Around 300 Pearl Assurance staff in Peterborough will join Churchill Insurance's payroll as the company begins its restructuring programme of AMP's UK division.

Churchill bought AMP's UK business for AUS$211m (£78m) in June this year.

Churchill will also close the Peterborough office of its subsidiary, NIG, and move the 150 staff into Pearl's Thorpe Wood office.

A Churchill spokeswoman said: “Overall, around 450 people will move into the Pearl building and come under the Churchill payroll.

“Under our agreement, when we bought AMP's UK division in June, we agreed to consolidate the company's general insurance services.”

The company intends to lease the Thorpe Wood building and contracts will be signed in the next few weeks.

She said Churchill hoped to expand the business “organically”, which should lead to the creation of a further 200 to 300 jobs in the area over the coming years.