Eight Jobs Lost As PartnerRe Restructures
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.
That darn PLP and term limits…. Oops we can speak the truth now… the election is over…
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.
Sorry I mispell technology.
It is the plp fault. The Oba has showed me the truth.
LMAO
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!
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.
Dam plp term limits even damaged PartnerRe locations worldwide!
@Rhonda the word is damN. this has nothing to do with term limits