LIBERTY INSURANCE HAS announced that it is set to lay off 70 workers as part of a programme of restructuring.
The company has said that these will be “voluntary-led”, and will result in loss of staff in commercial and back office functions from its Cavan and Dublin offices.
It comes at a time when market volatility and claims increases are presenting difficulties in the sector, Liberty has said.
Following a strategic review, it will now focus its energy on higher performing segments of its business.
The company is hoping to break even by the end of the year.
A consultation period with employees impacted by the layoffs will last for 30 days.
Speaking about the announced job losses, the insurer’s chief executive Tom McIlduff said: “This decision is an unfortunate one but reflects the difficulties in the Irish insurance market.
We need to restructure our commercial division to reflect challenging market conditions. We will continue to be focused on our personal and commercial lines of business, and are committed to our broker and direct channels.
Despite today’s job losses, the Liberty Mutual Insurance Group – the international company that Liberty Insurance is a subsidiary of – has said that is committed to the Irish market, and that it has invested €300 million here over the past five years.
Last year the company cut 270 jobs across Ireland to deal with losses from the UK motor insurance market.
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