OVER €8 MILLION will be invested into the opening of a Dublin R&D facility for the company Munich Re.

Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, announced today that the Automation Solutions division of Munich Re, which is one of the largest reinsurers in the world, is to establish a strategic R&D facility in Dublin.

The division currently employs 47 people in Ireland and the new project involves the creation of up to 17 additional highly-skilled new positions as well as the planned investment of over €8 million.

The Irish government, through IDA Ireland, has worked closely with the company on this move.

Investing and expanding

Established in Dublin in 1986, Munich Re’s Automation Solutions division (formerly Allfinanz) is the world’s leading provider of automated underwriting solutions to life insurers.

The R&D team will focus on complex data mining and statistical analysis techniques that will enable Munich Re’s Automation Solutions to more accurately assess underwriting risk across a range of insurance classes.

Minister for Jobs, Enterprise and Innovation Richard Bruton TD said:

Today’s announcement that Munich Re is investing and expanding its operations here with the creation of 17 new jobs is very welcome news for our financial services sector.

Ross Mayne, CEO of Munich Re’s Automation Solutions division, said they are delighted to be making this investment in such innovative R&D.

Ireland is our global centre for commercial software development. Our positive experience and the success we have enjoyed here made Ireland the natural choice for this pioneering project.

Barry O’Leary, CEO of IDA Ireland, said that financial services has been identified as a key growth area for Ireland’s economy and that this move will enhance Ireland’s profile as a “global investment hub”.

Read: Sinn Féin launches its jobs plan>

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