(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.

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