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 issued today.

“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.”

For the full story read tomorrow's Business section of The Royal Gazette.