Bay State News

Employers classified under the Finance and Insurance industry based in Massachusetts submitted 2,928 H-1B petitions during 2024, according to data provided by the U.S. Citizenship and Immigration Services via the H-1B Employer Data Hub.

Of these, 2,893 were approved (98.8%), while 35 were denied (1.2%).

Employers are classified under industries based on their reported operations and may be involved in multiple industries.

The H-1B visa program allows U.S. employers to temporarily hire foreign workers in specialty occupations requiring specialized knowledge and at least a bachelor’s degree or equivalent. It is designed to address skill gaps in the U.S. workforce while ensuring wage standards to protect both U.S. and H-1B workers. Employers must certify that they will pay H-1B workers wages equal to or greater than those of similarly qualified U.S. employees or the prevailing local wage.

The average approval rate for H-1B petitions across the United States in 2024 stood at 98%, higher than 2023's 97.3%. Statewide, Massachusetts employers across all industries submitted 16,232 petitions during the same period, achieving an approval rate of 97.8%.

The Professional, Scientific, and Technical Services industry led the H-1B filings in Massachusetts during 2024, with 6,451 petitions (39.7% of all submissions), and an approval rate of 97.6%. Meanwhile, the Finance and Insurance industry was the second largest contributor, filing 2,928 petitions (18% of the total), with an approval rate of 98.8%.

The Massachusetts employers which made the most petitions in the Finance and Insurance sector during 2024 included Fidelity Investments with 1,787 petitions, State Street Bank and Trust Compan with 254 petitions, and Massachusetts Mutual Life Insuranc with 63 petitions.

Compared to 2023, the Finance and Insurance sector in Massachusetts saw a 13.5% increase in the number of H-1B petitions during 2024.

The United States admits around 1 million legal immigrants annually, most of whom receive permanent residence (green cards) through family sponsorship or employment-based visas. In 2023, about 1.2 million immigrants were granted green cards, a return to pre-pandemic levels. Temporary visa programs, such as the H-1B for highly skilled workers and H-2A for seasonal agricultural workers, also play a critical role in filling workforce needs.

Public opinion on immigration varies, with 46% of Americans favoring maintaining current legal immigration levels, according to a 2024 Pew Research Center survey. Additionally, 42% believe that highly skilled workers, such as scientists, doctors, and programmers, should be prioritized for legal immigration, compared to 25% who prioritize workers filling labor shortages and 19% who emphasize family sponsorship. Despite this, family sponsorship remains the most common path to permanent residency, accounting for 63% of green cards issued in 2023.

The data in this article comes from the H-1B Employer Data Hub provided by the U.S. Citizenship and Immigration Services (USCIS). While USCIS strives for accuracy, manual data entry and errors on paper forms submitted by applicants or petitioners may result in discrepancies in employer names, tax IDs, locations, or other details.

Rank	Industry	Total Petitions	% of All Submissions	% Approved	% Denied
1	Professional, Scientific, and Technical Services	6,451	39.7%	97.6%	2.4%
2	Finance and Insurance	2,928	18%	98.8%	1.2%
3	Health Care and Social Assistance	1,738	10.7%	95.9%	4.1%
4	Manufacturing	1,585	9.8%	99.1%	1%
5	Educational Services	1,199	7.4%	98.5%	1.5%
6	Information	1,071	6.6%	97.3%	2.7%
7	Retail Trade	420	2.6%	97.9%	2.1%
8	Administrative and Support and Waste Management and Remediation Services	229	1.4%	97.4%	2.6%
9	Public Administration	98	0.6%	98%	2%
10	Utilities	91	0.6%	96.7%	3.3%
11	Other Services (except Public Administration)	88	0.5%	94.3%	5.7%
12	Construction	86	0.5%	96.5%	3.5%
13	Wholesale Trade	70	0.4%	98.6%	1.4%
14	Arts, Entertainment, and Recreation	45	0.3%	97.8%	2.2%
14	Real Estate and Rental and Leasing	45	0.3%	93.3%	6.7%
16	Transportation and Warehousing	32	0.2%	90.6%	9.4%
17	Accommodation and Food Services	27	0.2%	85.2%	14.8%
18	Management of Companies and Enterprises	22	0.1%	100%	0%
19	Mining, Quarrying, and Oil and Gas Extraction	4	0%	100%	0%
20	Agriculture, Forestry, Fishing and Hunting	3	0%	100%	0%

