Seven jobs have been made redundant at BF&M as a result of restructuring plans at the local insurance business.
Job losses include two posts held by Bermudians, who have been offered full-time positions.
BF&M’s Chairman, John Wight, said: “We are always focused on operational efficiency and client service.
“We have determined that reallocating the servicing of our individual life insurance business in house instead of through an agency structure allows us to better meet those objectives.
“We staff according to the changing needs of the business as part of our normal course of operation. There is no change to our approach.
“I am pleased to confirm we have been able to offer full-time employment to two individuals who were impacted by the restructuring.
“BF&M remains fully committed to growing our individual life insurance in Bermuda.”