Dublin-based Munich Re Automation Solutions, a subsidiary of the global reinsurer, is set to invest roughly €16 million in a research & development program and transform it into a platform company
The investment in Horizons, also based in Dublin, is supported by the Irish Government through IDA Ireland and will enable the recruitment of a large team of people to help accelerate the development of new cloud products/services.
The announcement has been made jointly with Leo Varadkar, Tánaiste and Minister for Enterprise, Trade and Employment.
Munich Re plans to fill up to 60 positions over the coming 24 months.
“I wish Munich Re the very best with this expansion, which will see 60 new jobs based in Dublin. The company has been steadily growing its presence here over the last years and today’s announcement underlines the company’s commitment to Ireland,” said Varadkar.
“This announcement shows that Ireland offers the right conditions – particularly our skilled and talented workforce – to allow companies like Munich Re to undertake advanced and novel research and development here.”
“At Munich Re, our goal is to pioneer digital solutions for the insurance industry,” added Thomas Blunck, Member of the Executive Board of Management at Munich Re.
“Munich Re Automation Solutions has demonstrated it can make a real difference to our clients’ businesses, understanding their needs, winning customer insights, and empowering them to become recognised as digital leaders within their individual markets.”
“This is an ideal time to join our team, as we map our technology to our long-term business plan” said Ross Mayne, Chief Executive Officer at Munich Re Automation Solutions.
“The re-imagined business has never been more relevant to our growing base of customers globally, and the way we are executing shows the winning mentality, expanding commitment to our customers, and strong culture of Munich Re.”
IDA Ireland CEO Martin Shanahan noted, “This is extremely positive news from the financial services industry in Ireland. Munich Re is an organisation that we have worked with since 2012 and we are delighted that, off the back of an already successful InsurTech operation in the country, Munich Re has decided to carry out this exciting R&D programme here, underpinning 60 high value roles.
“It demonstrates a huge vote of confidence in Ireland, our skilled workforce and the collaborative nature and strong commercial focus of our Irish universities. I wish Munich Re continued success with their Irish operations and assure them of IDA Ireland’s ongoing support.”