Sherwood International has made about 75 staff redundant as part of its new "internal organic growth" strategy.

The job cuts have been made across all sections of the insurance software firm and are the first since 11 September.

Sherwood chief marketing officer Martyn Lambert said the global cuts were being made right across the board. "We are doing a complete restructure," he said. "Therefore, we have carried out a reduction in the workforce across the company in all areas, whether that is marketing, finance, administration, pre-sales or post-sales."

Lambert added that "a few senior staff have left in the last month or so".

The cuts follow a number of recent high-profile depatures, including managing director of insurance markets, David Edwards, last month.

The redundancies represented about 15% of the company's 500 staff.

Around 60% of UK staff have been affected with the rest of the redundancies being made in the US.

The listed company has indicated there will be no further job cuts.

It now plans to grow by 20%, although it will not make any more acquisitions.

"In this business you grow or you die," said Lambert. "We have restructured with global business in mind."

He said there are certain geographical hotspots Sherwood hope to expand into the UK, Germany, South Africa and China.