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Insurance company relocates to downtown Detroit

Blue Cross Blue Shield moves to a different section of the Motor City.

Blue Cross Blue Shield moves to a different section of the Motor City.

An insurance company that's been operating in a suburban section of Detroit for nearly three-quarters of a century is packing up moving trucks and relocating to the downtown section of the Motor City.

According to Blue Cross Blue Shield of Michigan, 3,000 of its employees are packing up and joining 3,000 of their fellow workers who are already working downtown. The insurance company said the move won't happen all happen at once, but rather will be gradual.

Daniel Loepp, president and CEO of BCBSM, said the move should help illustrate that Detroit's economy is alive and well.

"Blue Cross has made downtown Detroit its home for 72 years, and by increasing our commitment here, we're telling the world that Detroit is open for business," said Loepp.

While Detroit's economy has languished over the past few years, recent reports on the affordability of housing prices in the area may improve the city's financial system. A study from the National Association of Realtors indicated Detroit had the lowest median rate for homes in the country at $99,000.