Eleven redundancies have been confirmed at two of the island’s insurance and reinsurance sector companies.

Six employees have lost their jobs at PartnerRe, and five positions have been cut at Enstar Group.

All those affected are either Bermudians or spouses of Bermudians.

Globally, PartnerRe has announced 16 redundancies as it reorganises its financial operations. Those affected in Bermuda have been invited to apply for jobs with the company in Ireland.

“We can confirm that six jobs have been made redundant in Bermuda, of a total of 16 positions that have been made redundant worldwide,” said a PartnerRe spokesperson

“This is as a result of a reorganisation of PartnerRe’s finance function — moving away from a geographical structure to a more global structure with the creation of a Global Financial Operations team, based predominantly in Dublin.

“This was a very tough decision to make; all six employees have been invited to apply for jobs in Dublin. If they choose not to, we will do everything we can to support them in finding new positions here on the Island.”

The reinsurer, which has offices in Pitts Bay Road, said its on-island workforce comprises 82 per cent Bermudians, spouses of Bermudians or permanent resident certificate holders.

Enstar, which has its corporate headquarters in Queen Street, Hamilton, is also restructuring and moving its investment unit to the US.

In a statement, it said: “Enstar has experienced significant growth through acquisition activity.

“Following a strategic review of our operations and careful consideration, we made the decision to restructure our investment function.

“The revised function will be based in the US, to position ourselves closer to the US capital markets and optimise our relationships with our US-based investment managers and partners.

“The restructure is considered necessary to facilitate the continued growth of our company and its investment portfolio which will, in turn, result in greater opportunities for the company and its valued employees.

“Bermuda employees impacted by this decision were given an opportunity to apply for investment positions in the US.”

The company has a core focus on acquiring and managing insurance and reinsurance companies in run-off. It employs more than 60 staff, said it continues to be committed to the island.

In its statement, Enstar said: “Enstar’s focus on growing its business continues, as evident by the over 75 acquisitions and transactions it has completed since inception.”