Rank	Company Name	Total Petitions	% Approved	% Denied
1	Fidelity Investments	1,787	98.7%	1.3%
2	State Street Bank and Trust Compan	254	99.6%	0.4%
3	Massachusetts Mutual Life Insuranc	63	100%	0%
4	Wellington Management Company, LLP	45	100%	0%
5	Liberty Mutual Group, Inc.	41	95.1%	4.9%
6	FMR D B a Fidelity Investments, LLC	37	100%	0%
6	Homesite Group Incorporated	37	100%	0%
8	John Hancock Life Insurance Compan	33	97%	3%
9	Liberty Mutual Technology Group in	30	100%	0%
10	Santander Bank, N A	27	100%	0%
11	Air Worldwide Corporation	26	96.2%	3.9%
12	Arrowstreet Capital Limited Partne	22	100%	0%
12	Rxadvance Corporation	22	100%	0%
14	National Financial Services, LLC	20	100%	0%
15	National Charitable Services D, LLC	18	100%	0%
15	State Street Bank and Trust Company	18	100%	0%
15	Massachusetts Mutual Life Insurance Company	18	100%	0%
18	Shared Technology Services Group, LLC	16	100%	0%
19	Sun Life Financial US Services Com	15	100%	0%
19	Xceedance, Inc.	15	100%	0%
21	Blue Cross and Blue Shield of Massachusetts, Inc.	12	100%	0%
21	Liberty Mutual Technology Group, Inc.	12	91.7%	8.3%
23	John Hancock Life Insurance Company USA	10	100%	0%
23	Santander Holdings USA, Inc.	10	100%	0%
25	Plymouth Rock Assurance Corporatio	9	100%	0%
25	FMR, LLC	9	100%	0%
25	Lendbuzz, Inc.	9	100%	0%
25	Bain Capital LP	9	100%	0%
25	Liberty Mutual Insurance Company	9	100%	0%
30	Acadian Asset Management, LLC	8	100%	0%
30	Grantham Mayo Van Otterloo & Company, LLC	8	100%	0%
30	Berkshire Hathaway Specialty Insur	8	100%	0%
33	Fallon Community Health Plan D, Inc.	7	100%	0%
33	Geode Capital Management, LLC	7	100%	0%
33	Commonwealth Equity Services D, LLC	7	100%	0%
36	Natixis Advisors, LLC	6	100%	0%
36	The Hanover Insurance Company	6	100%	0%
36	Leerink Partners, LLC	6	100%	0%
36	Akoya, LLC	6	100%	0%
36	Mapfre USA, Corp.	6	100%	0%
36	First Help Financial, LLC	6	100%	0%
42	Loomis Sayles and Company LP	5	100%	0%
42	Computershare, Inc.	5	100%	0%
42	Bracebridge Capital, LLC	5	100%	0%
42	Audax Management Company, LLC	5	100%	0%
42	Rockland Trust Company	5	100%	0%
42	Manulife Investment Management Tim	5	100%	0%
48	Arrowstreet Capital Limited Partnership	4	75%	25%
48	Weiss Asset Management LP	4	100%	0%
50	Putnam Investment Management, LLC	3	100%	0%
50	THL Management Holdings L P	3	100%	0%
50	Amundi Asset Management US, Inc.	3	66.7%	33.3%
50	Liberty Mutual Group Asset Management, Inc.	3	100%	0%
50	Sun Life Financial US Services Company, Inc.	3	100%	0%
50	Santander Bank, NA	3	100%	0%
50	One80 Intermediaries, Inc.	3	100%	0%
50	Flywire Corporation	3	100%	0%
50	Ascensus, LLC	3	100%	0%
50	Federal Reserve Bank of Boston	3	100%	0%
60	Natixis Investment Managers Intern	2	100%	0%
60	Finepoint Capital LP	2	100%	0%
60	Risk Management Foundation of the	2	100%	0%
60	Advent International LP	2	100%	0%
60	The Phia Group, LLC	2	100%	0%
60	Financial Recovery Technologies LL	2	100%	0%
60	Lendica, Corp.	2	100%	0%
60	Mirova US, LLC	2	100%	0%
60	Insurify, Inc.	2	100%	0%
60	Cambridge Associates, LLC	2	100%	0%
60	Liquidmetal Ventures Management LL	2	100%	0%
60	Plaisance Capital Management, LLC	2	100%	0%
60	Zedra Global Expansion US, LLC	2	100%	0%
60	Proselect Insurance Company	2	100%	0%
60	Harvard Pilgrim Health Care, Inc.	2	50%	50%
60	Mass General Brigham Health Plan	2	100%	0%
60	Openly, LLC	2	100%	0%
60	Resurety, Inc.	2	100%	0%
60	National Charitable Services, LLC	2	100%	0%
60	Rategravity, Inc.	2	100%	0%
60	Abry Partners II, LLC	2	100%	0%
60	Investor Group Services, LLC	2	100%	0%
60	Flagship Pioneering, Inc.	2	100%	0%
60	RSC Insurance Brokerage, Inc.	2	100%	0%
60	New Frontier Advisors, LLC	2	100%	0%
60	Toolbox Resources, LLC	2	100%	0%
60	Intex Solutions, Inc.	2	100%	0%
