Munich Re Automation Solutions, the Irish software technology unit of the world's largest reinsurer, is planning to reduce its workforce by as many as 18 jobs as part of a restructuring.
Munich Re , the world's largest reinsurance group, is planning to reduce its workforce in its Irish software technology unit, Munich Re Automation Solutions , by up to 18 positions, representing nearly 12% of its total roles. The Dublin-based unit has initiated consultations with employees regarding these potential job cuts , which are attributed to a recent restructuring within the business.
\Acquired by Munich Re in 2007, Munich Re Automation Solutions has evolved into a prominent provider of automated insurance solutions worldwide, including its digital underwriting platform, AllFinanz. The company, led by CEO Ross Mayne, boasts over 140 clients across 40 countries, according to its website. This planned reduction in staff follows a period of rapid expansion over the past five years, during which the company increased its workforce from 86 to 155 employees, primarily software engineers. Much of this growth was signaled in late 2020 when Munich Re Automation Solutions announced plans to create 60 new jobs as part of a €16 million investment. \The company, situated in the Central Park business district in Leopardstown, south Co Dublin, received a €5 million capital injection from its German parent company in November. Although Munich Re Automation Solutions recorded a 26% increase in sales in 2023, reaching €25.5 million, its net loss doubled to €6 million during the same year, according to its most recent annual accounts filed with the Companies Registration Office. This loss coincided with a surge in operating expenses, exceeding 46%. Munich Re Automation Solutions has assured that it does not anticipate further workforce reductions following this restructuring process. The company maintains that its future growth strategy and client support remain unaffected
Munich Re Automation Solutions Job Cuts Restructuring Technology Ireland
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