WPS Insurance says it's cutting 600 jobs, many in it's Wausau office.
In a press release issued Friday, the company says it's "adjusting it's resources" because of the lost contract and competitive pressures.
That means the elimination of up to 600 jobs over the next year.
By the time the cuts are over, 50-jobs will be left in Wausau.
More than 500 people worked at the WPS office in 2011.
In the press release, the company's CEO said the cuts are a difficult but necessary move.