Six Employees Made Redundant At PartnerRe

March 2, 2017

Six employees have been made redundant in the Bermuda offices of PartnerRe, with the company saying it was a “very tough decision to make” and is a “result of a reorganization of PartnerRe’s Finance function.”

A spokesperson from PartnerRe told Bernews, “We can confirm that six jobs have been made redundant in Bermuda, of a total of 16 positions that have been made redundant worldwide.

“This is as a result of a reorganization 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. “

“All six employees are Bermudians or spouses of Bermudians. PartnerRe currently employs 57 employees in Bermuda office of whom 82% are Bermudians, spouses of Bermudians or PRC holders.”

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Comments (62)

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  1. Terry says:

    S**** happens.
    Get used to it.
    Pick up, dust off and ask for help.|
    Shalom.

    • JAWS says:

      “All six employees are Bermudians or spouses of Bermudians. PartnerRe currently employs 57 employees in Bermuda office. That’s crazy

      My question is why didn’t you let the NON-BERMUDIAN STAFF GO AND SEND THEM BACK HOME WHY TERMINATE THE PEOPLE THAT CONSIDER BERMUDA THEIR HOME????????????????????????????????????

      EX,Bermudians & spouses of Bermudians :(

      • bdaboy says:

        “My question is why didn’t you let the NON-BERMUDIAN STAFF GO AND SEND THEM BACK HOME WHY TERMINATE THE PEOPLE THAT CONSIDER BERMUDA THEIR HOME????????????????????????????????????”

        Maybe they’re not qualified. Maybe they’re expendable, not assets, not required, easily replaceable. Maybe they didn’t have much to offer because they expect handouts, like you plp people do.

      • Ocean Bound says:

        The Finance team were Bermudian. Notice that the jobs are going to Ireland. Same number of people, just not in Bermuda. Get it now? Raising taxes on the civil service has consequences.

        • Ocean Bound says:

          On the private sector. Misspoke above.

        • thruth says:

          Raising taxes??? Reinsurance Companies are earning millions and have no direct tax except payroll which applies to all! The International Companies should start paying their share

          • Beach Bum says:

            They are paying alot more than you think. Renting over priced offices spaces, buying supplies, hiring Bermudians etc. If we add additional taxes to these companies, its easier for them to leave. Then What???????????

          • go figure says:

            or they could make a good business decision and move elsewhere where doing business is cheaper

          • Nanny Pat says:

            Or they could just very easily move operations and / or departments (like Finance) to cheaper locations.
            Get used to this.

      • Ringmaster says:

        Maybe because the non Bermudians are not in Finance?

      • Derek A. G. Jones says:

        JAWS, 82% of the company are Bermudian. The company will still be close to 80% Bermudian.

        • Preview says:

          Companies do restructure…happens every day. This is a large, international, publicly listed company. Do they owe any more to Bermuda than they do to Ireland, Singapore, Switzerland, England, Canada, USA, France, Brazil, Dubai, or wherever else they might have operations? They have been, and one can expect will continue to be, a good corporate citizen who contribute significantly to the local economy and community.

          57 staff…82% of which are Bermudian. Break it down…appx 47 locals and 10 expatriates. Obviously, not everyone at this company works in finance. Try to find an unemployed Bermudian actuary or cat modeler; you’ll be hard pressed to do so. Yes, the reality is there are professional fields for which there are not enough locals available. Partner Re appears to have done an above average job of promoting local employment.

          Very regrettable and disheartening for the staff who have been laid off however there are jobs available locally in the finance field. As for a possible transfer to Dublin, depending on their personal circumstances, its a great city to live in. As an added incentive, if structured correctly, they could possibly work there tax free…look up remittance basis Ireland.

        • JAWS says:

          I doesn’t matter if it was 92% my friend. Let the others go before the Bermudians and spouses of Bermudians.

          That’s the whole point!!!

          If I was employed in the USA as a Bermudian I’m certain they would terminate me faster than a US Citizen.

          • Real Deal says:

            Well most likely they would do that now because Trump is president. but not before.

          • Non mariner says:

            Nah, in the real world they look upon your position in a company and what you offer to that company rather than looking at your passport before deciding what to do. Only here in LA La Land do we think otherwise. They could easily just move everything to Dublin and the other 82 % will be looking too.
            Anyway, I used up my union time protesting for Tweed and his job already so I can’t protest this one too

          • Truth is killin' me... says:

            Not if you’re qualified fool!

