Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Dutch insurance company Vivat will cut between 400 and 500 jobs over the next three years. The job cuts are a result of the company's new strategy, focusing on pension funding. This new strategy should help to create competitive advantages for the company after being taken over by Bermuda-based insurance company Athora in June 2019. After the takeover, the non-life insurance division was already sold to NN Group, with 575 of Vivat's 2.200 employees moving to NN. The newly announced jobs cuts come on top of this.
Union representatives state that the reorganisation was not surprising but is drastic nonetheless, as it creates a completely different company. The representatives are happy that a solid social plan is in place.
Following the global financial crisis, Vivat was taken over by the Dutch state in 2013. From 2015 until 2019, the company was owned by Chinese insurance company Anbang.
Eurofound (2020), Vivat, Merger/Acquisition in Netherlands, factsheet number 101787, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101787.