QBE has confirmed it intends to cut 200 jobs in the Australia Pacific division over the next 12 months, but has declined to give any further details about which positions are affected.

insuranceNEWS.com.au understands a large number of QBE staff in Sydney were retrenched last week.

A spokesman for the company told insuranceNEWS.com.au on Friday that staff are being kept fully informed about the changes.

“We continue to explore ways to make our Australia Pacific business leaner and more sustainable in a highly competitive market, and we are focused on streamlining our costs and operating model,” the spokesman said.

“We have been open with our people that this will include some reductions in headcount in our Australia Pacific business to ensure we have a fit for purpose operating model going forward.

“We understand this is an unsettling time for our people, and we are providing additional support services to assist those impacted through this period of change.”