MS Amlin, an international re/insurer owned by Japan’s MS&AD Insurance Group, is reportedly preparing to make several job cuts to reduce its staffing costs by around 10%.

The company, and the reinsurance sector in general, have been reeling from a year of heavy catastrophe losses and lower-than-expected hikes in reinsurance rates. The company, which has around 2,200 employees globally, is expected to cut its workforce by around 6%.

“MS Amlin is progressing a number of ongoing projects aimed at repositioning the business for a sustainable and profitable long-term future, amid the continuing challenging market conditions,” a spokesperson for the company was quoted as saying by the Royal Gazette.

“As part of this, following a thorough review and after careful consideration, the executive committee has taken the difficult decision to reduce expenses through headcount and other people-related costs. As a result, a number of roles will be impacted.”

According to an earnings report by parent company MS&AD, MS Amlin posted a loss of US$833 million for the first nine months of its fiscal year 2017. Most of this was driven by catastrophe losses, to the tune of US$738 million.