Falling insurance premiums have forced the Republic's biggest broker to seek 30 voluntary redundancies from its staff.

Coyle Hamilton Willis yesterday confirmed that it will introduce a voluntary redundancy programme designed to cut staff numbers by approximately 30.

The company employs 430 people and the redundancies are being sought in the support and administration areas of the business rather than from its core activity.

Falling insurance charges are the main driver of the cuts, a company spokesman told The Irish Times. "We have entered a period of sustained and significant reductions in insurance premiums in Ireland," he said.

Premiums fell by an average of 25 per cent in 2004 and are expected to decline by a further 15 per cent this year.

As Coyle Hamilton is a broker, it earns income from commissions, which are paid as a percentage of the premium on each policy sold.

The company had revenues in the year to last June of €50 million.

A small proportion of the redundancies are a result of Coyle Hamilton's €70 million merger last year with US-based global player, Willis, which bought 51 per cent of the Irish business.

The deal created an overlap in some jobs in IT and administration, the company's spokesman explained yesterday.

Coyle Hamilton Willis expects the redundancy programme to be fully subscribed.

The company is the State's biggest broker, and is focused on corporate broking, employee benefit and risk management markets. The spokesman said it intended to continue growing its business in these sectors.