Bermuda-based Axis Capital Holdings Ltd plans to cut 100 jobs from its global workforce — including a small number in Bermuda.

The streamlining announced this morning by the insurer and reinsurer includes the closure of its Australian retail insurance operations.

Albert Benchimol, the chief executive officer of Axis, told The Royal Gazette in an interview today that “a small number” of positions would go at the company’s global headquarters on Pitts Bay Road, where 68 staff work. He did not specify an exact number, adding that affected staff were being informed today and that this had to be done first.

The positions to go in Bermuda were in business and support functions, Mr Benchimol added.

Mr Benchimol also reaffirmed Axis’ commitment to Bermuda, where it has insurance, reinsurance and corporate functions. More from the interview with Mr Benchimol will appear in tomorrow’s edition of The Royal Gazette.

In a memo sent to staff today, Mr Benchimol wrote: “All affected employees will be provided with severance packages commensurate with their time with the company, along with outplacement services. It is extremely important to me personally that each and every departing Axis employee be treated with fairness and sensitivity.”

Worldwide, Axis said it expected “a workforce reduction of approximately 100 positions, primarily in its corporate and select insurance operations”. Around half of the positions to go will be in Australia.

As well as Bermuda, Axis has offices in Bermuda, the US, Europe, Singapore, Canada, Australia and Latin America. Its global workforce totals 1,254, according the firm’s latest annual report.

The company is aiming to achieve cost cuts of $30 million a year, from next year. Axis said it would first take a one-off charge of around $51 million, related to staff severance costs, the write-off of some information technology assets and lease cancellation costs.

Axis stated: “These reductions are consistent with the company’s previously announced effort to reduce its expense level and position itself to more effectively deliver greater value for its customers, brokers, and shareholders.”

Earlier this year, Axis’ agreement to merge with Bermuda rival PartnerRe was derailed by Italian investment firm Exor, which eventually struck a $6.9 billion deal to buy the reinsurer.

In a statement, Axis chief executive officer Albert Benchimol said: “The refinements announced today are about strengthening the company’s focus, and moving resources to where they can provide the greatest value to brokers and clients — ultimately driving profitable book value per share growth over the longer term.”

Last month, Axis announced an accelerated share repurchase plan, aimed at buying back $300 million of the company’s equity by the end of this year.