Zurich Insurance Group AG plans to cut 440 jobs at its U.K. general insurance unit as part of a cost- cutting program.
Zurich is also seeking to simplify its organizational structure, the company said in a statement to Bloomberg News on Monday. Switzerland’s largest insurer said in May it wants to cut $1 billion of costs by the end of 2018.
Separately, Zurich last week announced 200 job cuts at the general insurance business as the unit posted a third-quarter loss after increasing the amount of money set aside for liabilities. The unit’s performance prompted Zurich to abandon a proposed 5.6 billion-pound ($8.5 billion) takeover offer for RSA Insurance Group Plc.
Zurich said the job cuts will be carried out by the end of March.
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. It is also considering adding more reinsurance coverage for the unit and may withdraw from a number of under-performing portfolios.
The insurer was up 0.9 percent at 2:30 p.m. in Zurich trading. The shares have fallen about 15 percent this year.
Related:
- Zurich Prefers Using $3B in Excess Capital on Purchases, Not Shareholder Payouts
- Zurich Insurance Q3 Profit Falls 79% on Losses from Tianjin Port Explosions
Topics Talent Property Casualty
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