Liberty Insurance, formerly Quinn Insurance, is to shed 285 jobs at its offices on both sides of the Border.
The development comes on top of 900 redundancies two years ago at the company.
At staff meetings this afternoon, workers were told that 140 redundancies would be sought in Blanchardstown in Dublin, 75 in Cavan town and 70 in Enniskillen, Co Fermanagh. About 500 people currently work in each location.
A spokesman for Liberty Mutual told The Irish Times that Cavan will remain the headquarters for Liberty Mutual insurance in Ireland.
The company has told staff the redundancies are voluntary but the company has not ruled out compulsory job losses.
Chief executive Patrick O’Brien said the redundancies were necessary to protect the remaining 1,100 jobs.
“We are fully committed to the Irish business, will continue to invest in our business, and believe that our arrival has been positive for the Irish insurance market and consumers,” he said.
He added that management, employees and the employee representative body would work together during a 30 day consultation period.
The company also announced plans to target general insurance customers in Northern Ireland and Britain. It said the decision to enter the market secured 415 jobs within the Irish operations.
Supporters of the Quinn family, who have staged several rallies in their hometown of Ballyconnell, Co Cavan, claimed the job losses came as little surprise after the family’s plan to save the business was rejected.
Adrian McCaffrey, of Concerned Irish Businesses (CIB), said: “It is devastating for the employees concerned and their families, especially coming up to Christmas; however, it has been expected for some time now.
“The company formally known as Quinn Insurance has been in decline since the appointment of the administrators some two and half years ago, an appointment which has to date not been fully explained by the Financial Regulator.
“These job losses come at a time of severe social and economic turbulence in Ireland, a time when families in rural Ireland and particularly those in the border region are struggling to survive and maintain any form of community.”