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.
Verti Assicurazioni, the insurance company formerly Direct Line and now part of Spanish group Mapfre, has reached agreement with trade unions on 152 redundancies at its Cologno Monzese site. The agreement concluded a year-long dispute that began in November 2021 when the company declared 325 redundancies amongst approximately 605 employees, subsequently opening collective dismissal procedures in August 2022 for 175 positions. In detail, 4 will go into early retirement, 5 administrative staff will be relocated, 14 protected categories saved, the remaining workers will receive a 14 full months' pay in addition to the 6 months of notice not worked and paid immediately.
The company justified the reorganisation by citing the need to remain competitive through digitalisation of some of its departments, though unions emphasise Verti is not in crisis and is part of a solid multinational group. Trade unions argue the restructuring aims to outsource activities previously conducted internally, characterising it as company dismantlement rather than necessary reorganisation.
Trade unions Fisac CGIL, First CISL, FNA, and UILCA negotiated an agreement that reduces redundancies to 144 positions, protects vulnerable workers, provides early retirement for four eligible employees, and establishes fourteen-month severance packages plus six months' immediate notice payment. Additionally, five administrative staff will be redeployed, fourteen protected category workers retained, and retraining programmes provided through Regione Lombardia active labour policies.
Eurofound (2022), Verti, Internal restructuring in Italy, factsheet number 203901, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/203901.