More and more jobs in reinsurance
It might not compensate for the jobs being lost in other areas of financial services, but Ireland is continuing to attract new reinsurance entrants to its shores and existing players are looking to build up their teams.
Ireland is currently home to some major reinsurance firms who have set up in last 18 months or so, such as Arch Re, Everest Re and XL Re, and Partner Re is also actively building its team.
Sarah Goddard, chief executive officer of the Dublin International Insurance & Management Association (DIMA), reckons the industry has defied the economic gloom and continues to attract new entrants.
"Since the beginning of this year, there have been several serious enquiries from major organisations looking to use Ireland as a base for their European operations," she says.
Reinsurance is by no means a volume recruiter, however. When DIMA conducted its last member survey in 2007, around 900 people worked in the sector in Ireland.
Ireland's biggest reinsurance operations employ 60 people. Its smallest comprise just one person staffing a representative office.
Paul Cotter, director of recruiters Cotter Personnel, which focuses on insurance and reinsurance, says: "We've seen steady demand in this space continue going into 2009, but the numbers are not astronomical by any means. I'd expect recruitment to pick up more in the third and fourth quarter of this year"
The roles that do come up, however, are highly skilled, says Goddard: "The firms have no back office presence and are very lithe organisations. They recruit for underwriters, specialist accountants, actuaries, investment analysts and senior management positions."
A reinsurance underwriter can expect a salary of between €40-60k after one to three years' experience, according to the latest Brightwater salary survey, which rises to €140-160k at the senior end.
A chief actuary, meanwhile, can haul in €130-150k, while a reinsurance investment analysts should expect between €80-140k, says Brightwater.
The net value of premiums being under written by global reinsurance firms in Ireland is around €20bn, according to figures from DIMA.
