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.
Financial Services Financial And Insurance Activities Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security 65.12 - Non-life insurance
600 jobs Number of planned job losses
Announcement Date
29 July 2020
Employment effect (start)
Foreseen end date
31 March 2023
Description
Liverpool Victoria General Insurance Group (LV=GI), the UK-based insurance firm has announced restructuring plans which will lead to approximately 600 jobs being cut over the next two and a half years. The restructure follows a major acquisition and aims to fully integrate the acquired business into the company. The details of the restructure are not yet known, however, it has been announced that the office space will be reduced in Ipswich, England, where insurance claims are processed.
The company’s chief executive said in a statement that the changes were necessary to for the business to ‘thrive’ and added that he hoped to ‘minimise redundancies'.
LV= GI is one of the UK’s largest insurers, specialising in car, home, pet, travel and home insurance, with over seven million customers in the UK. The company is part of the Germany-based Allianz Group.
Sources
Citation
Eurofound (2020), LV=GI, Internal restructuring in United Kingdom, factsheet number 101814, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/101814.
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