Bermudians lose jobs as PartnerRe restructures
Eight jobs are being lost in Bermuda as a result of global restructuring by PartnerRe.
The reinsurance company is to reduce its workforce worldwide by 140, with eight Bermudians losing their jobs on the Island.
The local positions being lost are in the corporate communications, human resources, finance and legal departments.
Company spokeswoman Celia Powell said three of the affected employees had been offered early retirement with benefits and all eight employees had been given the news on Tuesday in one-on-one meetings.
It is not known exactly when the job losses, locally and globally will take effect as they are being introduced in a staggered fashion. The positions being lost are described as support function roles.
Before the announcement PartnerRe had 81 staff working on-Island, with 77 percent of them either Bermudians, permanent residents or spouses of Bermudians.
In a statement the company said it was restructuring its business support operations into a single integrated worldwide support platform.
The purpose is to provide shared support services on a global basis across the group, and will result in enhanced organisational flexibility and greater operational efficiency company-wide. The new organisational structure will result in the reduction of approximately 140 positions spread across multiple PartnerRe locations worldwide, inclusive of a small number of redundancies resulting from organisational changes in PartnerRes Global Non-Life Operations, as announced earlier this week.
PartnerRe said it expects to achieve annual savings of between $60 million and $70 million, pre-tax, with the majority of expense savings achieved by the end of 2014.
It also said that as a result of the restructuring it expects to record a charge, totaling between $60 million and $70 million, pre-tax, related to the restructuring. This charge will be recorded principally in the companys second quarter results.
PartnerRe was formed in 1993. It reported total revenues in 2012 of $5.6 billion, with total capital of $7.7 billion and total assets of $23 billion.
On Tuesday the company announced a number of changes connected to its restructuring, which will see its global property and casualty business units split into two teams to meet the requirements of mature and high-growth markets. Both teams will report directly to PartnerRe Global CEO Emmanuel Clarke.
Christopher Renia has been promoted to head of mature markets, he was previously head of credit and security for global specialty lines. Salvatore Orlando has been promoted to head of high growth markets from his previous position as head of P&C Mediterranean Europe.
Scott Altstadt, formerly chief underwriting officer for P&C global, has been promoted to chief underwriting officer for all global business units, while Patrick Chevrel, head of specialty property lines, has been promoted to head the newly formed global accounts team.
Alain Flandrin, head of property and casualty, will relocate to Singapore to lead the companys Asia Pacific platform.
Commenting on these changes, Mr Clarke said, These organisational changes reflect our focus on providing efficient solutions to meet the evolving needs and reinsurance buying preferences of our clients. I congratulate Christophe, Salvatore, Scott, Patrick and Alain on their appointments and I am confident that they will provide excellent leadership in their respective new roles."