There was no word from XL Capital Ltd. yesterday on how many jobs will be lost at the company's global headquarters as the company tries to slash operating costs.

On Monday evening, the global commercial insurer, which has 77 offices in 27 countries, announced it aimed to trim its operating costs by more than $100 million through cuts that would be made company-wide.

Several sources yesterday told The Royal Gazette that employees were being consulted individually by the company about what their future held.

But the company's corporate communications department declined to comment on the issue. And staff leaving XL House, in Bermudiana Road, also declined to comment to a reporter on the mood at the firm.

On Monday XL announced it would pay $1.78 billion in cash, plus eight million shares, to bond insurer Security Capital Assurance, to eliminate potential future reinsurance costs related to mortgage-backed bonds.

It also announced a drive to slash operating costs. In Monday's statement, chief executive officer Michael McGavick said: "This expense reduction will involve all parts of the organisation geographically but the primary emphasis will be on streamlining corporate functions. This will be achieved through job eliminations, increased outsourcing and the cessation of certain projects and activities."

It is understood that around 320 people are employed by XL in Bermuda.