Liberty Insurance has announced 70 job losses as part of a restructuring process.

The company said it expects the redundancies to be voluntary, coming primarily from the commercial and back office functions in its Cavan and Dublin offices.

A consultation period with staff will last 30 days.

In a statement, the company said that "difficult market conditions" continue to hamper the commercial sector.

However, it expected that the changes will mean the company will achieve close to financial break even in 2016.

The move comes after a strategic review of the company's operations.

Liberty Insurance Chief Executive Tom McIlduff said: "This decision is an unfortunate one but reflects the difficulties in the Irish Insurance market.

"We need to restructure our commercial division to reflect challenging market conditions.

"We will continue to be focused on our personal and commercial lines of business, and are committed to our broker and direct channels."