Insurer Allied World announces job cuts

Several employees worked their last days just prior to the New Year, with one worker estimating that more than 15 people were made redundant.

Faye Cook, Allied World vice president in charge of marketing and communications, said: “I can confirm there were some very minor staff changes back in November.”

She would not elaborate on the exact number of redundancies.

Redomestication

Allied, which has an office on Richmond Road, completed its redomestication from Bermuda to Switzerland on December 1.

Ms Cook said the job cuts are “not related to our recent redomestication” and that “there are no confirmed plans to relocate staff to Switzerland at this time”.

Scott Carmilani, president and CEO of Allied, said last month: “We are very excited about our redomestication to Switzerland.

“We have grown from a Bermuda-based start-up in 2001 to a global organization with more than 700 employees in eight countries.

“We see this redomestication as a strategic step in our company’s progression as we move forward with the goal of enhancing our presence around the world.”

Focus

In October he said: “We are announcing our proposed redomestication to Switzerland as the time has come to increase our focus on global distribution as well as global product capabilities.

“This redomestication will allow us to better manage our position in local markets around the world, as well as continue to maintain a strong presence in the Bermuda market.”

Allied World had a net income of $254.5 million for the third quarter of 2010 — an increase of almost $55 million year-on-year from 2009.