Liberty Mutual Insurance has bought out the IBRC stake in its Irish operation formerly Quinn Insurance.

The news follows an announcement by the company that it is to create 150 new technology jobs in Dublin.

The new jobs will be created over the next two years, and will be based at the company’s Blanchardstown office.

Liberty said the expanded IT operations in Dublin will support the establishment of an IT help desk, a security operations centre and a software engineering unit.

Liberty Mutual Insurance chief information officer James McGlennon said the decision to invest in Dublin reflected the quality of IT graduates and experienced professionals available to support future growth.

“Expanding our IT operations in this way strengthens our global software engineering and advanced development capabilities.”

IDA Ireland chief executive Barry O'Leary said Ireland has become a hub for international insurance companies to establish global IT operations here.

“Liberty Mutual Insurance Group is a globally recognised name and is a very welcome addition to Ireland’s International Financial Services sector. The company will grow its Irish team by adding highly skilled staff who will support the company’s workforce across the globe.”

The new jobs will bring the insurance group’s total workforce on the island of Ireland to more than 1,500.

Minister for Jobs, Enterprise and Innovation Richard Bruton said great credit was owed to the IDA for their work on the project.

Mr Bruton met senior executives from the company as part of an IDA Ireland investment mission to the USA in autumn of this year.

The company this morning said it had acquired the remaining 49 per cent of Liberty Mutual Ireland Investment Holdings, the parent company of Ireland-based Liberty Insurance Limited, from Tutelana, a wholly-owned subsidiary of the IBRC.