Eight Jobs Lost As PartnerRe Restructures

April 18, 2013

Bermuda-based PartnerRe Ltd. yesterday [Apr. 17] announced the restructuring of its business support operations into a single integrated worldwide support platform, a change that will see eight jobs lost in their Bermuda operation.

The company said the purpose is to provide shared support services on a global basis across the group, and will result in enhanced organisational flexibility and greater operational efficiency company-wide.

The new organisational structure will result in the reduction of approximately 140 positions spread across multiple PartnerRe locations worldwide, inclusive of a small number of redundancies resulting from organisational changes in PartnerRe’s Global Non-Life Operations, as announced earlier this week. At least eight jobs will be lost at its Bermuda operation.

The company expects to achieve annual savings of between $60 million and $70 million, pre-tax, with the majority of expense savings achieved by the end of 2014.

As a result, the company expects to record a charge, totaling between $60 million and $70 million, pre-tax, related to the restructuring. This charge will be recorded principally in the company’s second quarter 2013 results. No charges will be recorded in the company’s first quarter 2013 results.

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Comments (9)

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  1. Rhonda Neil says:

    That darn PLP and term limits…. Oops we can speak the truth now… the election is over…

    • Picks says:

      This has nothing to do with PLP or term limits. Just realizes the world is changing with techology and companies does not need a lot of dead weight.

    • Pickup says:

      The election is over but the damage has been done – we (Bermuda) are in repair mode now. Forget PLP / OBA// NDA / UBP / BDA are lets just get back to work!

      • Time Shall Tell says:

        Did you forget PLP / OBA// NDA / UBP / BDA on December 17, 2012? The point many are making here is this shows the issue was a world scale issue & not solely as some would have you believe.

  2. OBA voterrrr says:

    Dam plp term limits even damaged PartnerRe locations worldwide!

  3. Prayerful says:

    @Rhonda the word is damN. this has nothing to do with term limits