Twelve people are to lose their jobs at Markel Bermuda in the insurer’s accounting and finance department.

A source said that 11 of the staff to be let go are Bermudians.

Employees were informed of the news late yesterday afternoon.

A Markel spokesman said yesterday that the company had no comment on the matter.

The Royal Gazette understands that the staff cuts will happen over a transition period of three to six months, as part of a restructuring process.

Markel Corporation is a US-based financial holding company, whose global reinsurance and global insurance head offices are in Markel House at 2 Front Street, Hamilton.

The group also owns Markel CatCo, formed after Markel acquired Bermudian collateralised reinsurance specialist CatCo Investment Management three years ago.

Markel made headlines last month when it agreed to acquire Nephila Capital, a Bermudian-based company and the largest manager of insurance-linked securities in the world.

The deal involves Nephila being allowed to continue running as a stand-alone company with existing management as part of the Markel group.