ACE To Eliminate 17 Job Positions Next Year

October 14, 2010

The ACE Group will be eliminating 17 employment positions. They say that employees whose positions will be eliminated have been notified, and will be given priority consideration for appropriate open positions within the company. If they do not succeed on finding another job within ACE, they will be eligible for severance payments and outplacement support. The job elimination is expected to occur between May and September of 2011.

The full statement from ACE is below:

In an effort to improve efficiency, ACE is restructuring the way it organizes its global financial management operations. The Company will transition and consolidate many of its financial management operations into a Global Finance Shared Service Center located in Philadelphia that will support the ongoing financial management needs of the corporation overall and its various business units.

In Bermuda, we expect the transition will be completed for the various finance functions between May and September of 2011. This consolidation will result in the elimination of approximately 17 positions following the transition period. Employees whose positions will be eliminated have been notified. These employees will be given priority consideration for appropriate open positions within the company. In the event their employment cannot be extended, they will be eligible for severance payments and outplacement support.

ACE has been writing business in Bermuda for 25 years since its formation on the Island in 1985. ACE remains committed to Bermuda and to maintaining its insurance and reinsurance operations in the Bermuda market.

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Comments (13)

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  1. OMG says:

    here we go again!

  2. D says:

    “eligible for severance payments and outplacement support”

    I would like to think that this was standard practice.

    • CanadianLuv says:

      It isent?

    • d hunte says:

      Redundancy pay is covered in the Employment Act. My guess is that they will pay more than the mandated 2 weeks for every year worked…

  3. Jobseeker says:

    I would expect Paula Cox to resign her job at Ace when she becomes Premier, that will open an opportuinity for a qualified Bermudian…… or will she continue in the same style as others and draw two salaries whilst pretending to be Superwoman.

    You can’t run the country correctly and work a day job too.

    Greed is not good!

    • Logic76 says:

      It would be seen as a conflict of interest. She could not keep her job.

  4. Disgusted says:

    Between this and the Uighars, this has been a pretty lousy effing week.

  5. terry says:

    And just like the “Carpenters” sand in the 70′s….we’ve only just begun……………..

  6. Citizen of Bermuda says:

    Not sure if Port Royal is hiring?

  7. byestander says:

    Either very craftily worded or perhaps I’m seeing something that’s not there but 17 jobs will be eliminated but “…The Company will transition and consolidate many of its financial management operations into a Global Finance Shared Service Center located in Philadelphia…” says to me that the jobs may not be lost but the jobs just aren’t going to be in Bermuda either. Perhaps there are a few more people axed than the article reveals, or foreshadowing of what may come as the transition of the finance activities moves to Philly. May to Sept ’11 is still some time off.

  8. bdashotta says:

    Maybe um gotta go take some courses down Guantanamo Bay….then for sure um gonna get hired just like dat.

  9. Googlybda says:

    Wake Up Bermuda!
    Start asking questions.
    We should start training kids as fishermen! Not accountants!
    Another restaurant may close but there will be less cars going into town in the morning.

  10. joe says:

    Maybe they should talk to Dr Brown, seeing he got the uighurs jobs so quickly. I’m sure that he can work something out before leaving his post!