Allianz, one of the world's biggest insurance groups, is setting up two companies to operate from Dublin's International Financial Services Centre (IFSC). This should generate 35 new jobs.
A health insurance group will be established before the end of the year, selling its products mainly to expatriates working for major corporations. Under Irish legislation, it may not sell these products within the Republic.
The other new firm will cater for Allianz Group's reinsurance and third-party business. This will begin operating within months.
Allianz, with a staff of 850, already has substantial interests in the Republic. It acquired 66.3 per cent of Church & General from Assurances Generales de France last year.
Allianz director Mr Detlav Bremkamp said yesterday that the firm had been considering establishing additional operations in Dublin for some time. "We recognise the IFSC as an important location in the world's financial services market and feel that, as one of the largest financial services groups in the world, we should avail of the many attractions offered in Dublin."
IDA Ireland chief executive Mr Sean Dorgan welcomed Allianz's latest move.
