The cuts come with the restructuring of the company, which is trying not to lose ground - or at least, not too much business - as the economy flat lines, taking thousand of jobs with it.

The Richard Byles-led Sagicor Jamaica, which would have lost business because of redundancies by companies that insure their employees through Sagicor, becomes the latest of several firms to eliminate jobs.

Just Wednesday, Radio Jamaica Limited also cut 32 positions.

Up to this month, there were more than 3,900 redundancies in Jamaica. This week's announcements pushes the tally above 4,000.

But Jamaica isn't the only Sagicor market to face cuts. The parent company Sagicor Financial Corporation is eliminating another 32 jobs elsewhere in the region, according to a statement Thursday.

Comprehensive restructuring

Said Sagicor Financial: "The group's management has commenced a comprehensive organisational restructuring which will result in a number of functions being reorganised or made redundant."

According to the company, 18 jobs are being cut in Barbados and 14 in the United States.

Jamaica's total of 75 includes former Blue Cross of Jamaica workers who joined the firm just this year.

Karl Williams, assistant vice-president of Sagicor Jamaica told the Financial Gleaner yesterday that 65 positions of the former Blue Cross company, would also be made redundant.

"This type of business restructuring during times of economic difficulty has become a harsh reality that is currently being dealt with by many businesses," the company said in a news release. "We are implementing this process with integrity and respect for the dignity of our colleagues who have been dislocated and have sought the relevant advice to follow best practice."

Sagicor Group is one of the largest financial institutions in the Caribbean with assets of approximately US$4 billion.

Over two decades the company has grown substantially due to the acquisition of some 20 companies during the period, five of which were resold.

"All of these acquisitions would have brought different systems and procedures, organisational structures, executives and staff and while we would have initially eliminated much of the duplication there is till need to further rationalise our operations," the company said.

dionne.rose@gleanerjm.com