Corroon is likely to affect Bermuda operations.

Major re-structuring of the firm began in November and last month 200 people in the US and UK lost their jobs.

Mr. Robert Golden, the president of Willis Corroon (Bermuda) Ltd. the broker for all classes of international insurance and reinsurance, and Willis Corroon Management (Bermuda) Ltd., the captive management company, was unavailable for comment.

Mr. Golden was said to be travelling in Europe.

Local employees have been watching the developments with interest.

Mr. Ken Pinkston, chairman and chief executive of Willis Corroon Americas said the job cuts were "part of an attempt to revive our operations, to streamline them as efficiently as we can without damaging service'', according to an article in Lloyd's List.

He added: "We have told our employees there will be additional reductions, maybe another 150-200. They will be done by the end of the first quarter, but not in any particular area of business.'' The company is looking at reducing corporate overheads and changing reinsurance and wholesale businesses. The restructuring is already estimated at more than $60 million and that money could be taken as a charge against 1994 earnings.

Competition has hurt Willis Corroon, with slumping performance and unsettling rumours of a possible take-over attempt. They are said to be seriously studying the US property/casualty business.