Australian travel insurer, World Nomads Group (WNG), is to add 60 staff over the next 18 months at its new European headquarters in Cork.
The operation, which currently employs 20 people, will directly manage the company’s European travel insurance business.
It will establish a Managing General Agency (MGA) in Ireland which allow the business to partner with more European-based brands to offer travel insurance to customers.
WNG will manage all the functions of a travel insurer to its European customers such as product design, pricing, customer service, claims and emergency assistance. It will partner with specialist organisations to carry the underwriting risk.
It is part of the nib Group, a health and travel insurance company based in Australia, and is regulated by the Central Bank in Ireland.
WNG’s General Manager for Europe, Bernard O’Sullivan said the establishment of the European base will increase capacity allowing the business to operate in these markets.
“The MGA will see our business not only distribute and sell travel insurance in Europe, but also provide all claims and insurance services to our travellers. We think this is critical to owning the end-to-end experience and providing great service and assurance to our travellers,” he said.
"We are currently migrating our European travel insurance arrangements from the UK and continental Europe to our Cork office. We estimate this will involve the transfer of more than 100,000 policies."
Tánaiste Simon Coveney said it was "another great day for the Cork economy”.
“It demonstrates the value and attractiveness that Cork and Ireland have to offer to major companies wishing to operate in Europe," he said.
Martin Shanahan, Chief Executive Officer of IDA Ireland also welcomed the announcement.
“This announcement also shows the market that financial services companies like WNG can establish here quickly in order to service their international and European customers, with minimum disruption post-Brexit," he said.
"Ireland has the right mix of regulation, skills, experience and office space to make us an obvious choice for financial services to locate and further demonstrates our importance as a gateway to the European Single Market.