Six lose jobs at XL Catlin
Six people have lost their jobs in XL Catlin's Bermuda reinsurance operations after their positions were made redundant.
Responding yesterday to questions from The Royal Gazette, the company stated: “It is standard for global organisations like XL Catlin, which are focused on operating efficiently and effectively, to continually manage and improve the performance of all functions and processes.
“Recently, an overlap in systems, processes and resources in our Bermuda reinsurance operations was identified resulting in the redundancy of six positions, which will not be transferred or filled elsewhere.
“As is XL Catlin's custom, those who were impacted have received severance packages, benefits continuation and company-sponsored outplacement services.”
The global insurer and reinsurer, which redomesticated to Bermuda from Ireland last year, also stressed its continuing commitment to the island and to Bermudians.
“XL Catlin remains committed to its Bermuda operations which are valuable to its global platform and inextricably linked to its success,” the company stated.
“A significant part of that commitment involves attracting and developing Bermudian talent. XL Catlin currently employs some 200 people in Bermuda and of this number approximately 80 per cent are Bermudians.
“XL Catlin continues to hire Bermudians at all levels of the organisation and provides scholarships, summer internships, a two-year Graduate Development Programme for university students as well as overseas development assignments to Bermudian employees.”