Newtownards Firm Creates 40 Jobs

An insurance company in Newtownards is set to create 40 new jobs, it has been revealed.

Enterprise Minister Arlene Foster has announced that insurance underwriting agency Midas Underwriting will create the jobs, supported by Invest Northern Ireland through the Jobs Fund.

The Newtownards company, formerly known as Claimsafe (UK) Ltd, has provided a complete claims handling solution for insurance brokers to outsource their household and private motor claims for over a decade. The expansion will see it offer household and motor policies to brokers in the UK and Republic of Ireland.

Invest NI has offered £160,000 of support through its Jobs Fund, which is part of the Boosting Business initiative designed to help companies quickly get the support they need to help cope with the economic downturn.

Announcing the expansion Arlene Foster said: "Midas Underwriting is diversifying into new business areas and is building a portfolio of bespoke services that will differentiate it from the competition. Invest NI’s support will help the company to create new jobs quickly and increase the company’s ability to compete in a difficult marketplace.

"The Boosting Business campaign features a wide range of support to help businesses create employment, develop new products and increase their export activity. Midas Underwriting, like many other companies, is benefiting from this fast track support."

Midas Underwriting has already created 14 of the planned 40 new jobs.

Alan Hunter, Managing Director of Midas Underwriting, said: "Given the current economic climate and the strong competition within the marketplace, we felt we needed to diversify. This project will enable us to enhance our product portfolio and generate new income streams."

(LB)