US multinational creates 117 new jobs in Clare

9 Jul 2010

A US global financial security company is to create 117 new jobs in Co Clare over the next three years, it was announced this morning.

With support from Shannon Development, Genworth Financial will create the jobs in the Shannon Free Zone.

The company first established operations in the Shannon Free Zone in 1997 and now employs 345 full-time workers. The planned new jobs will bring its workforce to 462, with growth expected in the operations teams.

Genworth’s base in Shannon is a centre of excellence for operations, IT and finance teams for the company’s lifestyle protection business.

The new jobs will be in the operations division of the lifestyle protection business which helps clients to meet repayment obligations on loans, mortgages and other credit products should they be unable to pay due to accident, illness, involuntary unemployment, disability or death.

Genworth Financial is a wholly owned subsidiary of Genworth Financial Inc, a Fortune 500 company based in Virginia in the US, which has operations in more than 25 countries.

A boost for Shannon

Announcing the jobs today, Enterprise Minister Batt O’Keeffe said: “Genworth Financial’s intention to increase its workforce in the Shannon Free Zone is a clear indication of the firm’s long-term commitment to the area and a signal that our regions continue to win investments from global players.

“The Shannon Free Zone hosts over 100 firms generating €3.5bn in annual sales – 90pc of which are to export markets.

“The business park, with its links to Shannon Airport and multi-sectoral employment base, is a strong revenue generator for the local economy and the Shannon Development team worked hard to secure Genworth Financial’s investment against strong competition,” the minister added.

The president of Genworth Financial’s European operations Bob Brannock explained that as the company grows into new geographies it needs to build teams.

“We are focused on growth and delighted to be expanding operations at our Shannon Free Zone centre of excellence,” he added.

“This is a fantastic boost for Shannon,” added the chief executive of Shannon Development Dr Vincent Cunnane.

“With over 6,000 employees worldwide, Genworth Financial is one of the most respected financial companies in the world.

“Genworth Financial’s decision to expand its workforce at their Shannon Free Zone facility is an endorsement of the continued appeal of the zone as an attractive location for global financial service companies,” he said.

Genworth has more than US$100bn in assets and employs about 6,000 workers in more than 25 countries serving 15 million customers. The company operates through three segments: retirement and protection, US mortgage insurance, and international.

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