          • Nanny Pat says:

            You are cluless. The finance Dept got moved to a different location REGARDLESS of who was working in it. If it happened to be made up of all Expats then yes, Expats would have lost jobs. Simple.

            (Why am I trying to cure stupidity here?)

          • Jus' Wonderin' says:

            Doesn’t work like that…you clearly don’t understand lmfao!

          • Um Um says:

            They would terminate you faster than a US Citizen if your job was one of the ones they no longer needed. I guarantee you that Partner Re would have kept a Bermudian over a non-Bermudian if they were doing the same job. The fact is that Bermuda is a very expensive place to employ people. There are certain jobs that need to be done here for tax reasons(like underwriters). Other jobs that don’t need to be done in Bermuda (like finance and IT) are being moved to places like Dublin. If I’m running a company and it costs me $200,000 for an IT manager in Bermuda vs. $125,000 in Dublin for the same caliber person it’s really not a hard decision.

      • Navin Johnson says:

        most likely areas where there is duplication particularly with a company where it can be done in another location….reinsurance business is difficult now due to intense competition and too much capacity…Unlike our Civil Service real business has to make tough decisions…

      • webejammin says:

        Most Bermudians arnt qualified to hold positions that are held by non-Bermudians. These companies go above and beyond to support and educate Bermudians and give them opportunities in their companies that they would struggle to get in the US/UK (due to competition). So dont blame them. Be thankful they are here giving alot of Bermudians job.

    • Onion Juice says:

      Good opportunity to brainstorm a spot for Americas Cup.

  2. TB40 says:

    DUBLIN is great – go there. Brilliant people….. seriously Bermy’s go to Dublin…..You won’t regret it.

    • We the People (1st!!) says:

      Yeah, I am sure they can just ‘go there’ as you put it. They can just move because they don’t have family here, young kids finishing school, elderly parents they are taking care of, a mortgage on a house. Yup just ‘go there’ because they don’t have a life here and it’s that easy to uproot and move.

      • Previous Bermudian Expat says:

        Err… yep. It’s what expats here have done already. So unless they are smarter than us I don’t see why we can’t do that too.
        Of course the real world may be to scary for some people but it is worth doing it at least once

  3. rene says:

    Hopefully the new services taxes in the budget will put a stop to this.

    • Kathy says:

      More than likely this is just the icing on the cake. Government raises payroll taxes and they will send you to Dublin. You don’t like it, find your own job. This is just the start and, in my opinion, a direct hit back at the Government as a result of this new budget.

      We are treading on THIN ICE, Bermuda!

      • Onionjuice says:

        Do you not know that these companies have sorted this for some time now.. Nothing to do with local taxes raised.. THINK BEFORE POSTING

        • bdaboy says:

          “THINK BEFORE POSTING”

          LOL, do you ever?

          • thruth says:

            Are you kidding? You think international companies cant afford this payroll increase??? They are making significant amount of profits by being stationed here. Dont complain for a simple increase. in actual fact they should pay GST!!!

            • bdaboy says:

              “Are you kidding? ”

              Are you?
              They’re free to do what they want, just as you are…why do Bermudians think everyone owes them something?

            • SoTired says:

              And you think they want to spend their profits on payroll taxes? Wake up and if you’re not in the industry to know that your statement makes no sense, SU.

            • Navin Johnson says:

              very naive of you…

            • Um Um says:

              They’re making lots of profits by being here but only certain jobs (like underwriters) absolutely need to be here. You can hire an accountant in Canada or Dublin for about half of what it costs here. Bermuda has become a very expensive place to do business.

        • Onion Juice says:

          Can I sue for copyrights because this dreamer cant find another name?

      • JAWS says:

        Now you know how the UBP/OBA works. This is called kissing up to the voters for the 2017 election. The UBP/OBA will have the election July 2017 or August 2017 right after America’s Cup.

        Wait 4 it!

        • Previous Bermudian Expat says:

          Err… that is called common sense in case you were wondering.
          Google the word if you are confused.

        • Onion Juice says:

          And disadvantaged fools will still vote them back in.

        • I shall not be moved says:

          That’s how wolves in wolves clothing think and operate, 24/7 they are plotting to deceive the masses, while we are sleeping. There are some people who are easily deceived. But there are some people who are woke and see them for what they are.

