ERS announced on Wednesday that it would increase its staff-count in the city from 230 to 398.
As part of a reorganisation at the Lloyd's syndicate, its Swansea operation will grow while one of its English offices will close.
The firm, which is currently based at Cardigan House, Llansamlet, now plans to move to larger premises.
A motor insurer will create almost 170 new jobs in Swansea as it expands its operation in the city.