US insurance giant MetLife considers expanding Irish outfit

US insurance giant MetLife is close to finalising a decision to expand its operations in Ireland, according to sources.

New York-based MetLife may announce its plan to grow its Irish presence within the next month, although sources stressed that no final decision has been taken yet. A MetLife spokeswoman declined to comment.

MetLife employed close to 300 people at its European hub in Dublin as of February 2015.

At that time, the insurer’s CEO Steven Kandarian said he favoured Ireland as a location due to the country’s “strong regulatory environment” and “talented workforce”.

Consideration of an Irish expansion, by MetLife, was in train before the UK voted, in June, to exit the EU, the sources said.

MetLife considered adding as many as 400 jobs in Galway, the Connacht Tribune reported earlier this year.

However, many firms are using Brexit as a reason to eye up Irish expansion.

Last month, leading Irish law firm William Fry published survey results showing that at least 150 London-based financial services firms have Dublin on their radar should they look to move operations once Britain formally leaves the EU.

According to William Fry, nearly 60% of respondent firms are undertaking Brexit contingency planning that may involve changing the geographical location of their business. 

Of that number, three quarters said Ireland is amongst the places under consideration.

“Ireland’s stability, the certainty on EU membership and, therefore, access to the European market — coupled with the strong value proposition that Ireland already offers — will be important in the period ahead,” said IDA chief Martin Shanahan last month.

From Irish Examiner (12/10/2016)