(Bloomberg) -- Axis Capital Holdings Ltd. will cut about 100 jobs and scale back operations in Australia after the reinsurer lost a bidding war for PartnerRe Ltd.
Costs tied to the reorganization reduced third-quarter earnings by about $51 million before taxes, including expenses for severance and lease cancellation, the Bermuda-based company said Wednesday in a statement. The cuts represent 8 percent of the 1,250 jobs that the company had when it filed its annual report in February. Reductions will be focused in the corporate and select-insurance operations.
Axis is among reinsurers that have been pressured by falling rates amid increased competition from Wall Street money managers seeking weather-related bets. Chief Executive Officer Albert Benchimol was outbid this year by Italy’s Exor SpA, the investment vehicle for the billionaire Agnelli family, for PartnerRe.
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