Zurich’s decision to consult staff about redundancies comes 18 months after the company spoke about is future as it moved to new offices at the Isle of Man Business Park.

More than 300 staff were then employed there.

Zurich House was officially unveiled in an event attended by staff and official guests including Chief Minister Howard Quayle and Karen Badgerow, the chief executive officer of the Isle of Man Financial Services Authority.

The island’s Lieutenant Governor Sir Richard Gozney was also there.

Hours before, all the staff got together for a big meeting at a hotel in Douglas.

Peter Huber, the Swiss chief executive, then said: ’I’ve never seen so much energy and people being engaged. I could feel a lot of energy.’

Zurich having previously been based in Athol Street, Douglas for many years.

At the time of the move, Mr Huber added the move to the business park indicated the company’s commitment to the Isle of Man.

He said: ’We like it here in the Isle of Man, it’s a friendly place to do business.

’We are very close with the regulator and there is a good dialogue and collaboration so I think it is clearly a statement for us being based here.’

During the building’s opening, Chief Minister Howard Quayle told an audience of more than 400 people that it was a great pleasure to be there to celebrate the important milestone ’in the journey of Zurich International Life.

’As Chief Minister I am delighted to see a well established and a respected company demonstrating its long-term commitment to the Isle of Man.

’Such a major investment in bricks and mortar in our people and in our future is a cause for celebration.

’It is a tremendous show of confidence in the Isle of Man and its economy.

’And it sends out a powerful message to the global community that we are an island of substance.

’We want to attract new investment to fund our essential public services and to create the well paid jobs that put money in the pockets of our hard working people. Zurich International Life has been an important part of the island’s success for more than three decades.’