Tuesday 26 September 2017

Liberty to create 150 new tech jobs here

Barry O'Leary, CEO of the IDA. Photo: Tom Burke
Barry O'Leary, CEO of the IDA. Photo: Tom Burke

Nicola Anderson and Roisin Burke

LIBERTY Mutual Insurance is to create 150 new technology jobs in Dublin as part of its continued expansion into the Irish market.

The move will see the firm use Ireland as a base to create financial security software for its global enterprise.

The company's Boston parent made the jobs announcement just one hour after it finalised a deal to acquire the remainder of the former Quinn Insurance business from the IBRC's liquidator.

Liberty now owns the insurance firm lock, stock and barrel after purchasing the IBRC's stake for an estimated €100m.

The new jobs will be at its Blanchardstown office and are part of an expansion of the car, home and commercial insurer's IT operations, which currently employ over 350 people in Belfast.

They will be phased in over the next two years and will bring the total Liberty Insurance Irish workforce to over 1,500 staff.

"Today's announcements highlight Liberty Mutual's commitment to Ireland and to the country's talented workforce," said Liberty Mutual Insurance chairman and chief executive, David Long.

CEO of Liberty Pat O'Brien would not confirm how much they had paid for IBRC's stake, only commenting that "both sides are happy".

The firm had made substantial progress in the Irish market over the past two years and this latest announcement positions them for "further growth".

The jobs announcement follows a meeting between Mr Bruton and senior executives form the company as part of an IDA Ireland investment mission to the US last autumn.

Jobs and Enterprise Minister Richard Bruton described the news as "a really exciting day for Ireland", adding that it endorses the areas the Government has been targeting in their action plan on jobs.

He said the move was a further boost for the international financial services sector in Ireland, adding that it also endorses the quality of the work being carried out overseas by the IDA.

Meanwhile he said the positive news about Liberty's complete takeover of the firm following the pain of the Quinn Insurance debacle shows how "out of difficulties you can grow new opportunities". Liberty paid €103m for a 51pc stake in Quinn Insurance in November 2011. It has been negotiating to acquire 100pc control since the liquidation of IBRC earlier this year.

In 2010 the Central Bank put Quinn Insurance into administration after it emerged that it had breached its solvency requirements by €830m.

Fortune 100 company Liberty Mutual Insurance was founded in Boston in 1912, is the third largest property and casualty insurer in the US, with revenue of $36.9bn.

 

Irish Independent

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