O'Keeffe Announces 117 Jobs In Top Global Financial Security Firm

Genworth Financial will create the jobs in the Shannon Free Zone with the support of the Government through Shannon Development.

The firm established operations in the Shannon Free Zone in 1997 and now employs 345 full-time workers.

The planned new jobs will bring the workforce to 462, with growth expected in the operations teams.

Genworth Financial's base in Shannon is a centre of excellence for operations, information technology 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, US, with operations in over 25 countries.

Announcing the jobs, Minister 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 €3.5 billion in annual sales - 90% 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 president of Genworth Financial's European operations, Bob Brannock, said: "We are focused on growth and delighted to be expanding operations at our Shannon Free Zone centre of excellence.

"Our highly skilled teams in Shannon have played a vital role in helping families create financial security through this economic cycle.

"As we grow into new geographies and enhance the capabilities we offer to our distributors, we will need to build teams and develop our people so we continue to deliver outstanding levels of service."

The chief executive of Shannon Development, Dr Vincent Cunnane, said: "This is a fantastic boost for Shannon.

"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.

"I would like to congratulate Genworth and assure them of Shannon Development's continued support in growing their Shannon operations."

Minister O'Keeffe also launched Shannon Development's 2009 annual report on Friday which shows that, though last year was challenging for all sectors of the economy, the agency continued to yield economic dividends for the Shannon region.

The chairman of Shannon Development, John Brassil, and Dr Cunnane briefed Minister O'Keeffe about Genworth Financial's regional development plans.

They also briefed him on the key strategic development areas on which Shannon Development is focusing: Shannon Free Zone; tourism and product development; greater Limerick area; regional growth centres; energy and sustainability; asset development; and communications infrastructure.

Dr Cunnane said Shannon Development's new strategic focus will position the Shannon region to take full advantage of the global economic recovery.

Minister O'Keeffe said: "Shannon Development has a strong reputation for innovation and reinvention and I am pleased to see that it is continuing to plan for the future needs of the Shannon region economy."