Eight underwriters at Reliance National Insurance (Europe) have lost their jobs – one month after the insurer placed itself into voluntary run-off.

The decision was taken on January 15 by Reliance National's US parent, Reliance Insurance Group, which has accumulated debts of £315m.

Carl Bach, managing director of Reliance National in the UK, said: "Those made redundant have received financial packages and any that have encountered difficulty in finding other jobs have been offered jobs administering the run-off."