Reaching out to reinsurers

Ireland has aspirations to become a hub for the reinsurance industry. Where will it find the necessary specialist staff?

Ireland is looking to set itself up as a hub of reinsurance, but might struggle to find qualified workers in such a specialised area.

The Reinsurance Directive - part of the Financial Services Action Plan - requires each EU state to regulate its reinsurers. The upshot of this is that it lifts barriers to entry to foreign markets and allows firms to set up a centralised European office. Ireland is getting in on the act.

So far, two major players, XL Re and Partner Re, already have EU head offices in Dublin and other firms have set up branch divisions. "I wouldn't be surprised to see more companies moving here as a result of the directive," says Sarah Godard, CEO of the Dublin International Insurance & Management Association (DIMA).

But is there the talent to fill these new jobs? Apparently not: "When it [reinsurance] is growing in such an unprecedented way, and when it's so specialised, it's very difficult to find suitably skilled individuals," admits Godard.

Paul Cotter, managing director of Joslin Rowe, agrees: "Requirements for new directives just suddenly appear on job specs before they appear on CVs. It always takes a period of time for a level of expertise to develop."

Godard reckons it's an international marketplace, and therefore attracts a global staff base. However, within Ireland, as well as degrees in reinsurance, DIMA offers training on the directive, and many reinsurance firms are getting staff up to speed in-house.

"The fact is, reinsurance is not a big community globally, and it's difficult to find a big pool of people," adds Godard. "This has created more jobs in the Irish market."

The Reinsurance Directive must be fully implemented by 10 December.