The Irish jobs will be transferred to Bangalore in India, where Hibernian's British parent company Aviva has offices and facilities already.
It is expected that most of the jobs will be 'phased out' at the Hibernian's head office in Dublin and most of the jobs concerned will be in back office and support services.
The process will start in the first three months of next year, when the work of 80 Irish people will be shifted to India.
Hibernian's Chief Executive Stuart Purdy said the company "hopes to mitigate the impact by offering staff re-deployment and re-training".
However, the UNITE trade union, which represents most of the workers, has expressed shock and anger. The union's national officer Jerry Shanahan said his organisation had not accepted the proposal and would be challenging the Hibernian's case for the restructuring.
Hibernian insurance, which in its advertisements always emphasises that they are an Irish company, currently employs 2200 people.