Vivat

Type
Merger/Acquisition
Country
Netherlands
Region
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - Insurance, reinsurance and pension funding, except compulsory social security
400 - 500 jobs
Number of planned job losses
Job loss
Announcement Date
9 September 2020
Employment effect (start)
Foreseen end date

Description

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.      

Sources

  • 9 September 2020: Het Financieele Dagblad (fd.nl)
  • 9 September 2020: NOS (nos.nl)

Citation

Eurofound (2020), Vivat, Merger/Acquisition in Netherlands, factsheet number 101787, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101787.