RGA's Dublin offshoot bucks recession trend
Published 14/10/2010 | 05:00
THE Dublin offshoot of US giant RGA Reinsurance grew premiums by almost 80pc last year and almost doubled its headcount, despite the brutal recessionary backdrop.
Accounts just filed by RGA International Reinsurance show the Sandyford-based company enjoyed premiums of almost $147.5m (€105.6m) last year, up 78pc on 2008.
The expansion allowed the Irish company to grow its workforce from 30 to 59.
RGA employs almost 1,400 people globally and has re-insurance contracts of more than $2.4 trillion (€1.7 trillion).
Dublin-based RGA International Reinsurance is the group's European hub, with branches in France, Spain, Italy, Germany and Poland.
The directors attribute last year's surge in business to "the acquisition of renewal rights to a block of business in Europe".
The higher level of business helped RGA swing to a €14.7m profit for the year against losses of €3.5m a year earlier.
Despite the emergence of profits, no dividends were paid, but RGA's 59 staff were paid an average of €136,000 each.
Dublin is one of the world's biggest re-insurance hubs, with RGA among more than 60 major international companies that currently have a foothold here.
The latest statistics show these companies recorded premiums of €26.2bn in 2008, up almost €5bn despite the start of the recession.
Statistics for 2009 are expected shortly.