Four jobs have gone at the newly combined operations of Marsh Inc. and Independent Advisory Services Ltd., The Royal Gazette has learned.

Marsh, a global insurance broker and risk adviser, took over IAS, which had been the largest independent captive management company on the Island, in September.

David Ezekiel, the founder and president of IAS who has joined the leadership team of Marsh's Global Captive Solutions Practice, said the jobs had gone had both firms.

"Due to redundancies resulting from the Marsh / IAS combination we have eliminated four administrative positions in Bermuda, two of which were in IT," Mr. Ezekiel said last night.

"The reductions were from both firms and none were client facing.

"We are providing customary benefits, including severance and outplacement services, to the individuals affected by this action.

"After these redundancies we continue to maintain a workforce in Bermuda of more than 240 employees."

Marsh manages around 1,100 captives in 31 countries around the world. Its purchase of IAS, which manages 150 captives and has offices in Barbados, Vermont and Ireland, as well as in Bermuda, helped to consolidate Marsh's position as leading global player in the captive management industry.