Latest news with #MichèleRodoni
Irish Independent
02-07-2025
- Business
- Irish Independent
Over 30 jobs to go as Swiss insurance firm pulls out of Dublin
The company said it had decided to put a stronger focus on its core insurance and pensions business in Switzerland. La Mobilière founded the Dublin-based insurtech Companjon five years ago, with the stated aim of opening a new line of business and to get insights into the behaviour of customers in the digital insurance business. Operating on a largely business-to-business model, its insurance policies were embedded in the operations of other companies. When consumers bought goods such as tickets for sporting events, and the seller asked if they wanted to insure the purchase, that type of insurance product was provided by Companjon. Company sources say that as a result of the complex nature of the operations, it will take a couple of years to wind down its offices at Harbourmaster Place in the International Financial Services Centre in Dublin's docklands. 'Not everyone will lose their job straight away. The workforce will be slowly reduced,' one source said. The Department of Enterprise has been informed about the planned redundancies, and consultations began between management and staff yesterday. In a statement, La Mobilière CEO Michèle Rodoni said: 'After gaining several years of experience with embedded insurance abroad and recently developing a new corporate strategy, we came to the conclusion that the further development and scaling of this business area is not in line with our strategic focus on the core business in Switzerland.' The existing embedded insurance policies, the vast majority of which have short-term liabilities, are to be be run off, subject to appropriate approvals being received from the Irish authorities. Companjon has a total workforce of 60 employees with 34 in Dublin and the remaining 26 based around Europe. Helen Nolan, who is chair of Aviva Life and Pensions Ireland, has been a non-executive director at Companjon Insurance DAC, and chaired its audit committee. Other Irish directors included Patrick Manley and Mary Kerrigan. In its most recent financial returns, Companjon recorded a loss before tax of €2.879m for the financial year ended December 31, 2022, with a loss before tax of €10.25m. It said that during 2023, the company had commenced business operations with three new business partners and has successfully concluded contractual negotiations with a new business partner which was due to go live in 2024. "The directors expect the general level of activity of the company to increase further as the existing Companjon Group insurance solutions are made available on an increased number of online transactions and are rolled out to further markets, and as new business partners are onboarded, and new insurance solutions are launched,' the accounts said. "The directors regard investment in this area as a prerequisite for success in the medium to long-term future.' La Mobilière, which was founded as a co-op in 1826, boasts that it is Switzerland's oldest private insurance company. It has 6,600 employees in its home markets of Switzerland and Liechtenstein, and a further 350 trainees.
Irish Times
01-07-2025
- Business
- Irish Times
More than 30 Irish jobs to be lost as Swiss insurer pulls out of Ireland
More than 30 Irish jobs are to be lost after Swiss company La Mobilière moved to close its digital insurance operation in Dublin on Tuesday. The group founded the Dublin-based insurtech Companjon in 2020 with the aim of opening a new line of business and gaining insights into the behaviour of customers and partners in the digital insurance business. It designs, builds, and underwrites protection for global online businesses seeking to enhance their existing customer offerings. It specialises in embedded insurance that's fully digital. La Mobilière said the decision was taken following a review and the development of a new corporate strategy as the company pivots to a stronger focus on its core insurance and pensions business in Switzerland. READ MORE The company said the decision 'will have a significant impact' on the approximately 60 employees at Companjon, of which 34 are based in Ireland with the others across Europe. The group began a consultation process with staff on Tuesday. La Mobilière chief executive Michèle Rodoni said 'further development and scaling of this business area is not in line with our strategic focus on the core business in Switzerland'. The existing embedded insurance policies, the 'vast majority' of which have short term liabilities, will be run off. Companjon said it will work closely with its business partners and the regulatory authorities following the decision. It said the consultation with its employees and business partners will determine the specific timelines of the run-off. A third households and businesses in Switzerland are insured by La Mobilière. Active in all lines of insurance, it had an annual premium volume of around 4.9 billion swiss francs (€5.3 billion) at the end of last year. It has 80 agencies with their own claims service at about 160 locations, serving about 2.3 million customers. It also has 6,600 employees in its home markets of Switzerland and Liechtenstein, as well as 350 trainees. Founded as a co-operative in 1826, La Mobilière is Switzerland's oldest private insurance company.
