Swiss Re to Cut 2,000 Jobs in 2007 to Improve Efficiency

July 13, 2006

Swiss Reinsurance Co. said Tuesday it would cut up to 2,000 jobs by the end of 2007 in a bid to improve efficiency.

Large offices in Zurich; London; Munich; Armonk, N.Y.; and Kansas City, Kan., will be primarily affected, the Zurich-based company said in a statement.

Swiss Re had previously said it would cut about 1,500 jobs as part of its takeover of General Electric Co.’s insurance solutions unit. The takeover moved Swiss Re ahead of Munich Re as the world’s largest reinsurance provider in terms of premiums.

Swiss Re said it had already cut more than 250 jobs, particularly at management level. The company will complete a second phase in the next four months, leading to a cut of almost a fifth of its overall work force.

“The job reductions, which will be completed by the end of 2007, will contribute to increasing Swiss Re’s overall efficiency and ensuring the company’s competitiveness,” the statement said.

The job cuts will be achieved by a mix of layoffs and natural attrition, the company said.

Swiss Re shares fell 0.4 percent to 87.05 Swiss francs ($71.01) in Zurich trading.

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