Bermuda job cuts

Nearly 40 employees are facing a loss of their jobs at the Bermuda headquarters of insurer XL Capital as the company seeks to cut costs.



The company reportedly lost 2.6 billion dollars last year.



XL employs about four thousand people in its 77 offices in 27 countries.



It expects that this year\'s cost-cutting measures, which the company said will go beyond job cuts, to reduce its expense base by more than 100 million per year from 2010.



XL Chief Executive Officer Michael McGavick said a consultation process with employees is aimed at eliminating just below 40 positions, which should amount to about 15 per cent of the 260 member strong workforce.



The XL announcement comes on the heels of news that Zurich-based Swiss Re, the world\'s second biggest reinsurer, is to close its Bermuda office.