      • Fisherman says:

        Mass exodous unlikely as the taxes were not raised as during the PLP’s dangerous term

  4. Dndj says:

    First victims of the new payroll tax hike and gst

    • hmmm says:

      If you read the article, it is very clear that is cannot be related to the budget.

      • James Rego says:

        If you heard Bob Richards. he admitted these companies weren’t happy with the new tax structure and threats were made in this regard. I don’t think this was a hastily made decision and was probably in the works for some time.

        • Nanny Pat says:

          Granted THIS move was in the works but if you also heard Richards speak yesterday, he didn’t seem to care that threats were made by IB to pick up and leave. So when, in fact, they do very easily pick up and leave, don’t be even slightly surprised. Nothing holding them here any longer. Cheaper jurisdictions elsewhere.

  5. watching says:

    Hmmm I thought the PLP were the evil ones.
    I thought the OBA were to put a stop to any job losses and job migrations out of Bermuda. But here we are 4 years into the OBA term and there are still job losses.
    Maybe it wasn’t “ALL THE PLPS fault after all”.

    • The PLP kicked it all off says:

      Lest we not forget who is directly responsible for the exodus of 3000 people and deepeining the impact of Global Financial Crisis on Bermuda. PLP should have had more vision but didn’t.

      That said–I would have thought the OBA would have learned from the PLP’s really amateur mistake.

      Guess not.

      Quo Fata Fernut!!!

      • biggadon says:

        Yes of course the PLP kicked off the WORLDWIDE RECESSION…..we all know that ..smh

        • Um Um Like says:

          The worldwide recession that the rest of the world is pretty much out of?

          If we’re one of the few in the “worldwide recession,” then perhaps it isn’t worldwide. Then again, perhaps the world revolves around you and your Bermuda.

        • Rumsoak says:

          Stop being so dopey, we know the PLP didn’t cause the recession , but we do know they f@#$#@ up some money during the recession doh.

      • I shall not be moved says:

        The PLP kicked it all off: In the real world it is a known fact those of European descent on Wall Street who caused the financial crisis. It is apparent people like you do not look at the entirety of the matter in order to blame a specific group. As a matter of fact if there is a global or economic crisis those of European descent at the forefront and responsible for causing the problem.

        There are (2) things they want to hold onto with a clenched fist that is power and money they have an insatiable love for both and they could care less if it has a detrimental effect on those who are struggling to make ends meet.

        Hence this UBP government.

    • serengeti says:

      It’s gone from hundreds every month in 2011 to six people once a year, in fairness.

      • Portia says:

        Trust me, there are many more companies here that have been downsizing, they’ve just been doing it on the DL. In the past year, there have been way more than 6 jobs lost, it’s just not getting in the news.

    • Non mariner says:

      When plp was in power it was hundreds of jobs at a time. This is 6 and they have all even invited to apply for jobs in dublin. Would be a cool experience to be an expat for once. Perhaps the plp could get some of their members to apply too

  6. bdaboy says:

    “Maybe it wasn’t “ALL THE PLPS fault after all”.”

    or, maybe it was…maybe the payroll tax is a direct result of the bankruptcy that the plp inflicted on this island….but you can’t see that because you’re blinded by bigotry.

  7. Ocean Bound says:

    While PLP and OBA blame each other, Bermuda suffers. Our cost of business is too high. Our Civil Service is too big. Nobody I business cares about who’s to blame. Hello Dublin.

  8. biggadon says:

    We busy filing frivolous lawsuits…we should be SAVING JOBS !

    • Rumsoak says:

      Plenty of jobs , just get off your azz

    • Navin Johnson says:

      frivolous? there are millions of dollars involved…get as much of that money back as you can…..

    • Previous Bermudian Expat says:

      See… that is how govt works. They have different people for different jobs. The attorney general.is a lawyer… he looks after the legal stuff. The economics development minister is a businessman…. he looks after jobs…stop me if you don’t understand…. so they each do their own jobs because that is where they be good at and they can do that without distracting each other since they are not kids in a playground

  9. Lol says:

    Oba/ubp said they would create jobs(2000 specifically)! Well the country has come to the conclusion that was a LIE! Get used to these cut corporate people. More to come!

  10. kim says:

    wake up call is coming