The Swiss insurer Zurich Financial services which owns Allied Dunbar and Eagle Star is to make 170 employees redundant in the UK.
A cost-cutting programme will see 50 jobs lost at the Swindon offices, 60 in Cheltenham and 60 across the rest of the UK.
Zurich confirmed that 20 per cent of the job losses are at senior management level.
“Ex-employees will be able to use Sanders and Sydney - a company which will offer career advice and help them write up CVs,’ said a Zurich spokeswoman.
The cost-cutting measures will save the company £50m in 2001 and £65m in 2002.
The Swiss insurer issued a profits warning in February.