Ace cuts HR jobs
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More layoffs: Ace let go three HR staff as part of restructuring
Ace Ltd has cut three jobs in its Bermuda human resources department, but created one new position to combine HR support roles.
The company confirmed on Friday that three staff members were let go as part of a reorganisation of the HR department. The employees who lost their jobs were all Bermudian, received notification in January and finished work this month.
Ace said the goal of the restructuring was efficiency.
“Ace regularly examines the manner in which it conducts business to ensure that it operates as efficiently and effectively as possible in all locations,” said Roseann DoCouto, a spokesperson for the company. “In keeping with this, Ace has restructured its HR function to more efficiently serve the needs of the company.”
“Ace remains committed to maintaining its insurance and reinsurance operations in Bermuda,” she added.
In 2010, Ace announced it would cut 17 jobs with those employees leaving the company in 2011.
These latest positions cut were not included in that figure.
Just this week, Ace released its first-quarter earnings, reporting a profit of nearly $1 billion, far exceeding Wall Street’s expectations. The profit was almost four times what the company had earned in the same period last year.
Ace Ltd, which had been based in Bermuda and started business here in the mid-1980s, is now based in Switzerland, but still has substantial insurance and reinsurance operations on the Island.
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Published Apr 30, 2012 at 8:30 am (Updated Apr 30, 2012 at 8:29 am)