Move is part of cost-cutting program
Zurich Insurance plans to cut 440 jobs at its UK general-insurance unit as part of a cost- cutting program announced in May.
Switzerland’s biggest insurer will announce the plan on Monday, according to Alex Jones, a spokesman for Zurich in London.
Zurich on Nov. 5 announced a plan to reorganise the general-insurance business, including 200 job cuts, as the unit had a third-quarter operating loss after increasing the amount of money set aside for liabilities.
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The unit’s performance prompted Zurich to abandon a proposed £5.6 billion takeover offer for RSA Insurance Group Plc.
The measures due to be announced on Monday are separate from those unveiled last week. Kristof Terryn, the newly appointed head of general insurance and global life at the company, is restructuring his management team and exiting some business lines in North America.
– Bloomberg
