shipping, warehousing and supply chain operations become more complex and logistics companies need to protect their assets in transit, manage supply chain risks, and mitigate the financial impact of any unforeseen disruptions; and intellectual property protection insurance, as companies protect their patents, trademarks, copyrights and trade secrets against infringement and theft.
“Usurance chose Utah for its vibrant business ecosystem and strong industry focus, giving us the opportunity to support local businesses and deliver critical insurance solutions to Utah’s workforce,” said Charles Huang, CEO of Usurance and founder and chairman of Pasaca Capital. “Our vision is to be the leading provider of specialized insurance, setting the benchmark for innovation, security and business confidence.
“We’re excited to offer coverage across a wide range of sectors — including aircraft, product liability, logistics and intellectual property sectors — helping businesses of all sizes in Utah mitigate risks and seize opportunities. We are committed to supporting Utah residents and businesses impacted by wildfires through comprehensive insurance coverage and multiple customized solutions.”
During a recent meeting of the Governor’s Office of Economic Opportunity board in which the company was approved for a tax credit incentive tied to the project, Jinhua Hou, senior vice president for Usurance and advisor to Pasaca Capital, told the board that the company is transitioning from a traditional insurance company to a property and casualty insurance carrier led by AI technology.
Hou said Huang had discovered “a strong spirit” in Utah, noting that the company sees many opportunities in Lehi and Silicon Slopes, with a young and fast-growing workforce with a spirit of innovation and partnership.
The tax credit is for up to about $19.8 million over 11 years. New total wages during that time are estimated at $698.4 million, based on average pay of $209,168. New state tax revenue is projected to be more than $79 million over 11 years.
In congratulating the company, Carine Clark, the board’s chair, told Hou, “You have your incentive. We’ll be watching for great things.”
“Usurance’s launch reinforces the state’s strength in financial services and emerging technologies,” Jefferson Moss, GOEO’s executive director, said in a prepared statement. “This investment creates high-paying jobs, strengthens core industries, and positions Utah as a leader in modern insurance innovation.”
GOEO does not provide upfront cash incentives. Each year that an incentivized company meets the obligations in its contract with GOEO, it will qualify to receive a portion of the new, additional state taxes the company paid to the state.