Minister O'Keeffe announces 117 jobs in top global financial security firm

'Jobs to be created over next three years in Shannon Free Zone in Clare' - Minister

9 July, 2010

The Minister for Enterprise, Trade and Innovation, Batt O'Keeffe TD, today [Friday] announced that a top US global financial security firm is to create up to 117 new jobs in Clare over the next three years.

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 today, 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 - 90pc 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 launched Shannon Development's 2009 annual report this morning 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.’

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About Genworth Financial

Genworth Financial Inc (NYSE:GNW) is a leading Fortune 500 global financial security company. Genworth has more than $100 billion in assets and employs about 6,000 workers in more than 25 countries. Its products and services help meet the investment, protection, retirement and lifestyle needs of some 15 million customers. Genworth operates through three segments: retirement and protection; US mortgage insurance; and international. Its products and services are offered through financial intermediaries, advisers, independent distributors, and sales specialists. Genworth Financial, which traces its roots back to 1871, became a public company in 2004. It is headquartered in Richmond, Virginia. For more information, visit Genworth.com.

Highlights from Shannon Development 2009 Annual Report

Shannon Development highlights last year included €15.5 million investment support packages for Shannon Free Zone firms which leveraged €57 million in investments. Shannon Development invested €9.6 million in property solutions for foreign and indigenous firms in the Shannon region. Shannon Development completed a major expansion project in Tipperary Technology Park. It established a new Limerick Development Division to promote the greater Limerick area.

ENDS