ACE has made 17 people redundant in its Bermuda operations.

Once the cuts take effect the reinsurance giant will have 196 staff on island.

One staff member said: “It’s a bit demoralizing, but what can you expect in these financial times? You can’t blame the company for trying to save money where it can, but you have to wonder whose jobs will be shipped to the States next.”

A spokesperson for ACE said: “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 Centre 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.”

The spokesperson added: “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.”