Bermuda:Re+ILS understands that RenaissanceRe made offers of permanent or transition-related positions to about two-thirds of the 37 Platinum Bermuda office employees as part of the recent acquisition.
Not all staff accepted the offers, however, meaning that only around 50 percent of the original workforce will be retained now the company is part of RenaissanceRe.
The offers were offered on a three- to 15-month basis to help with the integration process, with the possibility that some of those roles could become permanent.
The deal is the first to close of several in the pipeline in the Bermuda market – the net result of which could mean a substantial reshuffling of staff and resources on the island.
Other deals in the pipeline include XL’s acquisition of Catlin and the merger between Axis Capital and PartnerRe.
Both deals will likely mean job losses as the combined entities look to streamline. While the staff fallout could cause some disruption on the island it could also make experienced staff available to some of the many start-ups still emerging on Bermuda.
Platinum, RenRe, RenaissanceRe, workforce, XL, Catlin, Axis Capital, PartnerRe