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
300 jobs Number of planned job losses
Announcement Date
5 August 2020
Employment effect (start)
Foreseen end date
Description
RSA Insurance Group, the British multinational general insurance company has announced that it will cut 300 jobs as part of a plan to reduce the running costs of its UK business. At present, it is unclear where the job cuts will take place. RSA has invited its employees to apply for voluntary redundancy or reduced working hours.
RSA’s chief executive officer said the company was taking all the necessary actions to remain competitive in the difficult circumstances caused by the COVID-19 crisis, with operating costs in the UK being 'a long-term challenge'. In addition to cutting jobs, the company was also 'rethinking' office space and IT infrastructure and simplifying products and services to save money.
RSA (formerly Royal and Sun Alliance) was formed by the merger of Sun Alliance and Royal Insurance in 1996. It has major operations in the UK, Ireland, Scandinavia and Canada and provides insurance products and services in more than 140 countries through a network of local partners.
Eurofound (2020), RSA Insurance, Internal restructuring in United Kingdom, factsheet number 101920, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/101920.
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