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 - Insurance, reinsurance and pension funding, except compulsory social security
1,600 jobs Number of planned job losses
Announcement Date
5 February 2004
Employment effect (start)
1 February 2004
Foreseen end date
1 December 2004
Description
Aviva, Britains largest insurer, announced it would close its national broker subsidiary, Hill House Hammond (HHH), with the loss of 1,600 jobs. The closure will be effective by the end of 2004. 1,200 compulsory redundancies are announced. Another 400 people will be redeployed in Norwich Union, Avivas UK insurance arm. Management put forward the increased popularity of telephone and internet-based direct insurers to explain the closure of HHHs 280 high-street shops. On 7 February 2004, Aviva announced operating profits for last year of £1.9 billion, more than in 2002 and £200 million ahead of the average analysts forecast.
Sources
6 February 2004: The Guardian
7 February 2004: The Guardian
Citation
Eurofound (2004), Hill House Hammond (HHH), Internal restructuring in United Kingdom, factsheet number 59867, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/59867.
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