Swiss Re Announces First GE Layoffs

July 11, 2006

Swiss Re – the world’s biggest reinsurer since it completed the acquisition of GE Insurance Solutions – has lost no time in reducing its workforce. In a move it characterized as a “process to capture efficiency gains,” the Company announced that it has “reduced in excess of 250 positions, particularly at management level.”

The job reductions constitute the “first phase” of a two step plan. In the second phase, to be completed over the next four months, Swiss Re said it would “finalize the composition of its operating units worldwide, leading to an overall workforce reduction of up to 2000 positions.” It plans to complete the process by the end of 2007.

Swiss Re said it “will achieve the job reductions through a mix of lay-offs and natural attrition. Large office locations including Zurich, London, Armonk, Kansas City and Munich will be most affected. Swiss Re is committed to providing all employees affected with appropriate separation packages including professional career support.”

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