Ace Ltd. is to cut 17 jobs from its Bermuda workforce next year.

All those whose positions will be eliminated have been notified, the company said in a statement yesterday.

"These employees will be given priority consideration for appropriate open positions within the company," Ace stated. "In the event their employment cannot be extended, they will be eligible for severance payments and outplacement support."

The posts will go after the global insurer makes changes to its financial management operations, a process expected to be completed in Bermuda between May and September 2011.

"In an effort to improve efficiency, Ace is restructuring the way it organises its global financial management operations," Ace added.

"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."

Ace is celebrating its 25th anniversary this year, having formed on the Island in 1985. During that time it has blossomed into a major global operator with a physical presence in 53 countries.

Last year, the Ace Group wrote $19 billion in premiums and it has $78 billion in assets.

The company's holding company moved from the Cayman Islands to Switzerland in 2008. But Ace Bermuda has continued to be a major player in the Bermuda market. Ace currently employs 213 people on the Island, based in the company's iconic building on Woodbourne Road, Hamilton.

In its statement, Ace added: "Ace remains committed to Bermuda and to maintaining its insurance and reinsurance operations in the Bermuda market."