QBE has declined to directly confirm reports it is in the process of cutting up to 700 jobs.
Instead, a spokesman said that QBE chief executive John Neal had already announced QBE's intentions to reduce its annual operating costs by more than $200 million in the coming years.
"This will be achieved through a wide range of initiatives as we work more closely across the 52 countries in which QBE employees are based.
"Our twin objectives are to further improve our business practices and to position the organisation for future profitable growth," the representative said.
