Chubb Europe will relocate 320 of its administrative staff in London in August 2001, to bring them under one roof.
The move to the Cottons building at London Bridge will involve staff from Chubb's European operations and its personal lines division based in Fenchurch Street. Staff from its IT and finance departments, based in Mansell Street, will also be rehoused.
Chubb Europe, the Belgian-registered subsidiary of the US insurer, has acquired three floors of the Cottons building, with the option of taking extra space in the future.
It said it expected to make significant savings through this move from the relatively expensive City of London, especially as it had needed to find extra space to accommodate its growing staff anyway.
President Joel Aronchick said the company had considered moving out of London altogether, but it concluded that the savings could be outweighed by staff losses.