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HAMILTON, Bermuda, Mar 5, CMC  -Two of Bermuda’s insurance and reinsurance sector companies have announced 11 redundancies between them.
Six employees have lost their jobs at PartnerRe, while five positions have been axed at Enstar Group.
All those affected are either Bermudians or spouses of Bermudians.
Globally, PartnerRe has announced 16 redundancies as it reorganises its financial operations. Those affected in Bermuda have been invited to apply for jobs with the company in Ireland.
“We can confirm that six jobs have been made redundant in Bermuda, of a total of 16 positions that have been made redundant worldwide,” a PartnerRe spokesman said.
“This is as a result of a reorganisation of PartnerRe’s finance function,moving away from a geographical structure to a more global structure with the creation of a Global Financial Operations team, based predominantly in Dublin.
“This was a very tough decision to make. All six employees have been invited to apply for jobs in Dublin. If they choose not to, we will do everything we can to support them in finding new positions here on the Island.”
The reinsurer said its on-island workforce comprises 82 per cent Bermudians, spouses of Bermudians or permanent resident certificate holders.
Enstar, which has its corporate headquarters here, is also restructuring and moving its investment unit to the United States.
It said in a statement: “Enstar has experienced significant growth through acquisition activity.
“Following a strategic review of our operations and careful consideration, we made the decision to restructure our investment function.
“The revised function will be based in the US, to position ourselves closer to the US capital markets and optimise our relationships with our US-based investment managers and partners.
“The restructure is considered necessary to facilitate the continued growth of our company and its investment portfolio which will, in turn, result in greater opportunities for the company and its valued employees.
“Bermuda employees impacted by this decision were given an opportunity to apply for investment positions in the US.”