Liberty Mutual has confirmed it is eliminating about 250 positions, or 0.5% of its global workforce, as it continues implementing new organizational structures within US Retail Markets and Global Risk Solutions units.
In an email a spokesperson said some employees had been notified of the position eliminations this week but the Boston-based insurer hopes to “minimize the actual reduction by offering opportunities to many of these impacted individuals.”
Most of the eliminations will be effective in April or May.
“We have been transparent with our employees that we are on a multi-year transformation to ensure our organization is set up for future success and to address the rise of emerging risks,” a company spokesperson said via email. “This means we are reimagining and optimizing our business – including our product portfolio, an intentional focus of our global footprint, and investment in innovation and capabilities – while prioritizing our efforts to focus on how we can provide the most value for our customers, agents, brokers and partners.”
The latest news follows a late October 2023 announcement of an additional 850 layoffs on top of about 370 jobs lost in the U.S. as the result of an earlier restructuring.
Liberty Mutual may be the first to break the ice in 2024, but in 2023 stories on the topic of layoffs in the insurance industry were among the most read.
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