South African insurance company OUTsurance has announced plans to invest €160m into its Irish operations and create more than 200 more jobs.
The company, which currently employs 70 people in its head office in Cherrywood in Dublin, is to offer both car and home insurance in Ireland. Over the next three years, it is planning to bring its number of employees up to 300.
The OUTsurance Group was established 26 years ago and employs more than 7,000 people. It currently operates in South Africa and Australia. In Australia it operates under the Youi brand.
Chief executive of OUTsurance Ireland Peter Broome said the company has a “proven track record” of servicing more than two million customers in South Africa and Australia.
“We are delighted to bring new competition to the Irish motor and home insurance market as the first new locally authorised personal lines underwriter in over a decade,” he said.
The jobs announcement was welcomed by junior Minister for Insurance, Neale Richmond, who called it a “positive sign” that Ireland is an “attractive destination for international insurance companies”.
The OUTsurance Group was granted a licence at the start of the year by the Central Bank of Ireland to begin operations here.