Liberty Mutual plans to grow its global headquarters in Boston, creating 1,100 new jobs and generating more than $50 million in new tax revenue for the city.

Liberty Mutual’s anticipated total investment of approximately $300 million in its corporate headquarters would make Boston one of the largest insurance hubs in the country, according to a statement from Boston Mayor Thomas Menino’s office.

"Putting people back to work is a top priority," Menino said. "Creating new jobs – 600 permanent and 500 construction jobs – as local unemployment numbers are at an all time high is my focus. Liberty Mutual and the insurance sector represent a $3.2 billion industry that is critical to Boston’s economic growth."

Liberty Mutual recently acquired the former Salvation Army building and the Benjamin Franklin Smith building, which are located adjacent to the current Liberty Mutual home office campus at 175 Berkeley St.

The city will provide a $16 million property tax exemption for a portion of the new value created by the project, and expects to receive about $50 million in new tax revenue over the next 20 years.

"Liberty Mutual’s expanded and integrated downtown Boston campus can’t come soon enough for our residents who work in the building trades, said John F. Palmieri, director of the BRA. "With unemployment rates up to 50 percent in parts of the construction industry, we must find ways to put these men and women back to work."