Irish Progressive Services International (IPSI), a unit of Irish Life that provides technology and outsourced assurance services to other firms, has won new contracts worth €40 million.
The firm will supply services and manage certain business portfolios for three Italian life assurance firms based in the Republic - Vicenza Life, Darta Saving and Grow Life. The combined value of the life assurance deals is worth more than €40 million.
Vicenza Life is part of the Banca Popolare di Vicenza Group in Italy and has been operating in Dublin since 2000. Darta Savings operates within the Italian RAS Group, while Grow Life is a member of Banca dei Paschi di Siena Banking Group.
All three Italian-owned firms are part of the Republic's cross-border life assurance sector.
Mr Denis McLoughlin, general manager of IPSI, said that, despite the difficult climate for the international life assurance industry, the Republic continues to attract new cross-border life assurers.
He said the firm was confident of making more positive announcements later in the year.
Under its portfolio, IPSI - an independently run business within the retail division of Irish Life - manages 250,000 policies representing more than €4.4 billion in policyholder funds.
