A Co Down insurance underwriting agency hopes to create 40 new jobs by expanding its business portfolio in the Republic and Britain.

Independently owned Midas Underwriting intends to offer household and motor policies to insurance brokers in Britain and Ireland.

The Newtownards-based company specialises in providing insurance products to intermediaries and is authorised and regulated by the UK’s Financial Services Authority.

Managing director Alan Hunter said the company wanted to diversify because of the economic climate and the “strong competition” within the marketplace. “This project will enable us to enhance our product portfolio and generate new income streams,” he added.