Japanese corporation Sumitomo Marine & Fire Insurance is to establish a strategic commercial reinsurance operation at Dublin's International Financial Services Centre (IFSC).

The new project, announced yesterday by the Tanaiste, Ms Mary Harney, will employ 15 people. The company is part of the Sumitomo Group of Japan, which employs 10,000 people worldwide. It is one of the top five insurance companies in Japan and the 16th largest in the world.

The Dublin subsidiary will be capitalised at €7.5 million (£5.9 million) and will begin trading in April. The announcement was made during the Tanaiste's 10-day investment mission to the Asia Pacific region.