Hill House Hammond (HHH)

Type
Internal restructuring
Country
United Kingdom
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
1,600 jobs
Number of planned job losses
Job loss
Announcement Date
5 February 2004
Employment effect (start)
1 February 2004
Foreseen end date
1 December 2004

Description

Aviva, Britain's 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, Aviva's UK insurance arm. Management put forward the increased popularity of telephone and internet-based direct insurers to explain the closure of HHH's 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 analyst's 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://apps.eurofound.europa.eu/restructuring-events/detail/59867.