Ins-sure Services will make more than 80 staff redundant from its subsidiaries, the Lloyd's Policy Signing Office (LPSO) and the London Processing Centre (LPC).
The organisation, which was formed in May to undertake the processing and settlement functions of the London Market, will now be making job cuts "due to rationalisation of the business in difficult economic circumstances".
In a statement leaked to Insurance Times, Ins-sure vice chairman Michael Taylor said: "Less than 20 job reductions are expected at LPC, approximately 60 at LPSO and five in our London office. It is anticipated that the majority of the reductions will be achieved through voluntary redundancy."
He said the job cuts should be completed by mid-January. The move follows management efforts to "identify areas where costs can be reduced by streamlining and automating business processes".
Taylor said: "External recruitment has been dramatically reduced and greater use has been made of contract staff. These initiatives, coupled with natural staff turnover, have already led to a significant reduction in staff numbers."