60	Aew Capital Management L P	2	100%	0%
60	Plymouth Rock Home Assurance Corporation	2	100%	0%
89	Kensington Capital Management, LLC	1	100%	0%
89	Santander Global Technology and Op	1	100%	0%
89	Bayhawk Capital LP	1	100%	0%
89	Health New England, Inc.	1	100%	0%
89	Cove Hill Partners LP	1	100%	0%
89	Blue Moon Capital Partners LP	1	100%	0%
89	Parametric Holdings, LLC	1	100%	0%
89	Spark Capital Partners, LLC	1	100%	0%
89	Modern Capital Executive Solutions	1	100%	0%
89	Windrose Advisors, LLC	1	100%	0%
89	Intersections, LLC	1	0%	100%
89	Forward Financing, LLC	1	100%	0%
89	Chain Reaction Group, LLC	1	100%	0%
89	Banc Insurance Agency, Inc.	1	100%	0%
89	PSG Equity, LLC	1	100%	0%
89	Ampersand Management, LLC	1	100%	0%
89	HCC Specialty Underwriters, Inc.	1	100%	0%
89	Corvus Insurance Holdings, Inc.	1	100%	0%
89	Massachusetts Financial Services C	1	100%	0%
89	Blue Cross Blue Shield of Massachusetts	1	100%	0%
89	Panagora Asset Management, Inc.	1	100%	0%
89	Risk Management Foundation of Harvard Medical Institutions, Inc.	1	100%	0%
89	Westwood Global Investments, LLC	1	0%	100%
89	Eventide Asset Management, LLC	1	100%	0%
89	Adena Partners Management, LLC	1	100%	0%
89	Ballentine Partners, LLC	1	100%	0%
89	The Lowell Five Cent Savings Bank	1	100%	0%
89	Amiti Management LP	1	100%	0%
89	Shannon Life Sciences	1	100%	0%
89	Merrimack Mutual Fire Insurance Company	1	100%	0%
89	Archipelago Capital Partners, LLC	1	100%	0%
89	Hometap Equity Partners, LLC	1	100%	0%
89	Edward S. Ritchie and Associates	1	100%	0%
89	Summit Partners LP	1	100%	0%
89	Pineapple Venture, LLC	1	100%	0%
89	Jing Wang D B a JW Insurance and F	1	100%	0%
89	Safety Insurance Company	1	100%	0%
89	Zaffre Health Plan Solutions D, LLC	1	100%	0%
89	Progress Partners Ib, Inc.	1	100%	0%
89	Alphasimplex Group, LLC	1	100%	0%
89	Compounding Labs, LLC	1	100%	0%
89	Mass Bay Credit Union	1	100%	0%
89	Berkshire Partners, LLC	1	100%	0%
89	Sentiedge Investment, LLC	1	100%	0%
89	Mep Advisors, LLC	1	100%	0%
89	Merida Biosciences, Inc.	1	100%	0%
89	Wellington Management Company, LLC	1	100%	0%
89	Archerman Capital Management, LLC	1	100%	0%
89	Edenred Fleet & Mobility USA, LLC	1	100%	0%
89	Stride Funding	1	100%	0%
89	Bowen, Inc.	1	100%	0%
89	Persivia, Inc.	1	100%	0%
89	Zaffre Health Plan Solutions, LLC	1	100%	0%
89	Procyon Ventures, LLC	1	100%	0%
89	The Devereux Foundation	1	100%	0%
89	Gordon Brothers Group, LLC	1	100%	0%
89	Commonwealth Equity Services, LLC	1	100%	0%
89	Kymatic Advisors, LLC	1	100%	0%
89	Nim-Os, LLC	1	100%	0%
89	SCS Capital Management, LLC	1	100%	0%
89	Ra Capital Management, LLC	1	100%	0%
89	Arcadia Funds, LLC	1	100%	0%
89	Heritage Financial Services, LLC	1	100%	0%
89	Eastern Bank	1	100%	0%
89	Matrix Capital Management Company LP	1	100%	0%
89	Strengthening Families and Communi	1	100%	0%
89	32health, Inc.	1	100%	0%
89	Boston Partners Global Investors I	1	100%	0%
89	Pension Reserves Investment Management Board	1	100%	0%
89	MPM Biolmpact, LLC	1	100%	0%
89	Invenomic Capital Management LP	1	100%	0%
89	Taurus Investment Holdings, LLC	1	100%	0%
89	Mapfre U S a, Corp.	1	100%	0%
89	Polen Capital Management, LLC	1	100%	0%
89	Koverly, Inc.	1	100%	0%
89	BDO Capital Advisors, LLC	1	100%	0%
89	Qtron Investments, LLC	1	100%	0%
89	Arbella Insurance Group	1	100%	0%
89	Health Value Institute, Inc.	1	100%	0%
89	Dana-Farber Cancer Institute	1	100%	0%
89	Boston Energy Trading and Marketin	1	100%	0%
89	Partners Capital Investment Group	1	100%	0%
89	Monogram, LLC	1	100%	0%
89	Writewise, Inc.	1	100%	0%
89	Ascensus	1	100%	0%
89	Ta Associates Management L P	1	100%	0%
89	General Catalyst Enterprises, Inc.	1	100%	0%
89	Charlesbank Capital Partners, LLC	1	100%	0%