Some 220 jobs will be created over the next three years at Cigna Corporation in Loughrea, east Galway, it was announced yesterday.The investment, worth an estimated €8 million annually to the local economy, will bring Cigna's workforce in Loughrea to 320, making it the biggest employer in the town, writes Edward Power
Cigna is the third-largest investor-owned employee-benefits organisation in the US.
The Galway office, which opened in 1990, processes medical indemnity claims.
Such is the demand for staff, recruitment is already under way. The jobs will require a range of skills and qualifications, from Leaving Certificate to college degree.
Cigna's move is regarded as a significant boost for a town which, though never starved of investment, has been consistently overlooked by multinationals.
The only other major industries are indigenous company Chanelle Pharmaceuticals and building component manufacturer Schlegel, which is headquartered in New York.
With Galway city only 20 miles away, it had been feared that Loughrea was in danger of becoming a commuter town. Cigna's decision to expand operations will help preserve its identity, according Mr Jim Murran of IDA Ireland.
It will also offer a lifeline to nearby Ballinasloe, devastated by the closure in January of the Square D electrical plant with the loss of 385 jobs.
Cigna employs 40,000, mainly in the US. Listed on the New York Stock Exchange, it was formed in 1982 through the merger of INA Corporation and the Connecticut General Life Insurance Company. It has operations in the US, Europe, Asia and South America.
The Tánaiste, Ms Harney, described the jobs announcement as a major fillip for east Galway.
"The proven competitiveness of the Galway facility, for which the management and workforce are to be congratulated, were influential in securing the investment for Galway," she said.
"This expansion is welcome news for the whole of east Galway and it will offer a wide range of quality employment," Ms Harney added.
Cigna occupies the bulk of a 27,000 sq ft IDA Ireland building. Under the expansion plan it will upgrade and take over the rest of the facility.
The operation involves the review and adjudication of claims received over an internal electronic network.
